Korean enterprises want to expand investment and transfer technology to Vietnam
That was the message affirmed at the Vietnam - Korea Investment Cooperation Forum 2024 which took place on the afternoon of November 21.
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| Vietnam - Korea Investment Cooperation Forum 2024 with the theme "Trust and Cooperation: Sustainable Development Strategy for Small and Medium Enterprises". |
On the afternoon of November 21, the Vietnam - Korea Investment Cooperation Forum 2024 with the theme "Trust and Cooperation: Sustainable Development Strategy for Small and Medium Enterprises" took place at the National Innovation Center (NIC) Hoa Lac campus.
The event was jointly organized by the Vietnam Association of Small and Medium Enterprises (VINASME) and the Korea Association of Small and Medium Enterprises (KBIZ).
Contribution and consensus of the business community
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| In his speech, Permanent Deputy Prime Minister Nguyen Hoa Binh affirmed that the successes in the Vietnam-Korea cooperation relationship have the contribution and consensus of the business communities of both sides. |
Speaking at the Forum, Deputy Prime Minister Nguyen Hoa Binh highly appreciated the achievements of cooperation between the two countries over the past three decades. The economic relationship between Vietnam and Korea has become an important pillar in diplomatic relations, opening up opportunities for deeper cooperation in areas such as high technology, trade and investment.
In recent years, economic, trade and investment cooperation has become a bright spot and an important pillar in the relationship between the two countries. Vietnam is currently Korea's largest economic partner in the ASEAN region, and one of Korea's three largest economic partners globally. Developing cooperation in the fields of trade and investment has become a bright spot in this relationship, with total bilateral trade turnover reaching over 87 billion USD and expected to exceed 100 billion USD in the coming years.
Deputy Prime Minister Nguyen Hoa Binh said that in order to achieve success in the Vietnam-Korea cooperation relationship, in addition to the fundamental factor of the good friendship between the two countries and peoples, the support and attention of the two governments, it is necessary to mention the contribution and consensus of the business communities on both sides.
“The Vietnamese Government highly appreciates the business activities and contributions of Korean enterprises in Vietnam. In particular, there has recently been a strong shift from simple processing sectors to high-tech industries, energy projects, finance – banking, high-quality services, etc. These will continue to be very potential opportunities to promote cooperation between the business communities of the two countries,” the Deputy Prime Minister emphasized.
According to Deputy Prime Minister Nguyen Hoa Binh, Korea is a country with extensive experience in developing small and medium enterprises and has achieved many great achievements so far. Korean SMEs have a long history of development, many of which have grown and developed into large enterprises, prestigious corporations, and brands in the region and internationally.
In the future, the Deputy Prime Minister suggested that Korean small and medium-sized enterprises strengthen business connection cooperation with Vietnamese small and medium-sized enterprises in the spirit of mutual benefit.
“The Vietnamese Government always encourages Korean enterprises to expand investment cooperation in areas where Korea has strengths and Vietnam has high demand for attracting and prioritizing, such as: high technology, electronics, semiconductors, artificial intelligence (AI), infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, training of high-quality human resources…”, the Deputy Prime Minister emphasized.
Deputy Prime Minister Nguyen Hoa Binh affirmed that Vietnam will continue to synchronously implement solutions to improve the business investment environment, enhance competitiveness; promote administrative reform, cut and simplify administrative procedures, focus on reviewing and perfecting mechanisms and policies, focus on removing difficulties for production and business, create favorable conditions for people and businesses, strengthen the fight against corruption and negativity, contributing to strengthening trust in the business community, investors and people.
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| Permanent Deputy Prime Minister Nguyen Hoa Binh and delegates visited the exhibition booths and took photos together. |
Opening up 'new horizons of growth and development' between the two countries
Sharing about the Vietnam - Korea Investment Cooperation Forum 2024, Dr. Nguyen Van Than, Chairman of VINASME, said that the Forum is an important event in a series of activities following the visit of Vietnamese Prime Minister Pham Minh Chinh to Korea last July.
“This event not only reflects the great confidence of the two governments, but also demonstrates the aspiration for a ‘new horizon of growth and development’, where small and medium-sized enterprises play a key role in the economic development of each country,” Mr. Than said.
Over the past decade, according to Mr. Than, Vietnamese SMEs have continuously improved and developed. Enterprises have deeply participated in domestic and international supply chains, autonomously developed technology and processes, and especially cooperated “on an equal footing” with foreign partners to implement investment projects at home and abroad. In particular, cooperation with Korean enterprises in Vietnam and vice versa is also a clear demonstration of the maturity of Vietnamese SMEs.
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| Dr. Nguyen Van Than, Chairman of VINASME and Mr. Kim Ki Mun, Chairman of KBIZ met and discussed with the press of the two countries about cooperation information between enterprises of the two countries. |
Speaking to the press, Mr. Nguyen Van Than said that although Korea is one of Vietnam's leading investment partners, the number of Vietnamese enterprises investing in Korea is still limited. Therefore, this Forum is an opportunity for businesses of the two countries to exchange and cooperate extensively, promoting balanced investment development between Vietnam and Korea.
Mr. Than also hopes that the Forum will be held annually, creating a foundation for long-term and sustainable connections between businesses. “Not only simply investing in building factories, we also hope that Korean businesses want to cooperate in joint ventures and technology transfer with Vietnamese businesses,” Mr. Than said.
Sharing the same view, Mr. Kim Ki Mun, Chairman of KBIZ said that recently, Korean enterprises have proactively come to Vietnam to build factories and invest in production. In the future, Korean enterprises also want to cooperate in joint ventures, transfer technology and production experience to Vietnamese enterprises.
“Currently, Korean enterprises are very keen to invest in Vietnam. The cultural similarities between the two countries are a factor that makes Koreans feel very secure when investing in Vietnam. Korean small and medium-sized enterprises are ready to cooperate with Vietnamese small and medium-sized enterprises,” Mr. Kim Ki Mun affirmed.
Also at the Forum, delegates witnessed the signing of five memorandums of understanding (MOUs) between Vietnamese and Korean business associations. Along with that were 10 memorandums of understanding on cooperation between businesses of the two countries, focusing on areas such as smart technology, manufacturing, product distribution and human resource training.
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