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Economic, trade, investment cooperation – a pillar of Vietnam-RoK relations

Economic, trade and investment cooperation has served as both a pillar and momentum of the relations between Vietnam and the Republic of Korea (RoK), Deputy Minister of Foreign Affairs Nguyen Minh Vu affirmed at a programme in the northern province of Bac Ninh on May 18.
Economic, trade, investment cooperation – a pillar of Vietnam-RoK relations ảnh 1Delegates to “Meet Korea in the northern region” programme (Photo: VNA)
Bac Ninh (VNA) – Economic, trade andinvestment cooperation has served as both a pillar and momentum of the relationsbetween Vietnam and the Republic of Korea (RoK), Deputy Minister ofForeign Affairs Nguyen Minh Vu affirmed at a programme in the northern provinceof Bac Ninh on May 18.

Jointly held by the provincial People’s Committee, theMinistry of Foreign Affairs and the RoK Embassy in Vietnam, the programme,named “Meet Korea in the northern region”, brought together more than 150 Koreanfirms and representatives from 13 northern citiesand provinces.

The event marked the start of a series of activities within the “MeetKorea” programme 2023 co-organised by the ministry and the embassy.

Vu stressed that the RoK now ranks first in terms ofdirect investment in Vietnam, second in official development assistance (ODA),labour and tourism, and third in trade cooperation.

Meanwhile, Vietnam is a big partner of the RoK in the Associationof Southeast Asian Nations (ASEAN), accounting for half of the total trade revenuebetween the RoK and ASEAN.

Therefore, Vietnam always supports and makes efforts to remove difficulties for Korean investors in line with legal regulations, helpingthem run long-term business in the country, the official affirmed.

The RoK Ambassador to Vietnam Oh Young-ju noted thatthe “Meet Korea in the northern region” programme, in its fourth edition, hasbecome an annual exchange venue for businesses of the two countries.

The event this year has special significance as it is the first held after the two countries upgradedtheir relationship to a comprehensive strategic partnership in December 2022, helpingenterprises and leaders of the two countries explore cooperation opportunitiesin new areas, she added.

Chairwoman of the provincial People’s Committee NguyenHuong Giang said the programme offers a good opportunity for businesses andinvestors to set up cooperation with Bac Ninh and other northern localities.

The programme featured discussions on cooperation in supplyand production chains, and sustainable economic development, during whichleaders of the participating cities and provinces introduced potential,strengths, and socio-economic development in their localities, major Korean projectsthere, and their investment attraction orientations.

For their part, Korean enterprises raised proposals on issues ofshared concern like supply chain diversification, smart city building, ITapplication in green development, environmental pollution response, andadministrative reform.

Deputy minister Vu said such proposals will help the Vietnamese governmentand local authorities set forth specific measures and solutions to enhancecooperation between Vietnamese localities and Korean partners, as well as thecomprehensive strategic partnership between the two countries. /.

VNA
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