Want to be in the loop?
subscribe to
our notification
Business News
SOUTH KOREA OPENS NEW CONTAINER SHIPPING ROUTE TO VIETNAM
South Korea’s opening a new container shipping route to Vietnam will create more favourable conditions for enterprises to increase bilateral export activities.
On May 24, Incheon Seaport Corporation announced that it has begun operating a new container route from Incheon port to ports in Thailand and Vietnam.
Notably, the latest route, called New Korea Thailand, starts at Incheon Port, traversing a number of ports in Korea, Hong Kong, and China before reaching Laem Chabang and Bangkok Ports in Thailand and ending at Tan Cang Cat Lai Port in southern Vietnam.
Ships on the new route will have three shipping containers with the capacity of 1,500-1,600 twenty-foot equivalent units (TEUs) with the frequency of one route per week. These vessels belong to Korea Shipping Co. Ltd., Chun Kyung Shipping Co., Ltd, and Namsung Shipping Co., Ltd.
Incheon Shipping Corporation expects that the shipping route will contribute to promoting the import-export activities between South Korea and Southeast Asia.
Previously, in August 2016, the central province of Quang Nam launched the first Chu Lai-Korea sea route, connecting Tam Hiep Port and Incheon Port in Korea.
Notably, Tam Hiep Port in the Chu Lai-Truong Hai logistics and port service centre helps to connect Chu Lai Open Economic Zone and Incheon Port. The port allows access for 20,000-DWT (deadweight tonnage) cargo ships or ships with a capacity of 1,000 TEUs, receiving one ship per week.
The Vietnam-Korea Free Trade Agreement (VKFTA) impacted bilateral trade and investment ties since it was signed and took effect in 2015. Korea is now Vietnam’s second-largest trade partner after China.
According to Business Korea, South Korean companies' exports to and investments in Vietnam are continuing to increase. The country has been Vietnam's third-largest export destination behind China and the United States since 2017. In 2020, the export turnover from Korea to Vietnam reached $48.51 billion. Last year, 3,324 and 2,233 South Korean companies were doing business in Vietnam and China, respectively.
Source: VIR
Related News
VIETNAM ECONOMY INVESTMENT
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
VIETNAM ECONOMY INVESTMENT
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
PROPERTY / INDUSTRIAL ZONE
NATION URGED TO BUILD ON ECO-IP MODEL
Industrial parks (IPs) involved in an initiative that aims to help push them into the realm of being classed as eco-parks have seen improvements across a string of indicators, according to a review event in Ho Chi Minh City last week.
PROPERTY / INDUSTRIAL ZONE
YEN LU INDUSTRIAL PARK: NEW DESTINATION FOR INVESTORS
Bac Giang is a destination chosen by many domestic and foreign investors thanks to its locational advantages and its most opening and favorable investment policies. Assisted by local authorities, Capella Land Joint Stock Company has effectively invested in industrial zones, especially Yen Lu Industrial Park - a new destination for investors, to contribute to the province’s success in investment attraction.
VIETNAM ECONOMY INVESTMENT
OPTIMIZING LEGAL AND REGULATORY FRAMEWORKS FOR EFFICIENT PUBLIC INVESTMENT DISBURSEMENT
According to the Ministry of Planning and Investment, a 1% increase in public investment raises GDP by 0.058%, and each VND1 disbursed stimulates an extra VND1.61 from the non-state sector. However, plan implementation often falls short at around 80% annually, despite government efforts.
PROPERTY / INDUSTRIAL ZONE
NATION URGED TO BUILD ON ECO-IP MODEL
For the 2020-2024 project, three IPs were selected for the transformation including Deep C Industrial Zones in the northern city of Haiphong, AMATA City Bien Hoa in the southern province of Dong Nai, and Hiep Phuoc IP in Ho Chi Minh City. Over the last four years, the level of compliance with the international framework on eco-IPs for all pilot complexes has increased in terms of environment, economy, and management.
Events Sponsors
