Int'l Cooperation

Last updated: Friday, March 22, 2019


Korean and Vietnamese Business Connectivity: Economic Achievements and Prospects

Posted: Wednesday, April 11, 2018

Vietnam – Korea Business Forum, which was attended by 650 business leaders from the two countries, successfully took place in Hanoi. At this event, Vietnamese President Tran Dai Quang and Korean President Moon Jae-in affirmed that the cooperation between Vietnam and Korea would be strengthened by the vision, dynamism, creativity and close connection of the businesses.

Remarkable achievements
Addressing the conference, President Tran Dai Quang believed that the relationship between Vietnam and Korea was on a good track, thanks to the friendship and joint effort of the two States and peoples.

Sharing with Vietnam the core interests in bilateral and multilateral cooperation and being a complementary economy, Korea is now the biggest investor and second biggest partner in terms of tourism. In 2017, Korea overtook the US to become the second largest trade partner of Vietnam, said President Quang.

With more than US$59 billion of the total registered investment capital, the Korean businesses are playing a positive role in some key economic sectors of Vietnam such as electronics, energy, automobile, garment, construction, service, etc., contributing to restructuring the economy, creating jobs and ensuring welfare.

Along with large-scale investment activities, trade between the two sides has continuously increased, reaching US$64 billion in 2017, after the Vietnam- Korea FTA took effect. The two countries are important trading partners of each other with complementary products. The development of bilateral trade has contributed to enhancing Vietnam’s export capacity and shaping some of the country’s key economic sectors.

Sharing with President Quang, President Moon Jae-in stressed that there was a huge potential in cooperation between the two countries. He also said that the target of US$100 billion of trade turnover would be half of that of Korea and ASEAN, which showed Vietnam’s important position to Korea ragarding economic cooperation.

Role of businesses upheld
President Quang said: “The future of Vietnam-Korea cooperation relations denpends on the vision, will, dynamism and creativity of businesses from the two countries”. He added that Vietnam would continue to improve its institutions and policies, create a good investment environment which was in line with international standards, and look forward to strengthening cooperation with foreign investors, especially those from Korea.

“Vietnam State and people highly appreciate Korean business community, who not only take the leading role in investment cooperation, but also promote cooperation between the two countries in all sectors. Vietnam welcomes and highly values Korea’s “look south” policy, which is for the sake of peoples and peace, promoting common prosperity, and seeing Vietnam as a key partner,” said President Quang.

In terms of trade, with the target of US$100 billion by 2020, Vietnam urges Korea to facilitate Vietnam’s agriculture, aquaculutre, garment, woods, rubber-made products to access Korean market. At the same time, Vietnam would open more to spare parts/components as well as other Korean items.

President Moon spoke highly of the role of businesses from the two countries in people-to-people connection and in strengthening joint start-ups, scientific research, and innovation.

President Moon also believed that the vibrant 25-year relationship development of Vietnam and Korea has been greatly attributed to business sector of the two sides. Currently 5,500 Korean leading enterprises are operating in Vietnam, creating millions of good jobs for Vietnamese people who in return contribute to the development of these enterprises. This is the win-win cooperation which benefits the two sides.

In the past year, there were 2.7 million arrivals between Vietnam and Korea. Over 25 years of diplomatic relationship, Vietnam and Korea have become important partners. The robust relation development of two sides will be great motivation for the peoples.

“It is difficult to obtain the target if depending only on one side’s import-export. We should develop reciprocal trade, realise the other business’ advantages and become development partners, jointly invest in the third country,” said President Moon.

President Moon expressed Korean wish to continue to contribute to Vietnam’s development, industrialisation and modernisation. The two Governments need to create the foundation for Vietnamese and Korean youth to build start-ups and businesses from the two sides should encourage the youngster to take that challenge.

Huong Ly

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