Prime Minister promotes 'new cooperation horizons' with leading Korean corporations
Báo Chính Phủ•01/07/2024
(Chinhphu.vn) - During his official visit to Korea, on the morning of July 1, in Seoul, Prime Minister Pham Minh Chinh had a roundtable discussion with leaders of nearly 20 leading Korean corporations in various fields.
Leaders of large corporations and enterprises welcome Prime Minister Pham Minh Chinh to attend the Roundtable Discussion - Photo: VGP/Nhat Bac
The seminar was organized by the Ministry of Planning and Investment, the Vietnamese Embassy in Korea in coordination with Kim&Chang Law Firm and the Military Bank (MB).
Propose many potential cooperation directions
At the seminar, Korean enterprises spoke, made proposals and recommendations, and leaders of ministries and sectors responded in three groups of fields: Industry - energy; finance - banking; information technology - medicine - general investment. Mr. Han Seung-soo, former Prime Minister of Korea, senior advisor to Kim & Chang Law Firm, said that Korean companies are expanding their investment in all fields in Vietnam, because the Vietnamese Government has paid special attention to Korean enterprises up to now. Trade and investment relations between the two countries have a solid foundation based on good political and diplomatic relations, vibrant exchanges, and close ties between the two peoples.
On the morning of July 1, Prime Minister Pham Minh Chinh had a roundtable discussion with leaders of nearly 20 leading Korean corporations in various fields -
Photo: VGP/Nhat Bac
Mr. Jung Yeoin, Chairman of Doosan Enerbility, said that the group entered Vietnam in 2006 and is focusing on investing in projects in Vietnam. The company shared its desire to participate in wind power and gas power projects in Vietnam, providing power plant equipment such as turbines... to the projects. "Power generation is an important area of cooperation between the two countries, we are willing to transfer technology and provide professional training with Vietnam," said Mr. Jung Yeoin. Mr. Lee Kye-in, Chairman of POSCO International, said that the group has produced more than 2.3 million tons of steel in Vietnam with revenue of 1.5-2 billion USD per year. Since 2015, the group has participated in the Mong Duong 1 power generation project and is aiming for the Quynh Lap project in Nghe An with the desire to contribute to local development. Mr. Jung In Sup, CEO of Hanwha Aerospace, wishes to provide aircraft engine repair and maintenance services in Vietnam. According to him, Vietnam has many large airlines that have demand but have to go abroad such as the US and Singapore for aircraft maintenance. Therefore, this group hopes to be able to do aircraft maintenance work in Vietnam in the near future.
The seminar was organized by the Ministry of Planning and Investment, the Vietnamese Embassy in Korea in coordination with Kim&Chang Law Firm and the Military Bank (MB) - Photo: VGP/Nhat Bac
Mr. Kim Hyung Kwan, Chairman and CEO of HD Hyundai Mipo, said that the company is investing heavily in Vietnam to develop the shipbuilding industry with Vietnam. He hopes that HD Hyundai Mipo will become an enterprise that, together with Vietnam, will create prestigious ship products in the world. According to him, the company is trying to apply new technology, green technology, and environmental friendliness to the shipbuilding industry to contribute to the sustainable development of Vietnam's shipbuilding industry. Responding to investment issues, Minister of Planning and Investment Nguyen Chi Dung highly appreciated the contributions of Korean enterprises to Vietnam's development. He hopes that these corporations will expand cooperation in Vietnam in the three directions that Vietnam has identified, including high-tech, high-value-added fields; digital infrastructure; green transformation according to the green growth strategy, especially in transportation and energy.
Leaders of several large Korean corporations speak at the seminar - Photo: VGP/Nhat Bac
Mr. Dung affirmed that the Vietnamese Government is committed to supporting and ready to remove obstacles to accompany Korean enterprises. Responding to energy issues, Minister of Industry and Trade Nguyen Hong Dien emphasized that Vietnam has a great demand for energy and is attracting investment in this field. He said that to ensure energy in all situations, Prime Minister Pham Minh Chinh has directed 6 solutions, including perfecting the mechanism; applying the direct electricity purchase and sale mechanism; perfecting the rooftop solar power mechanism towards self-production and self-consumption; reviewing and adjusting electricity prices according to market mechanisms... In addition, Vietnam is promoting investment cooperation in the field of new energy, so we hope that Korean enterprises will come to invest in Vietnam, in line with Vietnam's development orientation.
Leaders of several large Korean corporations speak at the seminar - Photo: VGP/Nhat Bac
Clarifying some specific issues that investors are interested in, Prime Minister Pham Minh Chinh shared that Vietnam is diversifying its power sources. Electricity demand in the first months of this year has increased by 15% and will continue to increase, but according to the Prime Minister, Vietnam ensures that there will be no shortage of electricity. Regarding the request of enterprises on aircraft engine maintenance, the head of the Vietnamese Government welcomed it. He said that Vietnam has the national airline Vietnam Airlines and private airlines that are developing very quickly such as Vietjet Air, so Vietnam encourages Korean enterprises to contact these airlines to discuss cooperation. The Prime Minister emphasized that Vietnam is developing its aviation economy with many airport systems and is building Long Thanh airport, so cooperation on aircraft maintenance is something that Vietnam is in great need of.
