Business Association of Vietnamese in Korea Debuts

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Minister of Foreign Affairs Bui Thanh Son attended the launch of the Business Association of Vietnamese in Korea (BAViK), the first official organization representing Vietnamese businesses operating in the Republic of Korea (RoK), in Seoul on May 30, VNA reported.

In his address, Minister Son stressed that the BAViK's establishment marks an important milestone in the growth of the Vietnamese business community in the RoK and contributes to the overall development of OV communities abroad.

He noted that in 2022, the two countries established their comprehensive strategic partnership, with the RoK ranking first in foreign direct investment (FDI), second in official development assistance (ODA), and third in labor and trade cooperation.

At the launch of the Business Association of Vietnamese in Korea.

The Vietnamese Party and State always offer special policies and mechanisms in support of OV business community, the minister said, urging Vietnamese entrepreneurs and firms to fully tap economic cooperation advantages and opportunities, foster connection with domestic partners, and contribute to both Vietnam's development and the Vietnam-RoK comprehensive strategic partnership.

The BAViK, officially recognized by the State Committee for Overseas Vietnamese on October 21, 2023, now has over 40 member companies operating in various sectors. Notably, they have invested in 29 projects in Vietnam out of a total of 421 by OVs from 32 countries and territories.

The same day, Son attended a dialogue with young Vietnamese intellectuals and scientists working in sci-tech fields in the RoK. He told the intellectuals that the Vietnamese Party, State and Government always appreciate the OVs’ economic, investment and brainpower potential.

The minister stressed that the Vietnamese Government is committed to promoting research and development (R&D), artificial intelligence (AI), and the semiconductor industry. He highlighted favorable policies and institutions to attract talent, support enterprises and train human resources.

He informed the OV intellectuals that the Foreign Ministry has established a dedicated task force for semiconductor industry development, which is ready to work to connect OV expertise and technology with domestic partners to serve the cause of industrialization and modernization.

Expressing confidence in the Party and State’s policies and guidelines on national development, participants also offered specific proposals for sci-tech development at home.

The Vietnamese FM on May 31 met with Korean counterpart Cho Tae-yeol and RoK's Prime Minister Han Duck-soo.

Son suggested the RoK keep doors open for Vietnamese goods to enter its market and assist Vietnamese firms in joining global supply chains of Korean businesses more intensively, contributing to raising two-way trade to USD 100 billion in 2025.

Cho Tae-yeol also pledged to maintain close cooperation with the Vietnamese Foreign Ministry, covering the implementation of the above-said action program, and suggested Vietnam create a favorable environment for Korean investors while intensifying supply chain cooperation in essential minerals, developing LNG power plants, and hydrogen production.

Meanwhile, at meetng with the RoK's PM, the two sides shared the view on the need to strengthen cooperation, maintain regular high-level exchanges and contacts, effectively implement cooperation mechanisms and dialogues, step up economic ties practically, enhance collaboration in culture, education, tourism and labor, and people-to-people exchange, maintain coordination at multilateral forums, and foster coordination in regional and international issues of shared concern.

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