Hundreds of firms attend Vietnam – RoK business forum in Seoul

Vietnamese State President Nguyen Xuan Phuc who is in Seoul for an official visit, and RoK Deputy Prime Minister Choo Kyung-ho, attended the function.

In his remarks, Phuc briefed participants on Vietnam’s post-pandemic economic recovery efforts, saying the country has maintained its macroeconomic stability, and international financiers have raised positive outlook for the Vietnamese economy in the medium- and long-term periods.

Vietnam has so far attracted US$400 billion in registered investment capital from 141 countries and territories, and it is among the top 20 countries attracting the largest foreign direct investment (FDI) in the world, he said.

Of the total amount, US$80 billion has been poured into Vietnam by Korean businesses, making the RoK one of the leading foreign investors in the country. In addition, the Rok is also Vietnam’s second largest trading partner, with two-way trade projected to reach US$90 billion in 2022. The two countries are striving to raise the bilateral trade turnover to US$150 billion by 2030.

The president shared with businesses Vietnam’s desire to become a developed and high-income economy by 2045. To realise its target, he said Vietnam will focus on digital economic transformation, green growth, science - technology development, and innovation, creating a firm foundation for deep integration. It will more effectively engage in the global supply chain and switch to high quality FDI sources.

Vietnam will invest heavily in strategic infrastructure and expects Korean businesses will boost investment in these areas, he said.

According to the President, both Vietnam and the RoK have great potential for stronger development in the fields of digital economy, green growth, renewable energy, new energy, big data, artificial intelligence, biotechnology, and information technology.

He expressed hope the two counties’ recent decision to upgrade their ties to a level of comprehensive strategic partnership would present a wealth of opportunity for the business communities to enhance cooperation.

RoK Deputy Prime Minister Choo Kyung-ho for his part put forward initiatives to ramp up economic-business and investment cooperation between the two countries’ business communities.

According to Choo, who is also Minister of Economy and Finance, suggested the two countries strengthen cooperation in supply chains to ensure economic security in the context of the complex COVID-19 pandemic and global economic division.

He underlined the importance of expanding trade ties, especially when the regional comprehensive economic partnership (RCEP) agreement took effect in the RoK in February 2022. The RoK government will increase dialogue to support private cooperation, enhance capacity building of trade-finance businesses, and fine-tune tax regulations and other cooperation platforms.

With the efforts of the governments and private sectors of the two countries, the bilateral trade is likely to hit US$100 billion in 2023, said the official.

He assured the RoK is willing to share its experience and technology with Vietnam in the fields of Smart City, information and communication technology, renewable energy, environmental infrastructure.

At the event, representatives of businesses and localities of signed and handed over 15 cooperation documents spanning across various fields.