Vietnam looks for stronger cooperation with RoK in new era: Official

The Vietnamese Government pledged to create an open and transparent investment environment, accelerate administrative reforms, promote smart governance, streamline the state apparatus, and reduce intermediaries to make it easier for foreign enterprises, including those from the Republic of Korea (RoK), to invest and do stable and long-term business in Vietnam.

The statement was made by Deputy Prime Minister and Foreign Minister Bui Thanh Son when addressing the event "Meet Korea 2025"co-hosted by the Ministry of Foreign Affairs and the Embassy of the RoK in Vietnam in the northern province of Hung Yen on May 14.

Son emphasised the significance of the event, saying that it coincides with the 10th anniversary of the signing of the Vietnam–Korea Free Trade Agreement (VKFTA) and a decade of the "Meet Korea in Vietnam" initiative.

He also highlighted the remarkable progress in the bilateral relations—from a comprehensive partnership in 2001 to a strategic partnership in 2009, and a comprehensive strategic partnership in 2022, calling this a clear testament to the close ties, mutual trust, and effective cooperation between the two countries despite regional and global uncertainties.

The Vietnam–RoK relations have made exceptional and comprehensive strides across areas of cooperation. The two countries have become top partners in many fields, he stressed. The RoK currently ranks first in FDI in Vietnam, with 10,128 projects and a total registered capital of over US$92 billion; second in official development assistance (ODA), labour, and tourism; and third in trade cooperation. Meanwhile, Vietnam is the RoK's largest economic partner in ASEAN, accounting for 30 percent of the RoK's investment and 50 percent of its total trade turnover with ASEAN. The two countries are aiming to increase their bilateral trade turnover to $100 billion by 2025 and $150 billion by 2030, in a balanced and sustainable manner.

Vietnam faces significant challenges in terms of financial resources, technology, and human resources, Son said, noting that comprehensive cooperation and strong investment from international partners, including the RoK, based on mutual benefit and shared prosperity, are key for the Southeast Asian nation to overcome these obstacles.

He stated that the Vietnamese Government highly values the operations and contributions of Korean enterprises in Vietnam, particularly their strong shift from basic processing to hi-tech industries; energy, finance and banking projects; and high-quality services. He added that the participation and support of Korean partners are regarded as key factors contributing to Vietnam’s industrialisation and modernisation.

Son affirmed that Government agencies, especially the Ministry of Foreign Affairs, will continue to accompany localities and businesses on the path toward sustainable development.

For his part, RoK Ambassador to Vietnam Choi Youngsam praised Vietnam’s ongoing efforts to streamline its administrative apparatus at the provincial level, calling it an important step in preparation for breakthroughs in the new era.

The diplomat expressed hope that Vietnamese localities will continue to support and offer preferential policies for Korean businesses. He also affirmed his commitment to serving as a bridge for Korean enterprises to invest in Vietnam.

Delegates discussed measures to further step up the bilateral trade and investment, as well as strengthen cooperation in developing hi-tech industries.

Secretary of the Hung Yen provincial Party Committee Nguyen Huu Nghia stressed that Korean businesses and investors have become the province’s big and reliable partners, making significant contributions to the locality’s economic development, state budget revenue and job creation, and improving locals' incomes.

In 2024, the total import-export turnover between Hung Yen and the RoK reached $1.94 billion, accounting for 14.45 percent of the province’s total trade turnover. Hung Yen currently hosts 162 Korean projects worth $1.46 billion.

Han Jongdeok, General Director of VTK Hung Yen Industrial Park Investment and Development Company Limited, stated that Hung Yen, with its favourable location, well-developed transportation infrastructure, abundant workforce, and especially the strong support from the local authorities for businesses, has become an attractive destination for investors.

Within the framework of the event, representatives of Korean businesses presented scholarships to students of Hung Yen. Additionally, Korean and Vietnamese enterprises signed memoranda of understanding (MOUs) on investment cooperation.