South Korea and Vietnam are ideal partners in many aspects. Especially, South Korean invested projects and those supported by South Korea have contributed actively to the process of socio-economic development and environmental protection in Vietnam.
Within two decades, bilateral relations between Vietnam and South Korea have achieved remarkable progress. Trade turnover between the two countries increased to over US$18 billion in 2011 from US$500 million in 1992. South Korea investment in Vietnam has increased significantly. As of November 20th 2011, South Korea became the leading country in providing FDI for Vietnam, with registered capital up to US$23.65 billion for 3,072 projects. However, in the early 2012, South Korea’s investment in Vietnam decreased sharply. According to the recent report of the Ministry of Planning and Investment, in the first 5 months, South Korea’s investment decreased 51 percent compared to the same period last year due to the difficulties of the world economy leading to the decline of South Korean businesses’ investment worldwide, including in Vietnam.
Notably, South Korea is also the second largest ODA donor for Vietnam. The fact that 20 percent of US$8.1 trillion from the support money of the Economic Development Cooperation Fund (EDCF) was invested in Vietnam proved the favour of South Korea toward Vietnam as an important partner for economic cooperation. Especially, the support from the EDCF through the Export-Import Bank of South Korea has contributed to improving bilateral relations between the two countries.
“New Asia Initiative” and the development model “green growth” proposed by South Korea have opened a new era in the mutually beneficial relations. In addition, both countries have their own strengths complementing each other: Vietnam has abundant natural resources and labour while South Korea has advanced technology and successful economic development experience.
The projects of South Korean investors and projects supported by South Korea have contributed actively to Vietnam’s socio-economic development and environmental protection. Besides the great achievements in socio-economic development, effort and achievements of South Korea in environmental protection in the recent years have been very impressive. South Korea consistently shows that they are a responsible country in international cooperation to address global and regional environmental issues. Vietnam highly appreciates the role of South Korea in international activities on environmental protection and most recently, the initiative of “green growth”, carbon-emission reductions to cope with climate change, and encouraging enterprises’ investment towards using environment friendly, alternative energy.
The 9th Republic of Korea – Vietnam Ministerial Meeting on Environment was held on the occasion the two countries preparing to celebrate 20 years of diplomatic relations. The conference evaluated the environmental cooperation between the two ministries during 2011- 2012 and obtained positive results. The Korea International Cooperation Agency is cooperating with other units under Ministry of Natural Resources and Environment to build and implement projects: setting up an e-document system for hazardous waste management in Vietnam; building feasible report on rapid bus system in Ho Chi Minh City; and the project to establish the Vietnam – Korea Centre for research and training. The Korea Meteorological Administration and the National Centre for Hydro – Meteorological Forecasting of Vietnam signed a memorandum of cooperation in the field of hydrometeorology in 2009 and achieved good results so far.
Ministry of Environment of Republic of Korea supported the Ministry of Natural Resources and Environment to examine the technical and economic feasibility and legal status of the Project to improve water quality of the Nhue and Day Rivers in 2012.
In the future, South Korea hopes to strengthen cooperation in coping with climate change as well as to solving environmental problems arising in the rapid economic development process of Vietnam, based on Korea’s experience. According to many experts, international cooperation in environment between Vietnam and Korea should be continued and further developed to realize specific activities in the future and promote cooperation in resources and environment on par with the strategic partnership between the two governments.
Do Ngoc
Vietnamese
