State trade insurance firm opens new branch in Vietnam

SEOUL, Sept. 8 (Yonhap) -- South Korea's state-run trade insurance firm said Sunday it has opened its second brand in Vietnam in line with the government's efforts to help local firms penetrate deeper into the Southeast Asian market and beef up exports. The Korea Trade Insurance Corp., or K-Sure, said the new branch, located in Hanoi, will support South Korean firms setting eyes on Vietnam, the country's biggest trading partner in Southeast Asia. K-Sure opened its first office in Ho Chi Minh City in 2004. The combined trade between South Korea and Vietnam came to US$68.3 billion last year, growing sharply from around $500 million posted in 1992. The South Korean government has been rolling out its New Southern Policy and New Northern Policy, which center on boosting economic and diplomatic ties with countries in Central and Southeast Asia. The government also has been making efforts to diversify the country's export portfolio and ease its heavy dependency on the United States and China, as the two countries take up roughly 40 percent of its combined outbound shipments. colin@yna.co.kr (END)