On the morning of July 1st, Prime Minister Pham Minh Chinh attended the Vietnam-South Korea Business Forum in Seoul during his official visit to South Korea.
The forum was organized by the Ministry of Trade, Industry and Energy of South Korea, the Korea Chamber of Commerce and Industry (KCCI), in coordination with the Ministry of Planning and Investment, the Embassy of Vietnam in South Korea, and the Military Commercial Joint Stock Bank (MB).
Present at the forum were the Minister of Trade, Industry and Energy of South Korea, Mr. Ahn Dukgeun, who is also the Chairman of the Vietnam-South Korea Economic Cooperation Committee; leaders of ministries, sectors, and localities of Vietnam; and numerous representatives of businesses from both countries.
This event held great significance, offering an excellent opportunity for both sides to discuss key issues in promoting investment and trade, especially addressing challenges and creating favorable conditions for foreign businesses, including South Korean enterprises, to invest and operate in Vietnam.
At the forum, leaders of South Korean businesses provided an update on their investment activities in Vietnam. They analyzed the potential, strengths, and future opportunities, and presented cooperation plans and projects with Vietnamese partners in areas such as supply chains, digital transformation, energy, innovation, and supply chain development. For instance, Shinhan Bank aims to become the best digital bank in Vietnam.
In his speech, Minister Ahn Dukgeun emphasized the closeness of the relationship between the two countries. He noted that the bilateral relationship has spanned 32 years, and the age of 30 is a crucial time to chart a new course, face new challenges, and achieve new successes.
Highlighting the need to prepare for the next 30 years, the Minister set out several goals, including a trade volume target of 150 billion USD by 2030, with an immediate goal of reaching 100 billion USD by 2025. He also envisioned expanded cooperation in large-scale infrastructure projects, establishing a stable and robust supply network, including mineral resources, and enhancing collaboration in climate change response and energy transition. South Korea can support Vietnam in nuclear power research and development.
He also reiterated the spirit of mutual listening and understanding, shared vision, perception, and action, and mutual benefit, victory, and development, as Prime Minister Pham Minh Chinh has emphasized on numerous occasions.
THE RELATIONSHIP HAS REACHED A “RIPE” STAGE
In his speech, Prime Minister Pham Minh Chinh stated that the relationship between Vietnam and South Korea has reached a “ripe” stage after more than 30 years of establishment. Bilateral relations have flourished across all fields.
Notably, economic, trade, and investment cooperation has become a bright spot and an important pillar in the relationship. In 2023, two-way trade reached 76 billion USD. South Korea is Vietnam’s third-largest trading partner (after China and the United States); the third-largest export market (after the United States and China); and the second-largest import market (after China).
Vietnam is not only South Korea’s largest economic partner in ASEAN but also one of its top three economic partners globally in terms of trade and investment.
The Prime Minister highly appreciated and sincerely thanked the practical and effective contributions of South Korean businesses to Vietnam’s socio-economic development, which have fostered the good relationship between the two countries over the past 30 years.
He also took the time to share the fundamental factors driving Vietnam’s economic development, including three foundational elements, one overarching principle, and six key tasks.
The three foundational elements are: (1) Building a socialist democracy; (2) Establishing a socialist rule of law state; (3) Developing a socialist-oriented market economy.
The overarching principle is: Maintaining political stability; placing people at the center, as the subject, objective, and driving force, and as the most important resource for development; and not sacrificing social progress, equality, social security, and the environment for economic growth alone.
At the same time, Vietnam is focused on six key tasks: Foreign policy; ensuring national defense and security; economic development; ensuring social progress, equality, and social security; cultural development; and building a clean, strong political system, intensifying the fight against corruption, negativity, and waste.
Implementing these guidelines, after nearly 40 years of renewal, Vietnam has become one of the 40 largest economies in the world, with an economic scale of 430 billion USD, per capita GDP of 4,300 USD, ranking among the top 20 in trade, and 32nd in the top 100 national brand values globally. Vietnam has signed 16 FTAs with more than 60 countries.
In 2024, the estimated economic growth rate for the second quarter is 6.93%, and for the first six months, it is 6.42%, with a positive outlook for the second half. Inflation is under control, and the economy’s major balances are ensured, including a 15% increase in electricity demand without power shortages. Public debt, government debt, national foreign debt, and budget overspending are well managed.
The Prime Minister affirmed that Vietnam will continue to implement synchronous solutions to improve the investment and business environment and enhance competitiveness. It will promote three strategic breakthroughs (institutional improvement, infrastructure development, and human resource training) based on science and technology and innovation; accelerate administrative reforms, especially the reduction and simplification of administrative procedures; and focus on reviewing and completing mechanisms and policies to remove obstacles for production and business activities, reduce compliance costs and logistics costs, and create favorable conditions for people and businesses.
INVESTORS CAN HAVE PEACE OF MIND IN VIETNAM
According to the Prime Minister, with these foundational elements in place, investors can have peace of mind investing and operating in Vietnam.
“Korean businesses operating in Vietnam are always guaranteed political and social stability, a safe and favorable investment and business environment, equality, and healthy competition with their partners,” affirmed the Prime Minister. Along with the advantages and opportunities, there are also difficulties and challenges, but what is important is to identify and overcome them together.
The Prime Minister suggested that in the coming time, the business communities of the two countries continue to cooperate, expand investment, diversify markets, products, and supply chains; jointly exploit potential differences, outstanding opportunities, and competitive advantages to open up new horizons and create new values. This includes focusing on technology transfer, contributing to institutional improvement, supporting Vietnamese businesses in joining global supply chains, training high-quality human resources, and smart management.
The Prime Minister emphasized that Vietnam always encourages Korean businesses to expand cooperation and investment in areas where Korea has strengths and Vietnam has high demand and priorities, especially in important and emerging fields such as the digital economy, green economy, circular economy, sharing economy, and emerging industries like semiconductors, artificial intelligence, hydrogen, and cultural and entertainment industries.
The Prime Minister hopes that investors will promote the spirit of “3 together” (listen and understand together, share vision and action together, do, benefit, and develop together); “harmonize interests and share risks,” “cooperate globally, comprehensively, and with all people,” and together “turn nothing into something, make the difficult easy, and the impossible possible.”
Also, at the forum, Prime Minister Pham Minh Chinh and the delegates witnessed the exchange of cooperation agreements between the two countries’ partners.
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