Prime Minister Pham Minh Chinh speaks at a discussion with Korean businesses. (Photo: Duong Giang/VNA)
On the morning of March 4, at the Government Headquarters, Prime Minister Pham Minh Chinh held a discussion with Korean enterprises in Vietnam to promote cooperation and investment, contributing to Vietnam's growth of 8% or more in 2025 and double-digit growth in the following years.
This is the 9th working session of Prime Minister Pham Minh Chinh with the domestic and foreign business community to promote investment, production and business in the past month.
Attending the seminar were Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; Ministers, leaders of central ministries and branches; leaders of several provinces and centrally run cities; Korean Ambassador to Vietnam Choi Young Sam; Chairman of the Korean Business Association in Vietnam Ko Tae Yeon; leaders of 35 typical Korean enterprises investing and doing business in Vietnam.
Over the past time, the Vietnam-Korea Comprehensive Strategic Partnership has continuously developed, in which economic, trade and investment cooperation is an important pillar.
Korea maintains its No. 1 position in foreign direct investment and tourist supply market of Vietnam; No. 2 in ODA capital supply; No. 3 in trade and labor cooperation.
Currently, Korea has more than 10,000 investment projects in Vietnam, with a total registered capital of more than 92 billion USD. Bilateral trade turnover in 2024 will reach 81.5 billion USD, of which Vietnam's imports from Korea will reach 55.9 billion USD.
Korean Ambassador to Vietnam Choi Youngsam speaks. (Photo: Duong Giang/VNA)
At the seminar, the Korean Ambassador to Vietnam, Chairman of the Korean Business Association in Vietnam and leaders of Korean businesses in Vietnam highly appreciated the investment and business environment, especially in recent times, Vietnam has made efforts to improve legal institutions, amend and supplement many laws, creating more favorable conditions for businesses to invest in production and business.
In particular, the Prime Minister is very interested in and regularly holds meetings with businesses to listen to and resolve difficulties and obstacles for businesses. Thanks to that, through the survey, 82% of Korean businesses trust and want to continue investing and expanding investment in Vietnam.
The Korean side said it is ready to accompany Vietnam in the process of economic development, especially investing in large-scale projects such as the North-South high-speed railway, nuclear power plants, projects in the fields of high technology, electronics, artificial intelligence, semiconductor chips, green energy, biotechnology, new materials, shipbuilding, automobile manufacturing, logistics, finance, and pharmaceuticals; and continuing to promote development support for Vietnam.
Expressing concern about the impact of some countries' changes in trade policies, the Korean side suggested that the Vietnamese Government, ministries, sectors and localities need to have effective solutions to respond to changes in trade policies of other countries; continue to improve and stabilize legal policies, especially the legal framework on high-tech industries such as artificial intelligence (AI), semiconductor chips; and effectively implement VAT and domestic import-export tax policies.
Vietnam operates effectively, helping businesses access the Investment Support Fund more easily; continues to cut and simplify administrative procedures and implementation processes; shortens the time for making decisions and granting investment licenses; simplifies the granting of work permits; improves logistics services, stabilizes electricity supply...
Discussing with leaders of ministries, sectors and localities issues of concern and suggestions to the Korean side, concluding the discussion, Prime Minister Pham Minh Chinh highly appreciated Korea and Korean enterprises for accompanying, sharing the ups and downs, and closely cooperating with Vietnam in the development process and the international integration process of Vietnam, contributing to the successful implementation of the set goals with Vietnam.
Prime Minister Pham Minh Chinh speaks at a discussion with Korean businesses. (Photo: Duong Giang/VNA)
Assigning the Ministry of Finance, the Government Office to synthesize, and Vietnamese ministries, branches, and localities to promptly respond and thoroughly handle the recommendations and proposals of enterprises, Prime Minister Pham Minh Chinh spent a lot of time responding specifically to the concerns, worries, and proposals of delegates.
In particular, in response to businesses' concerns about Vietnam-US economic relations, US policies and Vietnam's responses and solutions, Prime Minister Pham Minh Chinh said that Vietnam and the US are two complementary economies, not competing fiercely but competing healthily; the two countries are Comprehensive Strategic Partners, with many predestined relationships and many different characteristics compared to other partners.
Vietnam has also proactively and actively contacted US levels, sectors and enterprises to continue to strengthen cooperation, mutual understanding, share advantages and difficulties, and promote economic cooperation on par with the Comprehensive Strategic Partnership. At the same time, actively remove obstacles for US partners in a fair, reasonable manner, in accordance with the regulations and laws of both sides. In particular, review reasonable and harmonious tax policies, ensure mutual benefits, and promote trade in a more balanced direction.
With the view that in relations with each partner, in each different period, there will be different concerns and sharing, it is very important to grasp the situation, respond appropriately, promptly, flexibly and effectively, the Prime Minister said that the world is witnessing rapid, unpredictable changes with many regional and global issues, opening up many opportunities, but also posing many challenges to the development of each country and region, especially developing and underdeveloped countries.
This requires a comprehensive, all-people, global approach, strengthening international solidarity, soberly formulating policies to respond, harmonizing benefits, and sharing risks among subjects to coexist and develop together in an environment of peace, stability, cooperation and development.
