The RoK-Vietnam Economic Cooperation Committee was established by the Korea Chamber of Commerce and Industry and the Chamber of Commerce and Industry of Vietnam, VNA reported. It aims to promote exchanges between the two countries and tp expand bilateral investment and trade opportunities immediately after the two countries established diplomatic relations in 1992.

Since its establishment, the Committee has acted as a channel of communication between private companies and the government through joint meetings with the participation of businessmen from both countries, mutual visits by delegations, and exchanges of key personnel. It actively contributes to promoting and developing economic cooperation between businesses of the two countries. Vietnam has become the third-largest trading partner in RoK since 2022 and 2023. On the other hand, RoK is currently the country with the most cumulative investment in Vietnam. Also, there are about 8,800 companies from RoK operating in the Vietnamese market.

The Korea Chamber of Commerce and Industry (Republic of Korea) announced on March 12 that it has appointed Hyosung's Deputy Chairman Cho Hyun-sang as the new Chairman of the RoK-Vietnam Economic Cooperation Committee (Photo: businesskorea.co.kr).

Cho Hyun-sang, the newly appointed Chairman of the Committee, said that Vietnam - a country emerging as a hub in the global supply chain - has a mutually supportive economic relationship with RoK. The Committee will promote deeper exchanges with domestic operating companies and policy-making agencies to strengthen business partnership relationships between the two countries and optimize future cooperation directions.

The Hyosung Group entered Vietnam in 2007, investing a total of US $3.6 billion (about 4.8 trillion won) and operating 9 legal entities domestically. The company has branches in Hanoi, Ho Chi Minh City, Quang Nam, and other provinces, contributing to promoting export opportunities and creating jobs for the Vietnamese workforce.

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