According to information given by news outlets Korea Times, Newsis, and KBS, the RoK-Vietnam Business Forum draw the participation of about 530 government officials, along with representatives from ministries, localities, and businesses of both countries.
The purpose of the forum was to find solutions to expand investment, exchanges, and bolster bilateral economic collaboration 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 aimed at achieving 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 can be considered as essential to concretize a plan to create synergy by connecting the nation’s core mineral resources such as rare earths with the RoK’s advanced production technology. Minister Geun also mentioned the potential for co-operation in the fields of clean energy and nuclear power.
PM Chinh called on Korean corporations and businesses to intensify their investment in the Vietnamese market 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 develops into an important production hub amid escalating trade tensions between the United States and China.
Yonhap news agency, Hankuk Kyongjae, mk.co.kr, and Chosun Ilbo newspaper stated that recently the Vietnamese Government has spared no efforts to attract greater investment in the semiconductor industry. The RoK-Vietnam Business Forum witnessed the determination of political and business leaders from both sides as they work together to solve future challenges for both countries. They therefore pledged to expand investment and trade in areas such as digital transformation, supply chain co-operation, new energy, renewable energy, and semiconductors.
Currently, the total investment capital of Korean businesses in the nation amounts to US$87 billion. In line with this, as many as 19 major Korean groups and enterprises including SK, POSCO, and Hyosung have signed business agreements with 18 Vietnamese firms and Government agencies in the presence of leaders of Vietnamese ministries and sectors.
Korea business newspaper commented that the forum and the agreements signed serve to highlight the potential for strengthening economic linkages and common growth between both sides.
The results of the forum are expected to pave the way for fresh business opportunities whilst simultaneously promoting stronger economic links between the two countries.
The RoK’s Ministry of Trade, Industry and Energy assessed that the forum established a foundation for economic collaboration efforts between the two countries to be more diversified and enhanced.
The Korean Government will therefore seek to 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 firms to intensify their business activities in the Vietnamese market.
