ASEAN, Korea Working towards Common Goal of Peace and Prosperity

2:45:40 PM | 11/29/2019

Prime Minister Nguyen Xuan Phuc emphasized promotion of ASEAN-Korea cooperation when addressing the ASEAN- Republic of Korea CEO Summit in Busan, Korea.

The summit brought together more than 500 leaders of large enterprises of Korea and ASEAN countries, discussing cooperation options for growth, innovation and ASEAN's role in the change of the global trade environment.

Prime Minister Nguyen Xuan Phuc said that the event is a good opportunity to listen to CEOs and "open arms” to cooperate with partners to upgrade ASEAN-Korea cooperation.

The Government’s Chief highly appreciated the proposals on creating a strong policy environment, applying science and technology and innovation, creating and developing regional and inter-regional value chains. "The Vietnamese Government and ASEAN countries always create favorable conditions for businesses," Prime Minister Phuc said.

According to the Prime Minister, sustainable development and comprehensive connectivity are high priorities of ASEAN, in which businesses are both the subject and the leading deployment force. Governments facilitate and connect businesses to promote creativity with new ideas and realize business plans in the ASEAN market of more than 630 million people and 2018 GDP scale of nearly US$3 trillion, ranking 3rd in Asia and 5th in the world. "In the era of Industry 4.0, I hope businesses will cement partnerships with the Government in promoting scientific, technological and creative achievements to make a breakthrough in development," Prime Minister Nguyen Xuan Phuc suggested.

The New Southern Policy initiated by Korean President Moon Jae-in would contribute to enhancing the relationship between the two sides as Korea has pledged to work closely with ASEAN to build the ASEAN Community 2025, towards the common goal of peace and prosperity in East Asia. Accordingly, Prime Minister Phuc believes “we will successfully cooperate to bring bilateral trade turnover from US$160 billion in 2018 to US$200 billion in 2020 (in which Vietnam-Korea turnover in 2019 has reached nearly US$70 billion, equal to 40% of turnover of the whole ASEAN).”

The Prime Minister said that Vietnam and Korea are working together to reach US$100 billion of bilateral trade in 2020, accounting for 50% of ASEAN-Korea turnover, and also stated that Vietnam is the third trading partner of South Korea, behind only the U.S. and China. This is a very remarkable increase in recent times. In particular, there are 9,000 Korean projects successfully operating in Vietnam, including many technology enterprises like Samsung.

Prime Minister Phuc asked senior business leaders to actively adapt, be flexible and creative because this is the foundation for success in unpredictable fluctuations in the world economy.

At the invitation of Korean President Moon Jae-in, Prime Minister Nguyen Xuan Phuc attended the ASEAN- RoK Commemorative Summit, the Mekong- RoK Summit and paid an official visit to Korea on November 24-28, 2019.

In Busan, Prime Minister Nguyen Xuan Phuc attended the ASEAN- RoK Commemorative Summit, the First Mekong- RoK Summit, attended a number of other activities such as ASEAN- RoK CEO Summit, ASEAN- RoK Startup Summit.

In Seoul, Prime Minister Nguyen Xuan Phuc held talks with Korean President Moon Jae-in, met the Chairman of the National Assembly and the Korean Prime Minister, attended the Vietnam-Korea Investment Promotion Conference, met the Chairman of Korea-Vietnam Friendship Association and leaders of some Korean localities and businesses, meeting representatives of the Vietnamese community in Korea.

ASEAN and Korea need to be steadfast in promoting multilateral trade through upgrading the framework of the ASEAN-Korea Free Trade Agreement, so that under these expanded free-trade agreements, businesses of both sides will be more confident, proactive, flexible, creative in expansion of production and business investment, especially in projects on sustainable infrastructure, green energy and information technology.

Prime Minister expected Korean businesses, ranking fifth in global information technology, to increase investment in ASEAN.

He also hopes businesses focus on the role of people and regard the people as the goal of development and the object of service. It is necessary to encourage creating favorable conditions for all strata of people to actively participate in the development process with strong creativity, linking resources through flexible connectivity and action; at the same time, it is necessary to train and create a new generation of knowledgeable human resources, forming wise new consumers, towards the goal of sustainable development, so that no one will be left behind.

In an international environment of constant movement with many advantages and challenges, the Prime Minister wishes to see more businesses of both sides investing in developing environmentally friendly technologies, responding to climate change, natural disaster mitigation, disease prevention, water management, building a beautiful environment for generations to come.

Prime Minister Nguyen Xuan Phuc stated: “As Chair of ASEAN in 2020, along with ASEAN countries, Vietnam welcomes Korean businesses to follow the New Southern Policy to advance and cooperate, and succeed with ASEAN, a peaceful, friendly, open and dynamic community.”

Vietnam has increased many levels in terms of business and investment environment and in innovation recognized by international organizations. Vietnam will continue to innovate more to facilitate everyone, every business, to continue to succeed in Vietnam.

The strategic partnership between Vietnam and Korea has made positive progress in many fields such as politics, investment, trade and tourism. The trip of Prime Minister Nguyen Xuan Phuc expressed the appreciation of Korea's cooperation within the framework of ASEAN, Mekong cooperation and bilateral cooperation with Vietnam, an opportunity for the two sides to deepen Vietnam - Korea strategic cooperation.