Promoting economic and investment cooperation between the two countries

Prime Minister Pham Minh Chinh hopes that in the coming time, Vietnamese and Korean enterprises will grow together with the development of the two countries, economic , trade and investment cooperation will have more breakthroughs in all aspects, achieving results 3-4 times higher than the current results.

Prime Minister Pham Minh Chinh and President Yoon Suk Yeol attend the Vietnam-Korea Business Forum. (Source: VNA)

On the afternoon of June 23, in Hanoi , Prime Minister Pham Minh Chinh and South Korean President Yoon Suk Yeol attended the Vietnam-South Korea Business Forum.

The forum was attended by delegates who are leaders of ministries, sectors, agencies, and organizations of Vietnam and Korea and more than 500 delegates representing associations, corporations, and enterprises of the two countries. Here, the two sides had frank and constructive exchanges, sharing ideas, breakthrough initiatives, and solutions to improve the investment and business environment of Vietnam, promoting economic and investment cooperation between the two countries.

South Korean President Yoon Suk Yeol speaks. (Source: VNA)

Expanding cooperation in many fields

Speaking to the business communities of the two countries, President of the Republic of Korea Yoon Suk Yeol said that currently in Vietnam, over 8,000 Korean enterprises are operating in the fields of electricity, electronics, high technology... Besides, many Vietnamese people are learning Korean and many Korean people are learning Vietnamese. The relationship between Korea and Vietnam is exemplary in the world.

Therefore, the two countries need to elevate this relationship to a new level, including further enhancing trade activities, contributing to achieving the goal of bringing bilateral trade turnover to 150 billion USD by 2030. The two countries need to expand cooperation to other fields, while removing all barriers to this process.

According to President Yoon Suk Yeol, Vietnam and Korea are countries that benefit from free trade and need to protect and preserve these benefits in the future. Therefore, the two sides need to strengthen cooperation in areas such as digital transformation, energy transformation, and renewable energy.

The President hopes that businesses from both countries will have many specific, practical and effective cooperation projects. Affirming that in the future, the two countries will continue to cooperate for development and that this responsibility belongs to the young generations of the two countries, the President of the Republic of Korea hopes that the cooperative relationship between the two countries will be as long-lasting as the Mekong River that never stops flowing.

Prime Minister Pham Minh Chinh speaks. (Source: VNA)

Create breakthroughs to get results 3, 4 times higher than today

Prime Minister Pham Minh Chinh expressed his gratitude to friends from Korea who have always accompanied Vietnam's development over the past three decades, making an important contribution to nurturing and developing the relationship between the two countries.

The Prime Minister highly appreciated and thanked the Korean enterprises for their frank and sincere sharing about the business situation in Vietnam and their commitment to invest in Vietnam in new fields. This is a clear demonstration of the companionship, trust, understanding and sharing of Korean enterprises with Vietnam in the spirit of harmonious benefits, shared risks, and determination to overcome difficulties for development.

“Thirty years ago, we could not have imagined that the relationship between the two countries would achieve the results it has today. I hope that in the future, Vietnamese and Korean businesses will grow together with the development of the two countries, and economic, trade and investment cooperation will have more breakthroughs in all aspects, achieving results 3-4 times higher than the current results on the occasion of the two countries celebrating 60 years of diplomatic relations, worthy of a comprehensive strategic partnership, bringing practical benefits to the people of the two countries, contributing to helping the relationship between the two countries increasingly bear fruit,” the Prime Minister shared.

The Prime Minister said that after more than 35 years of Doi Moi, Vietnam has achieved important and historic achievements. The economic scale reached 409 billion USD; per capita income is over 4,100 USD. Import-export turnover in 2022 reached over 730 billion USD, belonging to the group of countries with large trade scale in the world. Vietnam has signed 15 and is preparing for 16 more FTAs ​​with over 60 countries and territories. At the same time, Vietnam has become an attractive investment destination with about 37,000 FDI projects in operation, with a total capital of over 440 billion USD from investors from 143 countries and territories.

Vietnam develops the country based on three pillars: building a socialist democracy, a socialist rule-of-law state, and a socialist-oriented market economy. In that process, the consistent viewpoint is to consider people as the center, subject, goal, resource, and driving force of development; not to sacrifice the environment, progress, fairness, and social security to pursue economic growth alone.

In the context of a rapidly changing, complex and unpredictable world, Vietnam is determined to implement an independent, self-reliant, diversified and multilateral foreign policy, to be a good friend, a reliable partner and a responsible member of the international community; determined to build an independent and self-reliant economy, associated with proactive and active international integration, comprehensively, extensively, practically and effectively.

