Vietnam-Korea Economic Cooperation Forum boosts relations

The Vietnam-Korea Economic Cooperation Forum 2022 was held on December 16 in Hanoi, organized by the Korea International Trade Association (KITA), the Vietnam Chamber of Commerce and Industry (VCCI), and the Vietnam - Korea Friendship Association (VIKOFA).

In attendance were some 500 guests who are key figures in the economic and political fields of the two countries. On the South Korean side were Mr. Kim Tae-nyeon from the Democratic Party, who heads the Korea-Vietnam Parliamentary Friendship Group, Mr. Kim Young Hwan, Governor of Chungcheongbuk-do Province, Mr. Lee Cheol Woo, Governor of North Gyeongsang Province, H.E. Oh Young Ju, South Korean Ambassador to Vietnam, and about 250 businesspeople.

On the Vietnamese side were Dr. Vu Tien Loc, President of VIKOFA, Mr. Tran Sy Thanh, Chairman of the Hanoi People’s Committee, Mr. Tran Duy Dong, Deputy Minister of Planning and Investment, Mr. Ngo Dong Hai, Secretary of the Thai Binh Provincial Party Committee, and about 250 businesspeople.

Mr. Choi Jin Young, CEO of the Korea Herald, emphasized that South Korea and Vietnam have been able to usher in a new and wonderful era together based on a deep friendship and mutual trust stretching more than 30 years. “I hope this forum will be a platform for us to develop together and find solutions for the two countries to win together amid the global economic competition,” he added.

According to the Ministry of Planning and Investment (MPI), South Korea ranked third among 97 countries and territories investing in Vietnam in the first eleven months of 2022, with total capital of more than $4.6 billion.

Based on the 30-year journey of companionship by the two countries since the establishment of diplomatic relations, with the theme “Standing Together - Towards 100 Years of Prosperity”, the Forum was an opportunity for the two sides to discuss partnerships for the next 100 years.

South Korea is among the largest foreign investors in Vietnam. The relationship between the two countries is a comprehensive strategic partnership and is the foundation for them to develop into the future, according to Dr. Loc. “I hope that South Korea will continue to be at the forefront of the investment wave in Vietnam for the next 30 years,” he added.

Similarly, Mr. Pham Tan Cong, Chairman and President of VCCI, said that since diplomatic relations were established on December 22, 1992, the relationship has made a great deal of progress and proved strong in many fields. “The two countries hold regularly exchanges of leaders, ministries, and local branches, with particularly effective business and investment cooperation between their enterprises,” he said.

Based on the long-standing, strong relationship, the two countries are gradually moving towards a closer, more comprehensive relationship. Recently, senior leaders agreed to upgrade the relationship to a “Comprehensive Strategic Partnership”, bringing relations to a new high.

Moreover, Mr. Ngo Dong Hai, Member of the Party Central Committee, Secretary of the Thai Binh Provincial Party Committee noted that despite the impact of the covid 19 pandemic, the relationship between the two countries continues to develop strongly in all fields. Korean enterprises such as Samsung, LG, etc are prominent enterprises as well as major contributors to Vietnam's economy.

Since establishing diplomatic relations in December 1992, South Korea and Vietnam have built a strong partnership in the field of trade and investment. Two-way trade of $500 million in 1992 increased some 161-fold to $80.7 billion in 2021.

Representatives from the two sides at the signing.

Notably, a signing ceremony for an MoU on a medical technology exchange between Myongji Hospital and the Thai Binh Provincial People’s Committee was held within the Forum, which was also an important event to mark the relationship between the two businesses in particular and between the two countries in general.