Vietnam and RoK to reap greater success in economic cooperation
VOV.VN - Economic, trade, and investment ties between Vietnam and the Republic of Korea (RoK) are anticipated to make further breakthroughs in all aspects with greater achievements, said Prime Minister Pham Minh Chinh.
These achievements are set to bring about practical benefits to the peoples of the two countries, making significant contributions to the fruitful joint relations moving forward, Chinh addressed the Vietnam – RoK Business Forum held in Hanoi on June 23.
He briefed hundreds of business executives from the two countries attending the forum on Vietnam’s economic development, saying the country has signed 15 free trade agreements (FTAs) with partners, including major global powers and leading organisations.
Vietnam is a dynamic economy in Southeast Asia and Asia and the Pacific, with its scale reaching US$409 billion. Last year, its import-export turnover hit a record high of more than US$730 billion.
The country is also a foreign investment destination as it has so far attracted more than US$440 billion from investors from 143 countries and territories around the world.
According to Chinh, Vietnam is determined to build an independent and self-reliant economy, in association with comprehensive international integration.
To support its sustainable development, he said the government welcomes foreign businesses to invest in prioritized areas such as the green economy, digital economy, circular economy, and knowledge-based economy, in line with the Vietnamese Green Growth Strategy.
Vietnam encourages Korean businesses to invest in the country’s potential fields such as innovation, digital transformation, biotechnology, electronics, semiconductors, clean energy, green economy, smart cities, and high-tech agriculture, he said.
He anticipated that Korean businesses would also increase investment in the fields of cultural industry and entertainment industry, which are the RoK’s strengths.
The PM assured that the Government of Vietnam always accompanies the Korean business community to improve the business climate promptly and to resolve business problems which arise.
Meanwhile, RoK President Yoon Suk Yeol expressed his hope that joint relations will be exemplary in the world, adding that both sides need to continue to elevate this relationship in order to cope with the global fluctuations
The most urgent thing is for both countries to further improve trade exchanges towards raising bilateral trade turnover to US$150 billion by 2030, while strengthening cooperation in digital transformation, energy transformation, and renewable energy, he said.
The RoK will strive to support Vietnam in developing information technology and science-technology infrastructure, he noted.
At the forum, RoK business executives hailed Vietnam’s attractive investment environment and delivered their commitment to long-term operations in the country.
Cho Hyun Joon, chairman of Hyosung Group that has invested in the Vietnamese market for more than 20 years, said his group views the country as a strategic and key market.
The firm will continue to expand its operation, especially in high-tech fields, in Vietnam, he said.
