The South Korean conglomerate, already a major investor in Vietnam, plans to further expand its presence in the country with new projects in advanced materials, biofuels and ATMs. The move comes as Vietnam solidifies its position as a manufacturing powerhouse in Southeast Asia.
Persistent violations of The Republic of Korea food safety regulations threaten Vietnam's growing agricultural trade; exporters urged to adopt stricter standards.
The 19th meeting of the Intergovernmental Committee for Economic-Commercial and Scientific-Technological Cooperation on October 28 was co-chaired by the Ministry of Planning and Investment (MPI) and the South Korean Ministry of Foreign Affairs to discuss solutions to boosting bilateral economic cooperation. As of September, South Korea had 9,438 investment projects in Vietnam with total registered capital of $80.5 billion, ranking it first among countries and territories investing in Vietnam. Bilateral turnover reached $78 billion in 2021, up 18.2 per cent compared to 2020. South Korea is Vietnam’s third-largest export market and second-largest import source.
Prime Minister Pham Minh Chinh received Minister of Foreign Affairs of the Republic of Korea (RoK) Park Jin on October 18, who is paying an official visit to Vietnam. The Prime Minister said Minister Park Jin’s visit to Vietnam is significant as this year marks the 30th anniversary of the establishment of diplomatic relations. He said he will continue to strongly, substantively, and effectively promote cooperation between the two countries.
