The exchange programme, jointly held by the Ministry of Foreign Affairs of Vietnam, Hung Yen province and the Embassy of the Republic of Korea in Vietnam, was also attended by leaders of relevant ministries, agencies and 21 northern Vietnamese provinces.

Addressing the meeting, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son highlighted major milestones in Vietnam – RoK relations over the past 30 years. He noted the upgrading of bilateral relations to a Comprehensive Partnership in 2001, a Strategic Partnership in 2009, and a Comprehensive Strategic Partnership in 2022 demonstrates the deep trust and close cooperation between the two countries despite a shifting global landscape.

The RoK is currently Vietnam’s largest investor, with more than 10,000 projects and over US$92 billion in registered capital. It is also Vietnam’s second largest partner in official development assistance (ODA), labour, and tourism, and third largest trading partner. Meanwhile, Vietnam is the RoK’s top economic partner in ASEAN, accounting for 30% of Korea’s regional investment and 50% of its trade volume with ASEAN.

Both countries are striving to raise bilateral trade to US$100 billion by 2025, and US$150 billion by 2030, with a focus on sustainable and balanced growth.

Son shared Vietnam’s vision for a new era, aiming to achieve 8% GDP growth in 2025 and double-digit growth in subsequent years, become an upper-middle-income, industrialized country by 2030, and achieve high-income, developed country status by 2045.

To reach these targets, he said, Vietnam is trying to create breakthroughs in institutions, infrastructure, and human resources, toward “open institutions, seamless infrastructure, and smart governance.” He stressed the need for international cooperation to overcome challenges in finance, technology, and workforce development.

Korean enterprises are crucial partners in this journey, he said, citing a shift from low-value manufacturing to high-tech industries, renewable energy, finance, and high-quality services.

The Government official assured the Korean business community of Vietnam’s continued efforts to simplify administrative procedures, improve transparency, and eliminate outdated regulatory practices. He emphasised that the government would support foreign businesses, including Korean firms, in investing stably and sustainably in Vietnam.

Taking the floor, RoK Ambassador Choi Youngsam praised Vietnam’s ongoing administrative and institutional reforms, describing them as essential for national transformation. He asked Vietnamese provinces to provide continued support for Korean enterprises, while reaffirming his commitment to working as a bridge for Korean investors seeking long-term opportunities in Vietnam.

In his speech at the event, Nguyen Huu Nghia, secretary of the Hung Yen Provincial Party Committee, highlighted Hung Yen’s strategic location and advantages, affirming the province boasts well-developed infrastructure, a skilled and abundant labour force, and a continually improving investment environment that supports effective and transparent business operations.

He emphasied that Hung Yen is actively pressing ahead with administrative reforms, digital transformation, and public service improvements. The locality aims for sustainable and rapid development, shifting toward an economy centred on industry, services, and urbanization.

As of 2024, Hung Yen had hosted 560 foreign direct investment projects with total registered capital of US$8.7 billion. Among these, the RoK was the second largest investor, with 162 projects worth US$1.46 billion in capital.

At the conference, businesses from Vietnam and the RoK engaged in in-depth discussions in an attempt to boost trade and investment cooperation, as well as to develop high-tech industries between the two countries.

Han Jongdeok, general director of VTK Hung Yen Industrial Park Investment and Development Co., Ltd., praised the province’s favourable investment climate. In his view, businesses benefit from close support and coordination from local authorities, especially the Management Board of Industrial Parks, which helps resolve issues, streamline administrative procedures, and facilitate stable production and business operations.

The Korean firms awarded scholarships to students in Hung Yen and signed memoranda of understanding (MoUs) on investment cooperation with Vietnamese partners, paving the way for stronger cooperation in the near future.

Lotte Mart brings Korean melons to Vietnamese consumers

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