National Assembly Chairman Vuong Dinh Hue (R) and Attorney Chung Kye-sung (Photo: VNA) Hanoi (VNA) – National Assembly Chairman Vuong Dinh Hue hosted a reception in Hanoi on April 7 for Attorney Chung Kye-sung, a senior partner and the chair of the Finance Practice at Kim & Chang, the leading law firm in the Republic of Korea (RoK).
As the only Korean named in the top 100 law firms in the world, Kim & Chang provides legal advices for many major Korean enterprises operating in Vietnam and actively supports investment promotion activities in the Southeast Asian country.
NA Chairman Hue hailed the RoK as the biggest FDI partner and the third biggest trade partner of Vietnam. He lauded Kim & Chang for opening its representative office in Hanoi, following the one in Ho Chi Minh City.
Chung, for his part, said with its 60 years of experience in economic development, the RoK is willing to share its experience with Vietnam so that Vietnam could avoid difficulties and obstacles that the RoK encountered.
Apart from traditional cooperation areas, he said the two countries’ State and businesses share the same goals to address global issues such as epidemics, sustainable development, climate change, digital transformation and cyber security.
According to him, Kim & Chang not only helps Korean firms but also Vietnamese businesses cooperate with Korean partners as well as acquire Korean technologies.
Kim & Chang is ready to cooperate with and provide consultancy on policies and issuance of new legal regulations for Vietnam, he said.
Agreeing with the guest that the two economies are supplementary to each other so that they could strive for a more balanced trade, Chairman Hue wished that Kim & Chang would continue helping enterprises and investors tap their complementary strengths for mutual development.
According to Hue, the two countries’ enterprises need to work more closely together to set up and maintain supply chains, especially for strategic products. He recalled that during his RoK visit, several Korean investors said they consider Vietnam a destination for semiconductor technology, a field that both the world and Vietnam need.
He agreed with the view of supporting the transfer of technology and learning management models between businesses of the two countries, contributing to increasing the localisation rate of key Korean products in Vietnam. He hoped that the law firm will step up bilateral cooperation in agricultural and seasonal labour.
He said the RoK plans to provide Vietnam with 16 billion USD in ODA loans, but with hard requirements. The host wished that the company would suggest the RoK government and legislature harmonise the requirements to help Vietnam access this capital, similar to what other countries did.
He also hoped for the company’s support to Vietnam in fine-tuning policies and laws, especially in such areas as digital transformation, digital sovereignty, cyber security, just energy transition and green transformation.
Regarding the global minimum corporate tax proposed by the Organisation for Economic Cooperation and Development (OECD), Hue proposed that Kim & Chang, with its experienced experts, assist Vietnam in building and proposing solutions to ensure a balanced interest among relevant parties.
He said Vietnam will hold a seminar on this field in late April. Later this year, the Vietnamese National Assembly will decide on amending the corporate income tax law in order to continue creating a favourable business environment and improving the competitiveness of Vietnamese firms.
The guest affirmed that Kim & Chang is always ready to make contributions to promoting cooperative relationship between the two countries./.
