Korean companies leave the Philippines to invest in Vietnam

From: China Steel News
publisher: Gloria Wang
Time: 2017-09-01

    "Philippine Star" reported on August 24, due to rising business costs, the Philippines, South Korea's manufacturing enterprises are evacuated from the Philippines, to Vietnam.

    Ho Ik Lee, president of the Korean Chamber of Commerce in the Philippines, said many Korean companies have complained about the high cost of doing business in the Philippines and the lack of incentives. Some companies have begun to close their Philippine offices and transfer their operations to Vietnam. "The cost of the Philippines is too high, almost three times that of Vietnam, and the high cost makes the manufacturing industry unable to survive." The cost of Vietnam is lower and business is easier.

   Most of the clothing and electronics industry in South Korea have said that in the Philippines, "labor-intensive industries have been less attractive than before," including infrastructure, logistics costs are too high, the government restrictions on foreign shares, customs cumbersome and so on.

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