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On November 21 in Hanoi, Permanent Deputy Prime Minister of Vietnam Nguyen Hoa Binh shared the above remarks at the Vietnam-Korea Investment Cooperation Forum 2024.

Permanent Deputy Prime Minister of Vietnam Nguyen Hoa Binh spoke at the event (Photo: VGP).

Over the past 3 decades of establishing diplomatic relations, the friendly and trusting cooperation between Vietnam and South Korea is in a very good stage of development on the basis of sharing common values and strategic interests. The two sides are working towards the goals of sustainable cooperation, mutual benefit in all fields, not only economy, but also diplomacy, security, defense, culture, tourism, education, science and technology.

Binh believed that the upgrading of the relationship between the two countries to a Comprehensive Strategic Partnership has opened up a new space for cooperation in strategic value chains and resources, economic security, climate change response, environment, science and technology, financial connectivity, high-quality human resources, education, national security and defense...

In recent years, economic, trade and investment cooperation has become a bright spot and an important pillar in the relationship between the two countries. Vietnam is not only South Korea's largest economic partner in the ASEAN region, but also one of Korea's 3 largest economic partners in the world in terms of trade and investment. Vietnam is also an important partner of South Korea in the Indo-Pacific Strategy. Both support and share many benefits in multilateral cooperation mechanisms and support global economic freedom.

South Korea has always been the No. 1 investment partner of Vietnam out of a total of 146 countries and territories investing in Vietnam, with a total registered investment capital of more than US$ 87 billion, nearly 10,000 projects. South Korea's investment focuses on important sectors of the economy, such as high technology, electronics, processing and manufacturing industry, energy, automobiles, construction, and real estate.

In terms of trade, the leaders of the two countries set a goal to soon increase bilateral trade turnover to US $100 billion in the coming time and US $150 billion by 2030.

The Permanent Deputy Prime Minister emphasized that in order to achieve successes in this cooperation, in addition to the fundamental factor of good friendship between the two countries and two peoples, the support and attention of the two Governments, it must be mentioned the contribution and consensus of the business communities of the two sides.

The Vietnamese Government highly appreciates the business activities and contributions of Korean enterprises in Vietnam, especially recently there has been a strong shift from the fields of simple outsourcing, to high-tech industries, energy projects, etc finance - banking, high-quality services... These will continue to be very potential opportunities to promote cooperation between the business communities of the two countries.

Referring to Vietnam's business investment environment, Binh said that Vietnam continues to synchronously implement solutions to improve the business investment environment and improve competitiveness. At the same time, promoting administrative reform, reducing and simplifying administrative procedures, focusing on reviewing and perfecting mechanisms and policies, focusing on removing difficulties for production and business, creating favorable conditions for people and businesses; strengthen the prevention of corruption and negativity, contributing to strengthening trust in the business community, investors and people.

The event was held on November 21 in Hanoi (Photo: VGP).

Vietnam identifies the foreign-invested economic sector as playing an important role, with the orientation of selectively attracting foreign investment, creating a spillover connection between the FDI sector and the domestic economic sector, promoting public-private cooperation to strongly develop the green economy, digital economy, circular economy, knowledge economy.

Emphasizing that the Vietnamese Government always encourages South Korean businesses to expand investment cooperation in areas like semiconductors, artificial intelligence (AI), infrastructure construction, also renewable energy, new energy (hydrogen), biotechnology, innovation, and training of high-quality human resources, the Vietnamese diplomat suggested that the small and medium-sized enterprises from both sides should strengthen cooperation in the spirit of mutual benefit.

He stressed the spirit of "harmonious benefits and shared risks," Vietnam is committed to the principle of "3 guarantees" and "3 rules of togetherness."

The first "guarantee" is ensuring that the foreign-invested economic sector is always an important component of the economy; attaching, encouraging and creating the most favorable conditions for long-term development, healthy and equal cooperation and competition in this region. The second is to ensure the legitimate and legitimate rights and interests of investors. The last is to ensure political stability, social order and safety; stabilize policies, constantly improve the business investment environment so that investors can rest assured to do business and operate in Vietnam for a long time.

On the other hand, the "3 rules of togetherness" are listening and understanding between businesses and the State and people; sharing visions and actions to cooperate and support each other for rapid and sustainable development, together in doing, enjoying, winnin and developing.

He believes that economic-investment-trade cooperation will continue to be an important pillar in bilateral relations and a driving force to help the two countries overcome all difficulties and challenges together in the new context. It will bring the relationship between the two countries to a new level for the prosperity of the country and the interests of the people. In the spirit of "Harmonious benefits, shared risks", the Government of Vietnam is committed to always listening, accompanying, supporting and creating all favorable conditions for foreign investors in general and South Korean investors in particular to invest in business in a convenient, efficient and sustainable manner in Vietnam.

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