Prime Minister Pham Minh Chinh and the Republic of Korea’s President Yoon Suk Yeol attend the Vietnam-RoK business forum. (Photo: VNA) Hanoi (VNA) – A Vietnam-Republic of Korea (RoK) Business Forum was held in Hanoi on June 23, focusing on the industrial cooperation strategy between the two countries, especially collaboration in the global value chain, digital transformation and climate change action plan.
The event, which was co-organised by the Ministry of Planning and Investment (MPI), the RoK’s Ministry of Industry and Trade and Korea Chamber of Commerce and Industry, saw the presence of Prime Minister Pham Minh Chinh, RoK President Yoon Suk Yeol and over 500 delegates representing associations, corporations and businesses of the two countries.
Leading corporations from the two countries, such as Samsung, Doosan Enerbility, Shinhan Bank, Boston Consulting Group (BCG), and Vinfast also took part in the event.
Samsung Vietnam is one of the bright spots of FDI investment. (Photo: VietnamPlus) At the forum, businesses delivered presentations related to a range of topics including supporting the development of the electronic components industry; Net-zero transformation: RoK-Vietnam cooperation in energy; opportunities for business cooperation in green transport using clean energy; cooperation in digital transformation and Fintech.
The presence of the Korean business delegation has brought new hopes for fostering investment cooperation between the two countries. Currently, major Korean enterprises have made big investments in Vietnam and planned to expand the investment.
Vietnam and the RoK established diplomatic relations in December 1992 and elevated their relationship to a strategic cooperative partnership in October 2009. In December last year, they upgraded their relationships to a comprehensive strategic partnership.
Currently, the RoK is one of the leading important partners of Vietnam, ranking first in terms of investment, second in official development assistance (ODA) and third in trade. Total bilateral trade turnover reached 87 billion USD last year, up 11.4% compared to 2021.
Dinh Nhat Hoang, head of the Foreign Investment Agency under the MPI, said that the RoK has always led foreign investors in Vietnam over the past seven years with 9,666 projects capitalised at nearly 82 billion USD.
The RoK has always been the leading foreign investors in Vietnam over the past seven years. (Photo: VietnamPlus) In the first five months of this year, Korean investors injected 666.5 million USD into 167 newly-registered projects, 122 projects which had their capital adjusted, and 364 capital contributions and share purchases in the country.
In his speech at the forum, PM Chinh thanked Korean friends for partnering with Vietnam for development over the past three decades, contributing to fostering their relations. He expressed his thanks to Korean firms for their commitments to investing in Vietnam in new fields.
The PM suggested that the Korean business associations and community expand their investment and build a long-term, sustainable and environmental friendly business strategy, helping Vietnam realise its commitment to achieving net-zero emissions by 2050. He wishes that Korean businesses continue to show affection and social responsibility, well implement entrepreneurial culture and policies towards employees and contribute to ensuring social security.
The total registered investment capital of RoK investors in Vietnam is 666.5 million USD in the first five months of 2023. (Photo: VietnamPlus) According to the MPI, solutions to attract more investment include continuing administrative procedure reform, especially those relating to land, construction, fire prevention and environment after receiving investment registration certificates.
It is necessary to study and devise a breakthrough mechanism related to financial, securities and monetary policies, the ministry said, adding that attention should be paid to accomplishing a project on financial centers in Ho Chi Minh City and Da Nang to create breakthroughs and socio-economic development.
The MPI also underlined the need to issue policies to promote investment in a number of potential fields such as high technology, semiconductors, and innovation.
The ministry said that the preparation in terms of infrastructure, clean land, energy and human resources is a must to attract investment into big projects that are really meaningful for socio-economic development./.
