Aspiration for "new growth and development horizons" for Vietnamese-Korean small and medium enterprises

This afternoon (November 21), the Vietnam-Korea Investment Cooperation Forum 2024 took place at the National Innovation Center (NIC) in Hoa Lac, Hanoi. Permanent Deputy Prime Minister Nguyen Hoa Binh attended and delivered a speech.

Many delegates attended the Vietnam-Korea Investment Cooperation Forum 2024. (Photo: NH)

The Vietnam-Korea Investment Cooperation Forum 2024 is held under the theme “Trust and Cooperation: Sustainable Development Strategy for Small and Medium Enterprises”. The event is jointly organized by the Vietnam Association of Small and Medium Enterprises (VINASME) and the Korea Association of Small and Medium Enterprises (KBIZ).

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 not only Korea’s largest economic partner in the ASEAN region, but also one of Korea’s three largest economic partners in the world in terms of trade and investment.

Vietnam is also an important partner of South Korea in the Indo-Pacific Strategy. The two countries support and share many interests in multilateral cooperation mechanisms and support global economic freedom.

Contribution and consensus of the business community

The Permanent Deputy Prime Minister 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... These will continue to be very potential opportunities to promote cooperation between the business communities of the two countries," the Deputy Prime Minister emphasized.

Deputy Prime Minister Nguyen Hoa Binh said that Vietnam continues to implement synchronous solutions to improve the business investment environment and enhance competitiveness. (Photo: Nguyen Hoang)

According to Deputy Prime Minister Nguyen Hoa Binh, Korea is a country with extensive experience in developing small and medium-sized enterprises (SMEs) and has so far achieved many great achievements. Korean SMEs have a long history of development, many of which have matured and grown to become large enterprises, prestigious corporations, and brands in the region and internationally.

At the same time, Vietnamese SMEs have been gradually developing, proactively promoting the application of technology and innovation, gradually participating in higher stages in the value chain of medium and large enterprises in the region, including Korean enterprises.

Vietnamese SMEs have potential and strengths in many fields such as processing, manufacturing, electricity-electronics, agriculture and agricultural products, food processing, information technology, textiles, footwear, etc.

Economic - investment - trade cooperation will continue to be a pillar.

Regarding Vietnam's business investment environment, Deputy Prime Minister Nguyen Hoa Binh said that Vietnam continues 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.

Vietnam identifies the foreign-invested economic sector as playing an important role, with the orientation of selectively attracting foreign investment, creating spillover connections between the foreign direct investment (FDI) sector and the domestic economic sector, promoting public-private cooperation to strongly develop the green economy, digital economy, circular economy, and knowledge economy.

Deputy Prime Minister Nguyen Hoa Binh emphasized: "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..."

In the future, the Deputy Prime Minister suggested that Korean SMEs strengthen business connection cooperation with Vietnamese SMEs in the spirit of mutual benefit.

With the high determination and great efforts of both sides, on the basis of the traditional friendship that is constantly developing well between Vietnam and Korea, the Deputy Prime Minister believes that economic - investment - trade cooperation will continue to be an important pillar in the bilateral relationship, a driving force to help Vietnam and Korea together overcome all difficulties and challenges in the new context, bringing the relationship between the two countries to new heights for the prosperity of the country and the interests of the people.

Dr. Nguyen Van Than, Chairman of VINASME, spoke at the Forum. (Photo: Hanh Nguyen)

Create new cooperation opportunities

Sharing about the Vietnam-Korea Investment Cooperation Forum 2024, Dr. Nguyen Van Than, Chairman of VINASME, said that this is not only a connection opportunity, but also an important foundation to promote the sustainable development of Vietnamese and Korean SMEs.

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," said Mr. Than.

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, have autonomous technology and processes, and especially cooperated “on an equal footing” with foreign partners to carry out 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.

The Chairman of VINASME realized that although Korea is one of Vietnam's leading investment partners, the number of Vietnamese enterprises investing in Korea is still limited.

One of the reasons is that the investment environment in Vietnam currently has more potential and attractive space, while Korea has limitations in terms of space and investment capacity of Vietnamese enterprises.

However, he believes that with long-term cooperation opportunities, Vietnamese enterprises can completely overcome difficulties and access the Korean market more effectively.

For his part, Mr. Kim Ki Mun, Chairman of KBIZ, hopes that with practical contents, the Vietnam - Korea Investment Cooperation Forum 2024 will not only be a place to share experiences but also create new cooperation opportunities, promoting the development of small and medium enterprises of the two countries.

"Successful models from Korea such as 'Samsung Smart Factory' or 'Smart Farm' will be valuable lessons for Vietnamese enterprises in improving production capacity and technological innovation," said Mr. Kim Ki Mun.

At the Forum, delegates witnessed the signing of 5 memorandums of understanding (MOUs) between Vietnamese and Korean business associations. Along with that were 10 memorandums of understanding cooperate between businesses of the two countries, focusing on areas such as smart technology, manufacturing, product distribution and human resource training.

The forum also focuses on promoting direct cooperation opportunities through B2B sessions connecting small and medium-sized enterprises of the two countries. This is an important opportunity for Vietnamese and Korean enterprises to directly exchange, seek strategic partners, expand markets and cooperate in investment, thereby creating a solid foundation for long-term and sustainable development between the two sides.

Source: https://baoquocte.vn/khat-vong-ve-chan-troi-tang-truong-va-phat-trien-moi-cho-doanh-nghiep-nho-va-vua-viet-nam-han-quoc-294547.html