PM Nguyen Xuan Phuc speaks at the business forum (Photo: VNA) Seoul (VNA) – Joint efforts of Vietnam and theRepublic of Korea (RoK) in dealing with difficulties to promote the bilateralcomprehensive cooperation have resulted in miracles in partnership between thetwo countries, stated Prime Minister Nguyen Xuan Phuc.
Speaking to over 700 Vietnamese and Korean businessesattending the Vietnam-RoK Business Forum in Seoul on November 28, the PM notedthat two-way trade is estimated to hit nearly 70 billion USD in 2019 from only500 million USD in 1992.
The RoK has been the leading investor in Vietnam with nearly1,000 projects, he said, adding that in 2019, about 5 million Korean touristsvisited Vietnam.
The Government leader said that the two sides have enjoyedstrong partnership in health care, finance, insurance, culture, sports andhuman resources training. He attributed the result to the similarity in culturebetween the two nations.
He underlined that Vietnam supports and creates all conditionsfor the RoK to implement the New Southern Policy initiated by President MoonJae-in, in which Vietnam is a key pillar.
He informed the participants on Vietnam’s situation with thehigh economic growth of 6.8 percent in 2018 and 2019, inflation rate at 3.5percent and improved competitive capacity.
In addition to the FTA between Vietnam and the RoK which took effect in 2015,the Southeast Asian nation has joined many other FTA, especially theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam moved up 10 places to 67th position in the Global CompetitivenessReport 2019, and jumped three spots to the 42nd position in the GlobalInnovation Index (GII).
He stressed Vietnam called for cooperation in education and healthcare of theRoK, striving to form leading ASEAN medical centres stationed in Vietnam.
Besides, Korean investors need to inject their money in their strength’s fieldslike logistics services and shipbuilding, he said.
He reiterated the goal of achieving 100 billion USD in two-way trade value in2020, while expressing his hope that the RoK will further open door forVietnamese goods.
The Vietnamese government pledges to create the best possible conditions forforeign partners, including those from the RoK, to success in Vietnam, heaffirmed.
Meanwhile, Deputy PM and Minister of Economy and Finance Hong Nam-ki stressedthe significance of the forum, while saying that Korean investment in Vietnamhas expanded over the years, making the RoK the biggest foreign investor ofVietnam with rise of 37 percent growth each year. Vietnam is also the biggestinvestment recipient among ASEAN countries.
He suggested that Korean firms grasp opportunities to investin Vietnam as the two countries’ relationship is on a flourishing period.
With their strengths, Korean businesses have greatcooperation and investment chances in various areas such as construction,infrastructure development, high technology and insurance, while helpingVietnam promote the potential of the private sector, developing startup, takingadvantages of the Fourth Industrial Revolution, he asserted.
Hong also expressed his hope that the two governments willwork more closely together to deal with difficulties hindering bilateralpartnership amidst the changing world situation and trade tensions.
He said he expects the forum will open up new investmentopportunities for both sides in the future.
Chairman of the Federationof Korean Industries (FKI)Huh Chang-soo said that Vietnam is a stable economy with great growth potentialin the future.
Noting that trade between thetwo countries expanded 100 times since the two sides set up their diplomaticrelations, he said that currently, more than 5,500 Korean firms are working inVietnam, creating about 1 million jobs in the country.
In the future, the FKI willcoordinate with a number of training facilities in Vietnam in training andsharing the country’s successful stories.
Within the framework of the forum, 33 memoranda of understanding worth nearly20 billion USD were signed.
On the occasion, Vietjet announced its plan on new routes between Seoul andVietnam’s Da Lat, Can Tho, Nha Trang and Phu Quoc.
Earlier, PM Nguyen Xuan Phuc had meetings with Deputy Prime Minister Hong Nam-ki,FKI Chairman Huh Changsoo and chairmen of some leading Korean groups to theforum like Shinhan Bank, SK Energy./.
Speaking to over 700 Vietnamese and Korean businessesattending the Vietnam-RoK Business Forum in Seoul on November 28, the PM notedthat two-way trade is estimated to hit nearly 70 billion USD in 2019 from only500 million USD in 1992.
The RoK has been the leading investor in Vietnam with nearly1,000 projects, he said, adding that in 2019, about 5 million Korean touristsvisited Vietnam.
The Government leader said that the two sides have enjoyedstrong partnership in health care, finance, insurance, culture, sports andhuman resources training. He attributed the result to the similarity in culturebetween the two nations.
He underlined that Vietnam supports and creates all conditionsfor the RoK to implement the New Southern Policy initiated by President MoonJae-in, in which Vietnam is a key pillar.
He informed the participants on Vietnam’s situation with thehigh economic growth of 6.8 percent in 2018 and 2019, inflation rate at 3.5percent and improved competitive capacity.
In addition to the FTA between Vietnam and the RoK which took effect in 2015,the Southeast Asian nation has joined many other FTA, especially theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam moved up 10 places to 67th position in the Global CompetitivenessReport 2019, and jumped three spots to the 42nd position in the GlobalInnovation Index (GII).
He stressed Vietnam called for cooperation in education and healthcare of theRoK, striving to form leading ASEAN medical centres stationed in Vietnam.
Besides, Korean investors need to inject their money in their strength’s fieldslike logistics services and shipbuilding, he said.
He reiterated the goal of achieving 100 billion USD in two-way trade value in2020, while expressing his hope that the RoK will further open door forVietnamese goods.
The Vietnamese government pledges to create the best possible conditions forforeign partners, including those from the RoK, to success in Vietnam, heaffirmed.
Meanwhile, Deputy PM and Minister of Economy and Finance Hong Nam-ki stressedthe significance of the forum, while saying that Korean investment in Vietnamhas expanded over the years, making the RoK the biggest foreign investor ofVietnam with rise of 37 percent growth each year. Vietnam is also the biggestinvestment recipient among ASEAN countries.
He suggested that Korean firms grasp opportunities to investin Vietnam as the two countries’ relationship is on a flourishing period.
With their strengths, Korean businesses have greatcooperation and investment chances in various areas such as construction,infrastructure development, high technology and insurance, while helpingVietnam promote the potential of the private sector, developing startup, takingadvantages of the Fourth Industrial Revolution, he asserted.
Hong also expressed his hope that the two governments willwork more closely together to deal with difficulties hindering bilateralpartnership amidst the changing world situation and trade tensions.
He said he expects the forum will open up new investmentopportunities for both sides in the future.
Chairman of the Federationof Korean Industries (FKI)Huh Chang-soo said that Vietnam is a stable economy with great growth potentialin the future.
Noting that trade between thetwo countries expanded 100 times since the two sides set up their diplomaticrelations, he said that currently, more than 5,500 Korean firms are working inVietnam, creating about 1 million jobs in the country.
In the future, the FKI willcoordinate with a number of training facilities in Vietnam in training andsharing the country’s successful stories.
Within the framework of the forum, 33 memoranda of understanding worth nearly20 billion USD were signed.
On the occasion, Vietjet announced its plan on new routes between Seoul andVietnam’s Da Lat, Can Tho, Nha Trang and Phu Quoc.
Earlier, PM Nguyen Xuan Phuc had meetings with Deputy Prime Minister Hong Nam-ki,FKI Chairman Huh Changsoo and chairmen of some leading Korean groups to theforum like Shinhan Bank, SK Energy./.
VNA
