While North Korea remains to be secluded to the rest of the world, the hermit country is slowly opening up its borders. One of the first countries to extend its trade arms towards North Korea is Vietnam. The Southeast Asian country continues to position itself in the prime spot to reach a groundbreaking trade deal with North Korea.
North Korea is viewed by many market analysts as one of Asia's last undeveloped markets. Much of the country remains obscured to the world, a fact that has led many potential investors to turn their backs. However, North Korea has recently shown its intention to open up its borders. Evidence to this commitment is the summit between North Korean leader Kim Jong-un and United States President Donald Trump.
In the backdrop of the recent U.S.-North Korea summit, host country Vietnam has made some arrangements with some North Korea officials to highlight some of the country's industries which are viable to be adopted by the hermit state. Headlining this tour is Vingroup which is the country's leading private conglomerate.
Vingroup gave the North Korean delegation, led by Workers' Party senior official Ri Su Yong, around some of the company's factories and smart farms located in Haiphong. The tour took place on Feb. 27.
In a statement acquired by Nikkei Asian Review, an anonymous Vingroup official said, "Members of the delegation showed interest in our products, especially eco-vegetables. The tour was initiated while President Trump and Kim Jong-un are attending the summit.
VinFast Production and Trading operates a factory in Haiphong which manufactures and develops electric scooters. On the other hand, VinEco runs a number of greenhouses which grow vegetables, bean sprouts, fruits, herbs, and mushrooms. VinFast is Vingroup's manufacturing unit, while VinEco is the group's agricultural unit.
Aside from factories and farms, a number of North Korean delegates also visited Viettel, Vietnam's state-owned and largest telecom company. Mr. Ri, who serves as the vice chairman of the Worker's Party Central Committee and head of international affairs, has shown his interest in telecommunications equipment which can be integrated into smart communities.
Earlier this year, Viettel chief executive officer Le Dang Dung had tried to seek approval from the North Korean government to build a mobile network way back in 2010. In a report from Reuters, Viettel appears to be waiting for all sanctions against North Korea to be lifted and open its market towards foreign companies and investors.