The Prime Minister pointed out that the Vietnam-Korea relationship has experienced ups and downs and breakthroughs, but has developed better, more comprehensively and more positively. There are currently more than 200,000 Vietnamese people in Korea and about 200,000 Koreans in Vietnam.
The number of Korean enterprises operating in Vietnam is increasing with the scale and fields expanding. In the context of the decline in total global investment, Korean investment in Vietnam is still increasing.
Prime Minister Pham Minh Chinh and Deputy Prime Minister Ho Duc Phoc and Deputy Prime Minister Nguyen Chi Dung chaired a discussion with Korean businesses. (Photo: Duong Giang/VNA)
Sharing about Vietnam's positive results in socio-economic development in 2024, the Prime Minister said that Vietnam's investment and business environment continues to improve and is positively evaluated by the international community and investors.
The size of Vietnam's economy is currently ranked 33-34 in the world. Many major international organizations have upgraded Vietnam's competitiveness, credit rating at "stable", up 12 places; e-Government development index up 15 places, economic freedom index up 13 places, global innovation index up 2 places, sustainable development up 1 place, human development index (HDI) up 8 places, being in the top 50 countries in terms of network security index.
Prime Minister Pham Minh Chinh said that Vietnam is focusing on implementing drastically and synchronously many groups of solutions, promoting strategic breakthroughs in institutions, infrastructure, and human resources, in the spirit of "open institutions, smooth infrastructure, smart governance and human resources" to reduce costs, increase the competitiveness of goods, and create favorable conditions for businesses. In particular, it is actively removing obstacles in laws, including many contents that Korean businesses have mentioned.
Along with that, Vietnam is promoting the construction of strategic infrastructure for transportation, logistics, energy and electricity to ensure meeting the needs of economic growth, digital infrastructure, social infrastructure, culture, healthcare, education in a green direction, responding to climate change; developing basic industries, cultural industries, entertainment industries...
Vietnam continues to promote administrative procedure reform, smart governance, carry out a revolution in organizational apparatus, reduce intermediaries, eliminate the mechanism of asking and giving, promote decentralization and delegation of power in the direction of streamlining, compactness, strength, efficiency, effectiveness and efficiency; reduce inconvenience, harassment, costs and time for people and businesses.
To develop quickly and sustainably, the Prime Minister stated that Vietnam is continuing to build and implement preferential policies for the development of the digital economy, green economy, circular economy, sharing economy, and creative economy; building tax policies suitable to the situation, harmonizing the interests of all parties; localization policies, reducing trade defense; investment incentive and incentive policies...
The ultimate goal is to maintain the country's independence and sovereignty, make the people increasingly happy and prosperous, and create the best environment for foreign investors, including Korean enterprises, to operate effectively and sustainably.
The Head of the Government suggested that Korean enterprises, having done well, should do even better in advising on Vietnam's rapid and sustainable development; give constructive comments on building open institutions, creating favorable conditions for people and businesses; expand investment and business in Vietnam, identify Vietnam as a development base, an important link in the production, business and supply chain processes, contributing to diversifying Korea's supply chain and connecting global production and supply chains; promote the transfer of advanced technology and scientific and technical advances from Korea to Vietnam, contributing to increasing the localization rate; strengthen cooperation in human resource training, consider sending Korean experts and high-quality human resources to work in Vietnam; actively receive skilled Vietnamese workers to work in Korea; share modern and smart management experiences, reform the apparatus in accordance with the common development laws of the world, suitable to Vietnam's circumstances with firm steps.
Scene of the discussion between Prime Minister Pham Minh Chinh and Korean businesses. (Photo: Duong Giang/VNA)
Emphasizing the need for Korean enterprises to participate in Vietnam's production ecosystem; connecting startups of the two countries; actively participating in and supporting Vietnam in building innovation, research and development centers, the Prime Minister asked Korean enterprises to accompany the Government and Vietnamese enterprises to expand investment in new technology, high technology, advanced technology, clean technology projects with high added value, especially emerging industries.
These include semiconductor technology, artificial intelligence (AI), renewable energy, digital finance, bio-medicine, smart manufacturing; along with promoting investment cooperation in the processing and manufacturing industries, real estate projects, infrastructure development, telecommunications, tourism development, cultural and entertainment industries... where the two sides have a lot of potential and strengths that can complement each other.
The Prime Minister affirmed that Vietnam is committed to always accompanying and sharing with businesses, including sharing ideas, visions, and actions, with “far-sightedness, broad-mindedness, deep thinking, and big actions”; ensuring that Korean businesses operate legally, healthily, and with higher efficiency year after year, and higher efficiency year after decade.
Vietnam is ready to listen to contributions, enhance understanding, and improve cooperation efficiency; hoping that Korean enterprises investing in Vietnam will increasingly mature based on the foundation of the comprehensive strategic partnership between the two countries, in the spirit of "working together, winning together, and developing together."
The Prime Minister affirmed that Vietnam is always proactive in making cooperation increasingly close, effective, extensive and practical.
“No obstacle can hinder the two sides. Therefore, both sides need to be optimistic and believe in the prospects of cooperation; turn these into concrete results, concrete material wealth, equal enjoyment; and bring an increasingly happy and prosperous life to the people of the two countries,” the Prime Minister emphasized./.
(Vietnam+)
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