Speaking to over 700 Vietnamese and Korean businesses attending the Vietnam-RoK Business Forum in Seoul on November 28, the PM noted that two-way trade is estimated to hit nearly 70 billion USD in 2019 from only 500 million USD in 1992.

The RoK has been the leading investor in Vietnam with nearly 1,000 projects, he said, adding that in 2019, about 5 million Korean tourists visited Vietnam.

Prime Minister Nguyen Xuan Phuc speaks at the event.

The Government leader said that the two sides have enjoyed strong partnership in health care, finance, insurance, culture, sports and human resources training. He attributed the result to the similarity in culture between the two nations.

He underlined that Vietnam supports and creates all conditions for the RoK to implement the New Southern Policy initiated by President Moon Jae-in, in which Vietnam is a key pillar.

He informed the participants on Vietnam’s situation with the high economic growth of 6.8 percent in 2018 and 2019, inflation rate at 3.5 percent and improved competitive capacity.

In addition to the FTA between Vietnam and the RoK which took effect in 2015, the Southeast Asian nation has joined many other FTA, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Vietnam moved up 10 places to 67th position in the Global Competitiveness Report 2019, and jumped three spots to the 42nd position in the Global Innovation Index (GII).

He stressed Vietnam called for cooperation in education and healthcare of the RoK, striving to form leading ASEAN medical centers stationed in Vietnam.

Besides, Korean investors need to inject their money in their strength’s fields like logistics services and shipbuilding, he said.

He reiterated the goal of achieving 100 billion USD in two-way trade value in 2020, while expressing his hope that the RoK will further open door for Vietnamese goods.

The Vietnamese government pledges to create the best possible conditions for foreign partners, including those from the RoK, to success in Vietnam, he affirmed.

At the event

Meanwhile, Deputy PM and Minister of Economy and Finance Hong Nam-ki stressed the significance of the forum, while saying that Korean investment in Vietnam has expanded over the years, making the RoK the biggest foreign investor of Vietnam with rise of 37 percent growth each year. Vietnam is also the biggest investment recipient among ASEAN countries.

He suggested that Korean firms grasp opportunities to invest in Vietnam as the two countries’ relationship is on a flourishing period.

With their strengths, Korean businesses have great cooperation and investment chances in various areas such as construction, infrastructure development, high technology and insurance, while helping Vietnam promote the potential of the private sector, developing startup, taking advantages of the Fourth Industrial Revolution, he asserted.

Hong also expressed his hope that the two governments will work more closely together to deal with difficulties hindering bilateral partnership amidst the changing world situation and trade tensions.

He said he expects the forum will open up new investment opportunities for both sides in the future.

Chairman of the Federation of Korean Industries (FKI) Huh Chang-soo said that Vietnam is a stable economy with great growth potential in the future.

Noting that trade between the two countries expanded 100 times since the two sides set up their diplomatic relations, he said that currently, more than 5,500 Korean firms are working in Vietnam, creating about 1 million jobs in the country.

In the future, the FKI will coordinate with a number of training facilities in Vietnam in training and sharing the country’s successful stories.

Within the framework of the forum, 33 memoranda of understanding worth nearly 20 billion USD were signed.

On the occasion, Vietjet announced its plan on new routes between Seoul and Vietnam’s Da Lat, Can Tho, Nha Trang and Phu Quoc.

Earlier, PM Nguyen Xuan Phuc had meetings with Deputy Prime Minister Hong Nam-ki, FKI Chairman Huh Changsoo and chairmen of some leading Korean groups to the forum like Shinhan Bank, SK Energy.

Source: VNA