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Vietnam Today

First Vietnam Economic Forum held in Seoul

Released at: 13:55, 30/10/2019

First Vietnam Economic Forum held in Seoul

Photo: MPI

Forum organized by South Korea's Newsis news agency on October 29.

by Phi Linh

Deputy Minister of Planning and Investment Vu Dai Thang told the first Vietnam Economic Forum in Seoul on October 29 that he appreciates South Korea’s new Southbound Policy, which has the goal of promoting common prosperity, people, and peace, and identifies Vietnam as one of the key partners.

The forum was organized by South Korea’s Newsis news agency to introduce the economic development, investment environment, and opportunities for cooperation between the two countries and Vietnam - South Korea business connections.

The forum was attended by South Korea’s Chairman of the Committee for the Development of Enterprises, Industry, Trade and Resources, Kim Jong Gu, Deputy Minister of Industry, Trade, and Resources Kim Yong Rae, President of Newsis Kim Hyung Ki, Vietnam Ambassador to South Korea H.E. Nguyen Vu Tu, and more than 400 South Korean leaders of government agencies, the National Assembly, intellectuals, scholars, and businesses.

Mr. Thang said that the relationship between Vietnam and South Korea is in its best development stage, nurtured by the friendship and joint efforts of the government and people of the two countries.

He added that he and Deputy Minister of Economic Affairs at South Korea’s Ministry of Foreign Affairs Yun Kang-hyeon chaired the 17th Vietnam-Korea Intergovernmental Committee meeting in Hanoi and achieved practical, effective, and successful results, together finding a way to resolve problems and difficulties and open up a new direction to promote cooperative relations between the two countries.

South Korea is currently the largest investor and development cooperation partner, second-largest tourism partner, and the third largest trading partner of Vietnam. “We are allies in economic cooperation and development,” Mr. Thang said.

With more than $66 billion in total registered capital in Vietnam, South Korean businesses are playing an active role in a number of Vietnam’s key economic sectors, from apparel to electronics, infrastructure to energy, the automobile industry to aerospace, real estate to finance and banking, startups to State-owned enterprise equitization, and logistics to services. Investors are contributing to the restructuring of the economy, exports, jobs creation, and ensuring social security.

South Korean businesses are present in all areas of Vietnam’s economy, not only associated with export goals but also focusing on the domestic market and enterprises.

Many South Korean enterprises come to Vietnam to seek opportunities for cooperation, the supply of components, and to jointly develop products for local automotive brands. At the same time, they are also strategic partners of leading corporations in Vietnam, such as Keb Hana Bank, which owns 15 per cent of BIDV, while SK owns 6 per cent of Vingroup.

Along with investment activities, trade between the two countries is also constantly increasing and expected to reach about $70 billion in 2019. Vietnam is one of only two ASEAN countries with bilateral free trade agreement with South Korea (together with Singapore), and bilateral trade accounted for 50 per cent of total turnover between South Korea and ASEAN.

Vietnam and South Korea are important trading partners of each other, with complementary and high value added products in the global supply chain. South Korea supplies sources of components and machinery and equipment to boost exports to Vietnam.

Mr. Thang believes that the Vietnamese market is large enough for the successful business plans of South Korean businesses, especially in the context of South Korean brands becoming popular in Vietnam.

On the sidelines of the forum, Mr. Thang chaired a seminar with more than 20 South Korean enterprises interested in investing and doing business in Vietnam. The two sides discussed investment opportunities and businesses’ proposals on issues of energy, transportation, infrastructure, and manufacturing.

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