South Korea is currently one of Vietnam’s biggest trade partners with the total registered investment capital of more than US$57 billion, making it the leading country in existing investment in Vietnam. In 2017, South Korean investment accounted for up to 23.7 per cent of foreign investment in Vietnam, following Japan.
Since Vietnam - South Korea Free Trade Agreement (VKFTA) was put into effect, the investment wave into Vietnam of South Korean enterprises has become stronger than ever.
Vietnamese enterprises are developing significantly in terms of both quantity and scale; however, compared to South Korean enterprises, especially in terms of technology application into production, Vietnamese firms are lagging 15 - 20 years behind.
Therefore, the connection between South Korean and Vietnamese enterprises would be a great opportunity for the two sides to develop and narrow the gap as South Korean companies are willing to train Vietnamese firms how to apply high-technology into production, how to have effective sales and administration.
On the sideline of the meeting between South Korean and Vietnamese enterprises, TheLEADER had a talk with Thomas Choi, CEO of SEVIT TECH on the company’s plan to invest in Vietnam in the coming time.
Could you please share with us information about SEVIT TECH and its upcoming activities in Vietnam?
Thomas Choi: SEVIT TECH is an enterprise specializing in the area of high-tech industrial diagnosis equipment. We have co-operated with many enterprises in the world, especially in Europe.
Currently, we are seeking opportunities to co-operate and expand our business to Vietnam. We have not started any project in Vietnam yet; however, we are preparing for setting up a high-tech industrial diagnosis equipment plant in Vietnam.
When will the plant be commenced and how big it is?
Thomas Choi: We are expecting that the project would be implemented this year.
Currently, we are focusing on human resource first.
Do you have any other investment plans in Vietnam?
Thomas Choi: We are connecting with Vietnamese Vietnamese enterprises. We have co-operated with more than 40 companies in the world in different areas, not only in electrical instruments.
Therefore, in the meeting, Vietnamese enterprises introduced their products and we would learn about them as well as the market before deciding to support and invest.
How can SEVIT TECH support Vietnamese enterprises?
Thomas Choi: Different from many companies in other countries, Korean enterprises are always willing to share their experiences.
We have a lot of experience and ability in applying high-tech in production. We would support Vietnamese firms in this area, especially in applying Internet of Things (IoT) in production.
For instance, we have met a Vietnamese company operating in the area of manufacturing firefighting equipment. In the coming time, we will work with them in this area.
Besides, we are willing to support Vietnamese enterprises in training as South Korea has very good education systems and programs.
If Vietnamese firms really want to develop, we would also support the human training; however, this process requires a huge amount of time and strive from Vietnamese enterprises.
Why do you choose Vietnamese enterprises as your next partners?
Thomas Choi: There are a number of reasons for this decision, but to me, the most important one is that the two sides have the same spirit.
Also, we are much stronger in terms of technology than Vietnamese firms; therefore, we would like to support them in applying high-tech in production to expand their businesses.
What is your investment plan for the upcoming time?
Thomas Choi: In the coming time, we would learn to have a thorough understand about Vietnam market and then introduce South Korean products to Vietnamese customers.
In the long run, we want to seek for investment partners in Vietnam to support them in both training and technology before co-operating to set up factories and expand our production in Vietnam.
If everything follows its track, we will continue our plans to develop our business to other markets in the world.
Thank you so much!