Cooperation between Vietnam and the Republic of Korea (RoK) has achieved remarkable and comprehensive development in most fields over the past 30 years since the establishment of diplomatic relations, Deputy Prime Minister Pham Binh Minh has said.
The two countries have become leading important partners of each other, Minh said in a video that was sent to the Maekyung Global Forum held in Seoul on June 23 as part of activities to celebrate the 30th founding anniversary of the bilateral diplomatic ties.
The event was organised by the Vietnam Chamber of Commerce and Industry (VCCI), the RoK’s Maekyung Media Group and the Korean Chamber of Commerce and Industry (KCCI).
Despite the negative impacts of the COVID-19 pandemic, the Vietnam - RoK strategic cooperative partnership has continued to grow strongly, practically and effectively with a very solid and increasingly extensive cooperative foundation in all fields, Minh said, adding that the two countries are aiming to upgrade their relations to a comprehensive strategic partnership.
There remains a lot of room and potential for cooperation between the two nations, he said.
The Deputy PM affirmed that the Vietnamese Government is committed to creating an open, favourable and equal business and investment environment for foreign investors, including those from the RoK, meeting the requirements of integration as well as the international norms in a new stage of development.
Minh also suggested three measures to enhance cooperation between the two countries in the future.
First, it is necessary for the RoK and Vietnam to push investment collaboration in priotised fields, including high technology and innovation; green and digital economy, and digital transformation; clean energy, and smart and ecological urban areas, and high-quality services; and green industrial parks.
Second, the two sides should work together to promote regional economic links, the effectiveness of the Vietnam - Korea Free Trade Agreement (VKFTA) and the implementation of the Regional Comprehensive Economic Partnership (RCEP).
Finally, it is essential to deploy the upgrade of the bilateral relations to a comprehensive strategic partnership based on a digital platform, opening investment opportunities and connecting businesses, he said.
RoK businesses should increase technology transfer, build research and development (R&D) centres in Vietnam, and share experience and knowledge about digital transformation and corporate governance with their Vietnamese counterparts, Minh added.
Addressing the event, Choo Kyung-ho, RoK Deputy Prime Minister and Minister of Economy and Finance, said bilateral trade between the two countries has increased 160-fold since the establishment of diplomatic relations to US$80.7 billion in 2021. Vietnam has become the 4th largest trade partner of the RoK and the latter is Vietnam's 3rd largest trade partner, he said.
Choo proposed that the two countries should expand collaboration to new areas associated with digital and green technology, cooperate to build a stable supply chain, infrastructure and smart cities, and join hands in climate change response.