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Korea Industrial Complex Corp. backs auto exporters in Vietnam
By Shin Ji-hyePublished : Nov. 29, 2016 - 17:05
Korea Industrial Complex Corp. aims to increase its support for auto parts exporters looking to increase sales to Vietnam, the state-run corporation said Tuesday.
KICOX is a government agency set up in 1997 to support companies in industrial complexes here.
Since 2010, the corporation has carried out diverse programs to support auto parts companies in Changwon, South Gyeongsang Province. It has built a network with Vietnamese regional governments, the automobile manufacturers’ association and automakers including Veam Motor, Thanh Cong, SAMCO and Thaco.
KICOX has also been running a consortium in partnership with local auto parts companies, the Korea Trade-Investment Promotion Agency and Changwon regional government. The consortium has pushed diverse projects to explore overseas markets such as by dispatching survey teams to Vietnam and hosting buyers meetings.
“Through the years of support for local auto parts exporters, the resident companies in Changwon have achieved a total contract volume of $6 million,” a KICOX spokesperson said.
The corporation plans to continue supporting exporters’ efforts in Vietnam, as it views the country as having stable economic growth and high potential, with continued industrialization and urbanization.
“We will continue to run customized programs to support local exporters (advancing) into Vietnam and to explore new opportunities by capitalizing on the Free Trade Agreement between the two nations,” the spokesperson added.
The trade volume between Korea and Vietnam has been rising since a bilateral FTA between the two nations took effect in December 2015. The auto part tariffs on Korean exporters, which currently stand at around 15 percent, will also be abolished from 2021.
Kicox predicted that the new business model carried out in partnership with SMEs would accelerate trade in the automobile industry between both nations.
By Shin Ji-hye (shinjh@heraldcorp.com)
