FKCCI Proposes to Vietnamese Ambassador to Resume Special Entry for Businesspeople and Shorten Quarantine Period

[Asia Economy Reporter Jeong Hyunjin] The Federation of Korean Industries (FKI) recently urged the Vietnamese government, which has been enforcing a 4-week quarantine for foreign arrivals due to the resurgence of COVID-19, to resume special entry for businesspeople, shorten self-quarantine periods, and introduce vaccine passports, considering the importance of Korea-Vietnam economic exchanges and the expansion of vaccinations.

On the morning of the 23rd, the FKI held a business breakfast meeting at the FKI Hall, inviting Nguyen Vu Tung, the Vietnamese Ambassador to Korea, to convey these requests. Vice Chairman Kwon Tae-shin said, "We request the Vietnamese government to expedite vaccination for foreign company workers in Vietnam, including Koreans," adding, "We hope that from next month, commercial flights to Vietnam will resume, quarantine exemptions or reductions for vaccinated businesspeople will be actively considered, and vaccine passports will be introduced."

Ambassador Nguyen Vu Tung stated, "The Vietnamese government has prioritized vaccinating 100,000 doses to workers residing in Bac Ninh and Bac Giang provinces to combat COVID-19 and maintain supply chains, and plans to expand to Ho Chi Minh City, Hai Phong, and Can Tho City." He added, "Vietnam aims to import about 7 million vaccine doses by July and 150 million doses by the first quarter of 2022 to achieve herd immunity by vaccinating 70% of the total population."

Ambassador Nguyen Vu Tung projected Vietnam's economic growth rate this year to be about 6.5%, noting, "From January to May this year, foreign direct investment execution and trade volume increased by 7% and 33% respectively compared to the same period last year, with Korea contributing significantly by deciding on $1.8 billion in investments by May." He referred to LG Display's $750 million investment in an OLED panel factory and SK's $410 million acquisition of Vingroup Commerce shares.

Ambassador Nguyen Vu Tung said, "Next year marks the 30th anniversary of diplomatic relations between Korea and Vietnam," and requested, "Next year, various exchanges and visits between the two countries are expected, and we hope the FKI will organize a large-scale Vietnamese economic delegation to explore new business opportunities post-COVID." He continued, "Vietnam is focusing on infrastructure development projects and is completing related legislation such as the Investment Law and Public-Private Partnership (PPP) Law, so we hope Korean companies will take interest and expand their business opportunities in Vietnam."

About 20 businesspeople attended the meeting, including Vice Chairman Kwon, Hong Kwang-hee, Chairman of the Korea Importers Association, Ahn Soon-hong, CEO of Hanwha Techwin, Lee Jong-seung, Vice President of Hana Financial Group, Lim Jin-dal, Executive Director of Hyosung Advanced Materials, and Heo Geum-ju, Executive Director of Kyobo Life Insurance. They raised investment difficulties in Vietnam to the ambassador, urged for business incentives, and exchanged opinions on ways to enhance Korea-Vietnam economic cooperation after COVID-19.