According to news outlets Korea Times, Newsis and KBS, the RoK-Vietnam Business Forum draw the participation of about 530 government officials, and representatives from ministries, localities and businesses of both countries.
The forum aims to find solutions to expand investment, exchanges and bolster bilateral economic cooperation following the two countries’ upgrading of their relationship to a comprehensive strategic partnership on the occasion of the 30-year diplomacy anniversary.
RoK Minister of Trade, Industry and Energy Ahn Deok Geun emphasized measures to achieve the bilateral trade target of US$150 billion by 2030 such as expanding the scope of investment and trade to sectors not only including intermediate goods but also consumer goods, services and infrastructure.
To build a stable global supply chain network, it is essential to concretize a plan to create synergy by connecting Vietnam's core mineral resources such as rare earths with the RoK’s advanced production technology. Ahn Deok Geun also mentioned the potential for cooperation in the fields of clean energy and nuclear power.
PM Pham Minh Chinh called on Korean corporations and businesses to intensify their investment in Vietnam, and committed to improving various policies and regulations by simplifying administrative procedures in a bid to help companies reduce long-term costs by improving essential infrastructure such as education, transportation and digital system.
Korea Times affirmed that for the RoK, Vietnam is of increasingly strategic importance as it becomes an important production center amid escalating trade tensions between the US and China.
Yonhap news agency, Hankuk Kyongjae, mk.co.kr and Chosun Ilbo newspaper said that recently, the Vietnamese Government has spared no efforts to attract investment in the semiconductor industry. The RoK-Vietnam Business Forum witnessed the determination of political and business leaders from both sides to work together to solve future challenges for both countries. They pledged to expanding investment and trade in areas such as digital transformation, supply chain cooperation, new energy, renewable energy and semiconductors.
Currently, the total investment capital of Korean businesses in Vietnam amounts to US$87 billion. Notably, as many as 19 major Korean groups and enterprises including SK, POSCO and Hyosung, signed business agreements with 18 Vietnamese firms and Government agencies in the presence of leaders of Vietnamese ministries and sectors.
Business Korea newspaper commented that the forum and agreements signed this time highlight the potential for strengthening economic cooperation and common growth between Vietnam and the RoK.
The results of the forum are expected to pave the way for new business opportunities and promote stronger economic links between the two countries.
The RoK’s Ministry of Trade, Industry and Energy assessed that the forum had established a foundation for economic cooperation between the two countries to be more diversified and enhanced.
The Korean Government will support the economic links through diverse channels such as the joint committee on the implementation of the Vietnam-Korea Free Trade Agreement (VKFTA) aimed at helping Korean businesses intensify stable business activities in the Vietnamese market.
