Vietnam - Korea: Accelerating cooperation in FDI, high technology and clean energy

This is one of the sideline activities of General Secretary To Lam's state visit to Korea.

At the meeting, the two Ministers expressed their delight at the positive, comprehensive and substantive development of the Vietnam-Korea relationship since it was upgraded to a Comprehensive Strategic Partnership in 2022.

Minister Nguyen Van Thang congratulated Mr. Kim Jung Kwan on his appointment as the first Minister of Trade, Industry and Energy in the Lee Jae Myung administration, and highly appreciated his prompt leadership of the Korean negotiating team to reach a positive trade agreement with the United States.

Emphasizing the important role of Korea, Minister Nguyen Van Thang said that Korea is the largest FDI partner in Vietnam, with nearly 94 billion USD in total registered capital and more than 10,000 operating enterprises. Korean enterprises have made important contributions to the process of transforming the growth model, promoting Vietnam's economy .

Minister Nguyen Van Thang affirmed that the two sides still have much room for cooperation, especially in the period when Vietnam is rising strongly. He also shared about the four pillars of development including: Breakthrough policies on science and technology, international integration, legal reform and private enterprise development. These policies will open up new space for bilateral and multilateral economic cooperation.

The Ministry of Finance is committed to creating the most favorable conditions for investment and business environment for Korean enterprises in particular and FDI sector in general in Vietnam in the coming time.

Minister Nguyen Van Thang highly appreciated the Korean Ministry of Trade, Industry and Energy for successfully coordinating the organization of the Vietnam - Korea Economic Forum during the visit of General Secretary To Lam. This is a forum of particularly large scale, focusing on areas where Korea has strengths and Vietnam has cooperation needs such as digital transformation, clean energy, high technology, strategic industry, and value chain.

The event was attended by General Secretary To Lam and South Korean Prime Minister Kim Min Seok, along with more than 500 representative businesses of the two countries. Dozens of important cooperation documents were signed, creating a substantial driving force to promote investment, economic and technological relations between the two countries.

Minister Nguyen Van Thang suggested that the Korean side continue to develop policies and support Korean enterprises to expand investment, transfer technology, develop human resources and increase ODA support for Vietnam. Priority areas include semiconductor chips, strategic minerals, energy, high-speed railways, marine industry, etc. At the same time, the two sides can exchange in-depth experiences in state management in attracting FDI, managing economic zones, free trade zones and developing key economic groups.

For his part, Minister Kim Jung Kwan assessed that the visit of General Secretary To Lam and the success of the talks with President Lee Jae Myung will create a solid foundation for promoting bilateral economic and investment cooperation.

Minister Kim Jung Kwan affirmed that Korea is ready to cooperate with Vietnam in supply chains, energy, high-speed railways, and high technology, and emphasized the importance of enhancing exchanges and mutual support in the context of unpredictable global geo-economic and geopolitical developments. The Korean Ministry of Trade, Industry and Energy hopes that the Vietnamese Ministry of Finance will continue to improve the investment environment and support Korean businesses.

At the end of the meeting, the two Ministers expressed their mutual support and looked forward to meeting again in October 2025 when Korea hosts the 2025 APEC Summit.

Currently, South Korea is Vietnam's largest FDI partner with a total registered investment capital of about 93.8 billion USD. In 2024, bilateral trade turnover will reach 81.5 billion USD, making South Korea Vietnam's third largest export market and second largest import market. In addition, South Korea is the second largest bilateral ODA donor in Asia to Vietnam and the country with the largest number of tourists to Vietnam, with about 4.6 million arrivals in 2024.

Mr. Minh

Source: https://baochinhphu.vn/viet-nam-han-quoc-but-toc-hop-tac-fdi-cong-nghe-cao-va-nang-luong-sach-10225081215421401.htm