Answering questions about investment, Minister of Planning and Investment Nguyen Chi Dung highly appreciated the contributions of Korean enterprises to Vietnam's development - Photo: VGP/Nhat Bac
Regarding shipbuilding cooperation, the Prime Minister also emphasized that this is a great need because Vietnam is developing its marine economy and shipbuilding industry. In particular, Vietnam has the Mekong Delta, a river region, where waterways play a very important role and the need for shipbuilding is very large. Therefore, the Prime Minister welcomes cooperation in this field.
Together we promote "new horizons of cooperation"
Concluding the discussion, Prime Minister Pham Minh Chinh emphasized that the relationship between the two countries has never been as good as it is now in all fields, and is developing very dynamically and substantially. Many opportunities for bilateral economic cooperation continue to open up. Korea currently holds the No. 1 position in direct investment (total accumulated capital to date reaching 87 billion USD with nearly 10,000 projects); No. 2 in development cooperation and tourism; and No. 3 in labor and trade cooperation (reaching 76 billion USD in 2023). The two countries aim to increase bilateral trade turnover to 100 billion USD in the coming time and 150 billion USD by 2030.
Responding to energy issues, Minister of Industry and Trade Nguyen Hong Dien emphasized that Vietnam has a great demand for energy and is attracting investment in this field - Photo: VGP/Nhat Bac
In particular, people-to-people exchanges between the two countries have been constantly developing, playing an important role, and are a solid bridge for the Vietnam-Korea relationship. There are currently about 280,000 Vietnamese people in Korea and about 200,000 Koreans in Vietnam, and more than 80,000 multicultural families between Vietnam and Korea. Besides the advantages, cooperation between the two countries also has difficulties and challenges, affected by the world and regional situation. Therefore, the head of the Vietnamese Government believes that it is necessary to have appropriate solutions to promote strengths, exploit advantages, resolve difficulties and challenges, and further develop trade and investment relations between the two countries, worthy of the Comprehensive Strategic Partnership, meeting the expectations of the people of the two countries. The Prime Minister took the time to inform about Vietnam's outstanding achievements in nearly 40 years of renovation; on the fundamental factors, basic development guidelines of the country, policies on foreign affairs, economy, national defense, culture, social security, building the political system, preventing corruption and negativity. In recent times, in the context of the world and regional situation developing rapidly, complicatedly and unpredictably, Vietnam continues to achieve many important results in all fields, the country's potential increases, people's lives are improved. Politics and society are stable, foreign relations are very vibrant and have been strengthened and expanded, Vietnam has participated in 16 free trade agreements with more than 60 leading economies in the world.
The Prime Minister welcomed, thanked and hoped that leading Korean corporations would continue to expand investment and cooperation with Vietnam, together promoting "new cooperation horizons" - Photo: VGP/Nhat Bac
In the context of slowing global economic growth, in the first 6 months of 2024, Vietnam's GDP increased by 6.42%, with nearly 7% in the second quarter alone, and is considered a bright star in terms of growth. The macro economy is stable, inflation is under control, and major balances of the economy are guaranteed. Public debt, government debt, foreign debt, and budget deficit are under control. Appreciating the opinions at the seminar, the Prime Minister said that he always wants to listen to and appreciate sincere and frank contributions and is ready to discuss recommendations, proposals, and practical cooperation initiatives of Korean corporations and enterprises, including many corporations and enterprises that have invested in Vietnam. The Prime Minister welcomed, thanked and hoped that leading Korean corporations would continue to expand their investment and cooperation with Vietnam, together promoting "new cooperation horizons", based on a "global, comprehensive, and all-people" approach, towards the target of bilateral trade turnover of 100 billion USD by 2025 and 150 billion USD by 2030. The Prime Minister suggested that in addition to cooperation in traditional fields, the two sides need to strengthen cooperation in developing digital economy, green economy, circular economy, sharing economy, knowledge economy, emerging industries such as artificial intelligence, in the fields of the fourth industrial revolution, etc. The Prime Minister asked Korean corporations to continue supporting Vietnam in terms of financial resources, building infrastructure, giving opinions on perfecting institutions and policies, training high-quality human resources, and improving smart governance capacity (both corporate governance and national governance). Along with that, the Prime Minister asked Korean investors to continue to actively participate in social security work, support people in times of difficulty, natural disasters, people in remote, border and island areas; support Vietnamese enterprises to participate in the value chain of Korean enterprises and the global value chain.
The Prime Minister hopes and believes that in the spirit of "3 together"; "harmonious benefits, shared risks", investors and businesses of Vietnam and Korea will make greater contributions to the relationship between the two countries - Photo: VGP/Nhat Bac
The Prime Minister hopes and believes that in the spirit of "3 together" (listening, understanding together; sharing vision and action together; doing together, enjoying together, winning together, developing together); "harmonious benefits, shared risks", investors and enterprises of Vietnam and Korea will make greater contributions to the relationship between the two countries, to the development of each country, bringing an increasingly better life for the people of the two countries. At the same time, the Prime Minister assigned ministries, branches and localities of Vietnam to seriously absorb the opinions and recommendations at the Dialogue, especially on attracting investment, improving the business environment, enhancing competitiveness; thereby, applying them creatively and effectively to the development practices of Vietnam.
Prime Minister and delegates attending the Dialogue - Photo: VGP/Nhat Bac
The Prime Minister affirmed that the Vietnamese Government is committed to always listening, accompanying, supporting and creating all favorable conditions for foreign investors in general and Korean investors in particular to invest and do business conveniently, effectively and sustainably in Vietnam.
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