Vietnam - Korea: Opening up many opportunities for trade and green economic cooperation

At the invitation of Korean Foreign Minister Cho Tae Yeol, Foreign Minister Bui Thanh Son will visit Korea from May 30 to June 1. This is the first official visit of Minister Bui Thanh Son since the two countries established a Comprehensive Strategic Partnership in 2022.

The official visit to Korea by Foreign Minister Bui Thanh Son aims to continue implementing the foreign policy of the 13th National Party Congress, demonstrating Vietnam's respect and desire to further strengthen the Vietnam-Korea Comprehensive Strategic Partnership.

The visit takes place in the context of Vietnam - Korea relations being extremely good, political trust being enhanced, economic relations flourishing and people-to-people exchanges being constantly expanded.

Vietnam-Korea economic cooperation is a key pillar in the bilateral relationship with many positive highlights. After 30 years, bilateral economic trade has increased from 500 million USD in 1992 to 87 billion USD in 2022.

In terms of economy, trade and investment, Korea continues to hold its position as one of Vietnam's leading economic partners. Korea's accumulated direct investment in the Vietnamese market continues to maintain its number one position, reaching 85.87 billion USD by the end of April 2024, more than 11 billion USD higher than the second-ranked country.

This is the result of more than three decades of continuous trust building, cooperation promotion and self-improvement in relations.

Foreign Minister Bui Thanh Son had a phone call with South Korean Foreign Minister Cho Tae Yul on January 26. (Photo: Tuan Anh)

Ahead of the visit, Vietnamese Ambassador to Korea Vu Ho commented that Vietnam and Korea have many advantages in all aspects of cooperation, with abundant opportunities, but also many difficulties and challenges. This requires an effective multi-faceted cooperation relationship: politics, security, economy, trade, and people-to-people exchange.

Minister Bui Thanh Son's visit this time carries many meanings, first of all, it is an opportunity for both sides to look back at the achievements and orient the next steps of the relationship.

The visit also sent a message about the determination of both Vietnam and Korea to strengthen trust, promote cooperation, take advantage of opportunities, respond to challenges, and walk side by side on a new path.

The visit is a highlight in the relationship between two countries that have many similarities and share many aspirations when they are: "Clear in thinking, compatible in action and similar in goals". The visit is a premise for the Comprehensive Strategic Partnership to be widely and effectively implemented in all fields.

During the visit, Minister Bui Thanh Son will meet with Korean leaders, business and industry representatives, and representatives of the Vietnamese community in Korea. With businesses and intellectuals, Minister Bui Thanh Son will encourage, suggest ways, and receive opinions and ideas to prepare for the next major activities of the two countries.

A delegation of Ho Chi Minh City leaders visited and worked with the Vietnamese Embassy in Korea and met with the Vietnamese community on May 12. (Source: VGP)

In addition, with his Korean counterpart, Minister Bui Thanh Son will have in-depth discussions on the development situation of each country, creating a sense of trust in relations with Vietnam. This is also an opportunity for the two Ministers to discuss in-depth international and regional issues, creating a premise for coordination at regional and global forums.

Minister Bui Thanh Son’s visit to Korea has created great expectations among Vietnamese representative agencies in Korea. This is an appropriate time to review major and strategic issues in the relationship and promptly shape solutions to difficulties and obstacles on the path of cooperation.

At the same time, the trip will provide more opportunities to develop and build relationships in the new context through meetings with businesses and intellectuals. This is clearly demonstrated through events such as: the Minister meeting with various associations in Korea, attending the launching ceremony of the Vietnam Business Association in Korea (BAViK), and holding a discussion with Vietnamese scientists and intellectuals in Korea in the field of high technology.

Vietnam and Korea are also opening up many great cooperation opportunities in the future such as digital transformation campaigns, green economic development, etc. To promptly grasp the opportunities, the two countries need to maintain a deeper, more complementary relationship and require the participation of all levels, ministries, branches and localities. In particular, it is important to pay attention to the reciprocity between both sides in the relationship.

Since the upgrading of relations, there have been a total of 6 official visits between the two countries, including the State visit of South Korean President Yoon Seok Yeol to Vietnam (June 2023) and the official visit to Vietnam of South Korean National Assembly Speaker Kim Jin Pyo (January 2023); 7 delegations of Ministers of Public Security, National Defense (April 2023), Industry and Trade, Planning and Investment, Agriculture and Rural Development (December 2023), Finance (March 2024) and Foreign Affairs (May 2024); and more than 80 delegations of Vietnamese local leaders visiting to work, organize seminars to attract investment, and promote tourism in Korea.

Source: https://congthuong.vn/viet-nam-han-quoc-mo-ra-nhieu-co-hoi-hop-tac-thuong-mai-kinh-te-xanh-322993.html