Vietnam is prioritizing the implementation of three strategic breakthroughs (institutions, infrastructure and human resources); promoting economic restructuring and industrialization and modernization based on science, technology and innovation, prioritizing sustainable growth drivers such as digital economy and digital transformation, green growth, and circular economy.

In that process, Vietnam welcomes the active participation of foreign investors, especially Korean enterprises. Vietnam's current investment attraction orientation is selective, prioritizing the fields of green economy, digital economy, circular economy, knowledge economy, taking science, technology and innovation as the foundation, taking quality, efficiency, technology and environmental protection as the main evaluation criteria, in line with Vietnam's Green Growth Strategy, meeting the requirements of sustainable development.

Accordingly, Vietnam encourages Korean enterprises to invest in Vietnam in potential fields such as innovation, digital transformation, biotechnology, electronics, semiconductors, clean energy, green economy, smart cities, high-tech agriculture, etc. In particular, the Prime Minister hopes that Korean enterprises will increase investment in the fields of cultural industry and entertainment industry. These are also fields in which Korea has strengths and this cooperation is complementary, developing together...

Prime Minister Pham Minh Chinh speaks at a seminar with business associations and large corporations of South Korea. (Source: VNA)

Together on the road to prosperity

Previously, Prime Minister Pham Minh Chinh chaired a roundtable discussion, discussing issues to promote trade and investment cooperation in the new period with leaders of business associations and leading Korean corporations such as: Korea Chamber of Commerce and Industry, Federation of Korean Industries, Korea International Trade Association, Korea Association of Small and Medium Enterprises, Korea Business Federation, Korea Association of Medium-sized Enterprises; leading Korean economic corporations such as: Samsung, Hyundai Motor, LG, Lotte, Hyosung, Daewoo E&C, HD Huyndai, SK...

At the seminar, leaders of major Korean economic associations and corporations expressed their impression of Vietnam's socio-economic development achievements; said that Korean enterprises have invested and done business very effectively in Vietnam and with Vietnam; affirmed that Vietnam's development and success help Korean enterprises develop and succeed.

Korean associations and businesses consider Vietnam an important and strategic partner; they are committed to accompanying Vietnam for the long term to walk together on the path of common prosperity.

In particular, associations and enterprises are interested in expanding investment and business in Vietnam in areas where Korea has strengths and is consistent with Vietnam's economic development path such as green transformation, digital transformation, science and technology, innovation, development of supporting industries, food industry, entertainment, logistics, construction of smart urban areas, large commercial centers, etc.

In addition, Korean associations and enterprises proposed that the Vietnamese Government, ministries and sectors cooperate more actively and closely; continue to support and create more favorable conditions for enterprises to invest and develop, especially in administrative procedure reform, providing high-quality human resources, etc.

Prime Minister Pham Minh Chinh said that Vietnam is striving to become a developed, high-income country by 2045. Vietnam is determined to develop the country quickly and sustainably based on science, technology, innovation; strongly promote digital transformation, develop green economy, circular economy... striving to become a developed, high-income country by 2045.

The Prime Minister expressed his delight at the continuous development of the Vietnam-Korea cooperative relationship over the past 30 years, with Korea ranking first in terms of foreign investment in Vietnam; the second largest ODA provider to Vietnam and the third largest trade partner of Vietnam. In trade and investment cooperation between the two countries, the important role of business associations and leading economic groups of Korea is played.

Prime Minister Pham Minh Chinh with Korean businesses. (Source: VNA)

Agreeing with the proposals of Korean associations and enterprises, the Prime Minister said that the two sides need to create breakthroughs in investment and business cooperation; with more specific, practical and effective projects, which not only bring benefits to each enterprise but also contribute to fostering the "Comprehensive Strategic Partnership" between Vietnam and Korea to become increasingly deeper, more substantial and effective.

The Prime Minister suggested that Korean enterprises need to have a long-term investment strategy in Vietnam, in which, along with economic development, they need to pay attention to environmental protection and implement social security policies to promote sustainable development and harmonize the interests of the State, people and enterprises.

The Prime Minister affirmed that the Vietnamese Government always accompanies businesses in the spirit of “harmonized benefits and shared risks”. Regarding the recommendations of Korean businesses, the Prime Minister said that he has assigned relevant ministries and branches to consider and implement them step by step, in accordance with the context and general situation.

Source: https://baoquocte.vn/dien-dan-doanh-nghiep-viet-nam-han-quoc-thuc-day-quan-he-hop-tac-kinh-te-dau-tu-giua-hai-nuoc-232045.html