General Secretary of the Communist Party of Vietnam Central Committee To Lam and Prime Minister of the Republic of Korea (RoK) Kim Min-seok attended Vietnam - RoK Economic Forum in Seoul on August 12 as part of the former’s state visit to the Northeast Asian country.
The forum, jointly organised by the Ministry of Finance of Vietnam, the RoK’s Ministry of Trade, Industry and Energy, the Korea Chamber of Commerce and Industry (KCCI), and the Vietnamese Embassy there, attracted the participation of representatives from more than 400 leading enterprises of both countries.
The event, which focused on cooperation for the development of production chains in the new era, not only served as a platform for connecting business communities but also played an important role in promoting bilateral cooperation in economy, trade, and investment, thus contributing to strengthening and deepening the friendship and the comprehensive strategic partnership between Vietnam and the RoK.
In his remarks, PM Kim emphasised that the two countries have long enjoyed a close and trusting relationship. Since the establishment of their diplomatic relations in 1992, they have become major trading partners of each other, with the RoK being currently the largest investor of Vietnam.
PM Kim said that the RoK and Vietnam should continue to promote a long-term and strong relationship. In fact, they have together overcome challenges such as the global financial crisis and the Covid-19 pandemic, and have also enduringly expanded economic cooperation.
The two countries should broaden their ties from traditional sectors to new and advanced industries, and work toward multi-layered cooperation, he added.
The host affirmed the RoK is ready to work with Vietnam to diversify supply sources and ensure energy security, adding that the memoranda of understanding signed during this visit will be a solid foundation for bilateral cooperation to expand in the future.
The Korean leader expressed his belief that with a young workforce, an attractive investment environment, the existing trade network, and development orientations for the new period, Vietnam will achieve its development goals and become a high-income country.
The RoK wishes to expand comprehensive cooperation with Vietnam, he went on, noting that his country, with the experience of creating the "Miracle on the Han River", will always be a steadfast companion to join Vietnam in creating the "Miracle on the Red River".
He proposed that the two sides increase support and create favourable conditions for their businesses to operate, and the businesses will remain the pioneers in economic ties.
Speaking at the forum, General Secretary To Lam shared that Vietnam’s socio-economic situation in 2024 and the first half of 2025 recorded many positive results. He stressed that 2025 is a year of “acceleration and breakthrough” to fulfill the country’s development targets for 2021–2025. It also plays a pivotal role in creating an important foundation and strong momentum for Vietnam to achieve its two centenary goals, ushering into a new era - that of the nation's rise, strong development, civilisation, and prosperity.
The Party leader said Vietnam is continuing to improve its institutions, enhance the investment and business environment, and address bottlenecks to unlock resources and push ahead with economic restructuring in tandem with renewing the growth model. Science and technology, innovation, and the cultural values of the Vietnamese people have been placed at the heart of development.
In terms of cooperation and foreign investment attraction, he said the country is shifting from a “broad-based” approach to an “in-depth” one, prioritising projects involving advanced, new, high, and clean technologies, modern governance, high value added, strong spillover effects, and connections to global production and supply chains.
The Party chief requested Vietnamese ministries, sectors, and localities to step up dialogue to remove difficulties and obstacles for Korean investors in Vietnam; continue reviewing and reforming administrative procedures; enhance the application of digital technology; further decentralise powers; and reduce compliance and input costs for people and businesses.
It is also necessary to prepare conditions for attracting investment, such as transport infrastructure, human resources, power supply, clean land funds, and the establishment of inter-sectoral working groups to handle challenges and support investors, he noted.
General Secretary To Lam expressed his hope that the RoK’s ministries and agencies would continue to support and promote dialogue and investment connections, create favourable conditions for Vietnamese enterprises to expand investment and effectively do business in the RoK, and facilitate Vietnamese goods' access to the Korean market.
He said both sides should work together to carry out effective measures to achieve the target of US$100 billion in two-way trade in 2025 and US$150 billion by 2030, while further increasing official development assistance (ODA), with a focus on strategic infrastructure development, including transport, energy, digital, and climate-resilient infrastructure.
The Party leader stressed the need to develop science, technology, and innovation as an important pillar in bilateral cooperation, particularly for businesses' growth and socio-economic development.
Looking ahead, he hoped that Korean enterprises and groups would continue to invest and expand their operations in Vietnam, especially in fields where the RoK has strengths and Vietnam has great potential, such as clean and green energy, heavy industries including electronics, automobiles, shipbuilding, chemicals, steel, and strategic materials; semiconductor technology, artificial intelligence (AI); blockchain; and high-quality services in healthcare, education, and urban development, particularly green and smart urban areas.
At the forum, enterprises from both countries shared insights into and recommended key areas for enhanced collaboration in, including clean and green energy, high-tech industries, digital infrastructure, and, notably, the promotion of production and value chain integration in these fields.
Vietnamese Deputy PM and Minister of Foreign Affairs Bui Thanh Son expressed confidence in the increasingly consolidated, effective, and sustainable partnership between the two countries, thus making new strides in bilateral relations for the mutual interests of both peoples and for peace, stability, and development across the region and globally.
He reaffirmed Vietnam’s strong commitment to creating the best possible conditions for Korean businesses to invest and expand operations in Vietnam, thereby laying the foundation for their successful, sustainable, and long-term development in the country.
The Party and State of Vietnam are fully committed to accompanying, listening to, and sharing with the business community. Vietnam hopes for continued support and close cooperation from international friends and partners to attract more foreign investors, especially from the RoK, to contribute to local development, he added.
