South Korean investors are taking more of an interest in Vietnam’s IT and financial sectors given the prospects created by new technology. The founder of South Korean tech firm Harex InfoTech, Mr. Park Kyung Yang, paid a visit to Vietnam in early May and announced plans to extend a user-centric shared mobile payment platform in the country. Seeing huge opportunities from its high mobile penetration rate and a high unbanked and underserved population, he aims to expand investment by cooperating with experienced partners to spread UBpay throughout Vietnam and providing solutions for financial inclusion and inclusive growth. Vietnam’s IT and financial sectors are new fields of endeavor for South Korean investors, with greater interest being expressed recently in setting up or expanding investments in the country, according to Mr. Kim Heung Soo, President of the Korea Chamber and Commerce (KORCHAM) in Vietnam. This investment flow has been driven by vast opportunities coming from the country’s rapid economic growth, flourishing consumer lending, and ongoing technological innovation. South Korea was Vietnam’s second-largest investor as at June, following China and with $1.2 billion coming in the first half. Two-way trade last year totaled $68.2 billion, making South Korea Vietnam’s second-largest trading partner. The… Read full this story
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