RoK businesses incentivized to expand investment in Vietnam
VOV.VN - Prime Minister Pham Minh Chinh has proposed that the Republic of Korea (RoK) encourage businesses to expand investment in Vietnam, especially in the fields of liquefied natural gas (LNG)- based power, digital economy, green economy, circular economy, and semiconductors, renewable energy, biotechnology, and artificial intelligence (AI).
Prime Minister Pham Minh Chinh held talks with his RoK counterpart Han Duck-soo in Seoul on July 2, during which PM Han applauded Vietnam's crucial role in the RoK’s external policy, including the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative (KASI).
Vietnam represents the RoK’s top partner in development cooperation, third largest trading partner, and largest investment partner in the Association of Southeast Asian Nations (ASEAN), he told the Vietnamese cabinet leader.
For his part, PM Chinh affirmed Vietnam supports the RoK’s development policies and goals, including the "global pivotal state" policy, and aspires to foster the bilateral comprehensive strategic partnership toward effectiveness and practical outcomes.
He highlighted eight areas of progress since the upgrade of the bilateral relations to the comprehensive strategic partnership in December 2022, namely political trust, trade-investment, tourism, science-technology, labour, people-to-people exchanges, locality-to-locality cooperation, and collaboration on regional and international issues.
The two sides consented to intensify all-level exchanges and interactions through the Party, State, Government, parliamentary, and grassroots channels. They also agreed to ramp up cooperation in defence-security and effectively implement the action programme for the Vietnam-RoK comprehensive strategic partnership.
Underlining economic cooperation as a key pillar of bilateral ties, the two leaders pledged to achieve the US$100 billion bilateral trade target by 2025 and US$150 billion by 2030 in a balanced and sustainable manner. They said related procedures of both sides will be accelerated to open their respective markets for Vietnamese pomelos and Korean melons this year.
PM Han called for Vietnam's active support in dealing with issues faced by Korean businesses in Vietnam and pledged to help Vietnamese firms integrate deeper into RoK-led supply chains in the Southeast Asian nation. He suggested beefing up cooperation to increase investment by Korean firms in building stable core mineral supply chains.
He stated that the RoK prioritises assistance for Vietnam in industrial human resources training through the Korea International Cooperation Agency (KOICA)'s non-refundable aid, with commitments to expand the scale of such funding in public administration, e-government, education, and R&D, and to increase the quota for Vietnamese workers. The RoK will also back the second phase of the Vietnam-Korea Institute of Science and Technology (VKIST) project, he added.
Thanking PM Chinh’s invitation to visit Vietnam and attend the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit in April 2025, PM Han said the RoK will support Vietnam in successfully organizing the event.
The Vietnamese Government chief asked the RoK to further open its market for Vietnamese processed foods, agricultural and aquatic products, and seasonal fruits and proposed the RoK build more R&D centres in Vietnam.
Host and guest concurred to strengthen cultural, tourism, educational, and people-to-people exchanges.
PM Chinh urged the RoK to support the opening of a Vietnamese Consulate General in Busan this year and the establishment of a Vietnamese cultural centre in the East Asian nation. He also suggested simplifying visa procedures and moving towards visa exemption for Vietnamese citizens, increasing scholarships for Vietnamese students, and supporting the Vietnamese expatriate community's stable and long-term life in the RoK.
The two Government leaders also exchanged views on international and regional issues of shared concern, agreeing to boost closer cooperation at multilateral forums such as the United Nations and ASEAN.
They shared a vision on ensuring security, safety, and freedom of navigation and aviation in the East Sea, and affirmed their support for the settlement of disputes via peaceful measures and in accordance with international law, including the United Nations Convention on the Law of the Sea 1982 (UNCLOS). PM Chinh reiterated that Vietnam consistently backs denuclearisation, dialogue, peace, stability, cooperation, and development on the Korean Peninsula.
After the talks, both leaders issued a joint press release and witnessed the signing of nine cooperation agreements between Vietnamese and Korean ministries and agencies in economy, trade, investment, education, development cooperation, startup ecosystems, competition, and consumer protection.
