Economic, trade, investment cooperation – a pillar of Vietnam-RoK ties

This statement was made by Deputy Minister of Foreign Affairs Nguyen Minh Vu at a programme jointly held by the provincial People’s Committee, the Ministry of Foreign Affairs, and the RoK Embassy in Vietnam in the northern province of Bac Ninh on May 18.

The scheme is named “Meet Korea in the northern region” and brings together more than 150 Korean firms and representatives from 13 northern cities and provinces.

The event marked the start of a broad array of activities taking place within the “Meet Korea” programme 2023 co-organised by the Ministry and the Embassy.

The RoK now ranks first in terms of direct investment in the Vietnamese market, second in terms of official development assistance (ODA), labour and tourism, and third in trade co-operation

Furthermore, the country is a major partner of the RoK in ASEAN, accounting for half of the total trade revenue between the RoK and ASEAN.

Therefore, the nation continues to support and makes every effort to remove difficulties faced by Korean investors in line with legal regulations, thereby helping them to run long-term business in the country, the official affirmed.

The RoK Ambassador to Vietnam Oh Young-ju stated that the “Meet Korea in the northern region” programme, in its fourth edition, has become an annual exchange venue for businesses of the two sides.

The event this year has special significance as it represents the first held after the two countries upgraded their relationship to a comprehensive strategic partnership in December, 2022, thereby helping enterprises and leaders of the two countries explore co-operation opportunities in new areas, she added.

Nguyen Huong Giang, chairwoman of the provincial People’s Committee, said the programme offers a good opportunity for businesses and investors to build ties with Bac Ninh and other northern localities.

The programme featured discussions on co-operation in supply and production chains, as well as sustainable economic development, during which leaders of participating cities and provinces introduced the potential, strengths, and socio-economic development of their localities, major Korean projects there, and their investment attraction orientations.

In response, Korean enterprises raised proposals relating to issues of shared concern, such as supply chain diversification, smart city building, IT application in green development, environmental pollution response, and administrative reform.

Deputy Minister Vu said such proposals will allow the Vietnamese Government and local authorities to outline specific measures and solutions in a bid to bolster co-operation between Vietnamese localities and Korean partners, as well as the comprehensive strategic partnership that exists between the two nations.