State-run Korea Trade-Investment Promotion Agency (KOTRA) has opened its third Vietnamese office in Vietnam’s Da Nang, aiming to support exporters in line with Seoul’s New Southern Policy that centers on strengthening ties with Southeast Asian countries.
KOTRA claimed the Da Nang branch will help around 50 South Korean firms in the central region of the country.
Vietnam is the seventh country that has more than three KOTRA offices.
The Vietnamese government recently has been introducing various projects to foster the central region, seeking to bolster infrastructure, such as roads and ports.
According to local media, large Korean corporations have headed for northern Vietnam, while the south has been favored by the RoK’s small and medium-sized enterprises. Meanwhile, the central region has been a destination for FDI in tourism as a large number of Korean tourists travel to central cities and provinces, particularly Danang.
Last year, the RoK’s registered FDI in Vietnam reached a record high of more than 9 billion USD, landing in major projects in manufacturing, real estate, energy, distribution and M&A.