Vietnam-Korea Business Forum proposes ideas to promote investment cooperation

During his official visit to Korea, on the morning of July 1, in Seoul, Prime Minister Pham Minh Chinh attended the Vietnam-Korea Business Forum.

The forum was attended by more than 500 delegates, including leaders of ministries, branches, localities and Vietnamese-Korean enterprises.

At the forum, delegates were introduced to the development situation of Vietnam; potential, strengths, development priorities, investment attraction of Vietnam; Vietnam-Korea relations; investment and trade situation between Vietnam and Korea; potential, advantages of Korean enterprises and opportunities in the Vietnamese market...

In particular, at the forum, delegates analyzed the situation and proposed ideas to promote investment and business cooperation between Vietnam and Korea.

Representatives of the business community and experts of the two countries clearly expressed their interest and desire to continue promoting investment cooperation further, contributing to fostering the relationship between the two countries to become increasingly strong, with new heights; sharing issues related to the fields of digital transformation, energy, innovation and supply chain development; proposing policy planning, institutional improvement, enhancing competitiveness, attracting external resources, etc.

Speaking at the forum, Prime Minister Pham Minh Chinh emphasized that after more than three decades of establishing diplomatic relations, the relationship between the two countries has never been as good as it is today.

The friendly, trustworthy and substantive cooperation between Vietnam and Korea is in a very good stage of development on the basis of sharing common values ​​and strategic interests.

Currently, Korea ranks No. 1 in direct investment, No. 2 in development cooperation and tourism, and No. 3 in labor and trade cooperation. The Vietnamese community in Korea has about 300,000 people; meanwhile, the Korean community in Vietnam has about 200,000 people.

According to Prime Minister Pham Minh Chinh, to achieve these successes, in addition to the fundamental factor of the long-standing good friendship between the two countries and peoples; the support and attention of the two governments, it is necessary to mention the contribution and consensus of the business communities on both sides.

Providing information on the fundamental factors for the development of Vietnam's economy, Prime Minister Pham Minh Chinh said that after nearly 40 years of renovation, Vietnam has become one of the 40 largest economies in the world, among the top 20 trading countries, ranked 32nd in the top 100 strongest national brand values ​​in the world; and has signed 16 Free Trade Agreements (FTAs) with more than 60 countries.

The achievements have affirmed the correctness of Vietnam's development policies and viewpoints.

According to Prime Minister Pham Minh Chinh, Vietnam identifies the foreign-invested economic sector as playing an important role, with the orientation of selectively attracting foreign investment, creating spillover connections between the FDI sector and the domestic economic sector, promoting public-private cooperation to strongly develop the green economy, digital economy, circular economy, and knowledge economy.

Vietnam always encourages Korean enterprises to expand investment cooperation in areas where Korea has strengths and Vietnam has high demand for attracting and prioritizing such as high technology, electronics, semiconductors, artificial intelligence (AI), infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, high-quality human resource training, cultural industry...

Prime Minister Pham Minh Chinh called on Korean enterprises to continue supporting Vietnam in terms of financial resources, infrastructure construction, suggestions for perfecting institutions and policies, training high-quality human resources, and improving smart governance capacity; to continue actively participating in social security work, supporting people in times of difficulty and natural disasters, and people in remote, border, and island areas; and to support Vietnamese enterprises in participating in the value chain of Korean enterprises and the global value chain.

In the spirit of “harmonious benefits and shared risks”, Vietnam cooperates in investment with the principle of “3 guarantees”: ensuring that the foreign-invested economic sector is always an important part of the economy; valuing, encouraging, and creating the most favorable conditions for this sector to develop long-term, cooperate, and compete healthily and equally; ensuring the legitimate and legal rights and interests of investors; ensuring political stability, social order and safety; policy stability, constantly improving the investment and business environment so that investors can feel secure in doing business and operating long-term in Vietnam.

With the desire to "open up new cooperation horizons to create new cooperation values", Prime Minister Pham Minh Chinh suggested that both sides carry out 3 together: "listen and understand together; share vision and action together; do together, enjoy together, win together and develop together", in the spirit of "turning nothing into something, turning difficult into easy, turning impossible into possible" as President Ho Chi Minh taught: "Nothing is difficult, only fear of not being steadfast/Digging mountains and filling seas, determination will make it happen" and global, comprehensive, and all-people cooperation, Vietnam and Korea will together create new values, build the country to be increasingly strong and prosperous; the people will be increasingly happy and prosperous.

At the forum, witnessed by Prime Minister Pham Minh Chinh, ministries, sectors, localities and enterprises of the two countries exchanged 23 cooperation agreements. In particular, the People's Committees of Quang Tri, Hung Yen, Phu Yen, Ba Ria Vung Tau, Bac Ninh provinces, the National Innovation Center, Hanoi Medical University Hospital... cooperated with Korean corporations in the fields of investment, trade, energy conversion, biotechnology, industrial park construction, semiconductor technology, medicine, aviation, logistics, information technology, mechanics...

Sovico Group and Hyosung Group signed a cooperation agreement on research and implementation of investment and sustainable development; development and investment in data centers, financial technology, renewable energy, finance, smart cities, logistics and other real estate business fields.