President Tran Dai Quang (Source: VNA) 
 
Hanoi (VNA) – The future of Vietnam – the Republic of Korea ties relies on vision, strong will, dynamism and creativity of businesses, President Tran Dai Quang said to the burst of applause by hundreds of firms at the Vietnam – RoK Business Forum held in Hanoi on March 23. 

In his speech, President Quang said the event offers the two countries’ businesses an invaluable chance to review cooperation outcomes over the past one fourth century and share vision, prospects and development cooperation chances in the new period, contributing to deepening bilateral strategic cooperative partnership.

On the basis of sharing core interests in bilateral and multilateral partnership and supplementary economies, the RoK is now the first largest investment partner, the second largest partner in bilateral development cooperation and tourism, and the third largest trade partner of Vietnam.

With over 59 billion USD worth of registered capital, RoK enterprises are playing active role in Vietnamese industries such as electronics, energy, automobiles, apparel, construction and services, contributing to shifting to new economic structure, creating jobs and ensuring social welfare.

Two-way trade grew to 64 billion USD in 2017 after the Vietnam – RoK Free Trade Agreement took effect.

Speaking highly of the RoK’s New Southern Policy in which Vietnam plays a key role, the Vietnamese President affirmed that Vietnam always appreciates ties with the RoK, particularly in economy, trade and investment, considers Korean business community a leading strategic partner in economic restructuring, renovation, knowledge economy development, improvement of growth quality and national competitiveness.

A number of Korean enterprises working effectively in Vietnam have become an important part to propel economic growth, he said.

Vietnam commits to continue refining mechanisms, polices and laws to create a business environment up to international standards while upgrading infrastructure, financial-banking system, education and human resources quality, he said.

In order to achieve the goal of 100 billion USD in two-way trade by 2020, the State leader wished for a more balanced trade and further support for Vietnamese tropical agro-fisheries, apparel, wooden furniture and rubber to enter the RoK.

He said Vietnam is ready to receive manufacturing spare parts and other goods of strength from the RoK.

RoK President Moon Jae-in, for his part, lauded Vietnam as a dynamic country and economic hub of ASEAN with average economic growth of 6 percent per year.

According to him, up to 5,500 Korean firms are operating in Vietnam and creating millions jobs for Vietnamese workers.

Vietnam has become one of the four largest trade partners of the RoK while the RoK is also the largest investor in the country. Last year, 2.7 million people travelled between the two countries.

He informed that during recent talks, both sides agreed to lift two-way trade to 100 billion USD by 2020, or half of the RoK’s targeted figure with ASEAN, proving the importance of Vietnam to the RoK.

Moon wished that Korean firms would continue contributing to Vietnam’s industrialisation and modernisation, and the two governments would facilitate start-ups by Vietnamese and Korean youths.

Later the day, President Tran Dai Quang and his spouse hosted a banquet for President Moon Jae-in and his wife at the My Dinh National Convention Centre. - VNA