The meeting aimed to strengthen economic ties between the two nations.
During the discussion, Minister Nguyen Van Thang emphasized South Korea's role as Vietnam's largest foreign direct investment (FDI) partner. With nearly US$94 billion in registered capital and over 10,000 active enterprises, South Korean firms are instrumental in Vietnam's economic transformation and growth. The Minister noted that there is still significant potential for cooperation, particularly in investment, as Vietnam's economy continues to grow.
Minister Nguyen Van Thang highlighted Vietnam's commitment to implementing "breakthrough policies" in science, technology, international integration, legal reform, and private enterprise development. These initiatives are expected to create new opportunities for bilateral and multilateral economic cooperation between Vietnam and South Korea. He also pledged to create a highly favorable investment and business environment for all FDI, including South Korean companies.
The Minister expressed gratitude to his counterpart for the successful organization of Vietnam-Korea Economic Forum, held during General Secretary To Lam's visit. The forum, attended by General Secretary To Lam and South Korean Prime Minister Kim Min Seok, gathered over 500 businesses from both countries and saw the signing of numerous important cooperation agreements.
During the meeting, Vietnam's Minister of Finance proposed that South Korea's Ministry of Trade, Industry and Energy continue to provide policy support and incentives for Korean companies to expand investment and technology transfer in Vietnam. The minister specifically highlighted key sectors such as semiconductor chips, strategic minerals, energy, high-speed railways, and the marine industry. He also called for increased Official Development Assistance (ODA) to help Vietnam develop these future industries.
The two ministers engaged in detailed discussions on state management, covering topics such as policy development to attract foreign direct investment, management of economic and free trade zones, administration of ODA in industrial sectors and support for the growth of state-owned economic groups and private enterprises.
In response, South Korean Minister Kim Jung Kwan affirmed his country's support for cooperation in supply chains, energy, high-speed railways, and high-tech sectors. He underscored the importance of enhanced collaboration and mutual support through both bilateral and multilateral mechanisms, especially given the volatile global geopolitical and geo-economic landscape. Minister Kim also expressed his hope that Vietnam's Ministry of Finance would continue its efforts to improve the investment and business environment for all investors, particularly for Korean enterprises.
The ministers concluded the meeting by expressing their mutual support and anticipation of a follow-up meeting in October 2025, when South Korea will host the APEC Summit.
Context of Vietnam-South Korea relations:
- South Korea is Vietnam's largest FDI partner, with a total registered investment capital of approximately US$93.8 billion.
- Bilateral trade turnover reached $81.5 billion in 2024.
- South Korea is Vietnam's third-largest export market and second-largest import market.
- It is also the second-largest bilateral ODA donor to Vietnam in Asia.
- In 2024, South Korea was the leading source of tourism to Vietnam, with about 4.6 million visitors.
