Vietnam and S.Korea cooperate in agricultural development

The Ministry of Agriculture and Rural Development and the Korea International Cooperation Agency (Koica) today organized a workshop ‘Vision of Vietnam - Korea cooperation in the field of agriculture and rural development period 2024-2030’ in Hanoi.

At the workshop

At the conference, the Ministry of Agriculture and Rural Development said that currently, South Korea is one of Vietnam's strategic partners, a trade partner and the third largest export market of Vietnam. Two-way trade turnover between Vietnam and Korea has increased more than 150 times, from US$0.5 billion in 1992 to $76 billion in 2023.

Korea is also the largest investor in Vietnam with total registered foreign direct investment (FDI) capital by the end of 2022 reaching $81.997 billion accounting for 18.24 percent of total FDI investment capital in Vietnam. Furthermore, Vietnam is also one of the big recipients of Korea’s official development assistance (ODA) capital.

According to Minister of Agriculture and Rural Development Le Minh Hoan, agricultural cooperation between Vietnam and Korea still has much room for development.

Being a country with modern agriculture and rich crop varieties, South Korea has many advantages in applying high technology in the production and processing of agricultural products that Vietnam wants to cooperate within the near future. Meanwhile, Vietnam is also one of the world's leading exporters of agricultural products with many outstanding products such as rice, vegetables and fruits, seafood, and industrial crops.

Minister Le Minh Hoan affirmed that the workshop will contribute to the growth of Vietnam's agricultural industry and the promotion of investment and trade cooperation between the two countries in a sustainable and inclusive as well as strengthened public-private cooperation structure between the two countries.

Chairman of Koica Chang Won Sam said that in the coming time, Koica will approve projects to support Vietnam's agricultural development such as improving the value chain, promoting market linkages, increasing Vietnam’s capacity to respond to climate change to improve production capacity and market capacity for agricultural - forestry - fishery products and sustainable rural development.

At the same time, Koica will support the building of a production network for the adaptation to climate change and the conservation of natural resources in Vietnam.

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