Hanoi forum to promote RoK - Vietnam economic cooperation

Addressing the event, Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), emphasized that after 30 years of establishment, bilateral relations between Vietnam and the RoK have witnessed remarkable development in multiple fields, including trade, investment, and people-to-people diplomacy.

Sharing this perspective, RoK Ambassador to Vietnam Oh Young-ju stressed that trade turnover between both RoK and Vietnam has increased from US$500 million in 1992 to an all-time high of US$80.7 billion last year, despite facing the negative impact of the COVID-19 pandemic, representing a 160 fold-rise.

Currently, both countries are aiming to achieve trade turnover of US$100 billion next year, the Korean diplomat noted.

Kim Han-yong, chairman of the Korean Business Association in Vietnam (Korcham), pointed out that as many as 9,500 RoK enterprises are currently doing business in 59 out of 63 Vietnamese provinces and cities in various fields.

He emphasised that Vietnam remains an attractive destination for Korean investors as it is a large market of nearly 100 million consumers and has its important linkages in the global supply chain.

With the economy gathering full steam, Kim said Korcham will make every effort to provide more practical help to the Korean business community in Vietnam moving forward, thereby ramping up relations between the two countries in the future.

In response, the VCCI official affirmed that VCCI will comprehensively support Korean and Vietnamese businesses in seizing business opportunities, as well as building the partnership for sustainable development to elevate the comprehensive strategic partnership between the two countries to new heights.