Chairman of the Provincial People's Committee Tran Quoc Van attends the Vietnam - Korea investment promotion conference

Continuing his business trip to Korea, on June 24, Mr. Tran Quoc Van, Deputy Party Secretary, Chairman of the Provincial People's Committee attended the Vietnam investment promotion conference on the occasion of the 30th founding anniversary of diplomatic relation Vietnam - Korea, which is held in Seoul capital.

Comrade Tran Quoc Van (the 3rd on the left) and Leaders of VCCI, KCCI, representatives of Vietnamese - Korean businesses take a souvenir photo at the Conference

The conference was held by Korea Chamber of Commerce and Industry (KCCI) in collaboration with Vietnam Chamber of Commerce and Industry (VCCI), attracting the attention of a large number of Korean businesses.

In the opening speech, Chairman of the Korea-Vietnam Economic Cooperation Association, Mr. Joo Si-bo, who is currently the Chairman and CEO of Posco International Group, emphasized the need to organize investment promotion activities between Korean and Vietnamese businesses in the post-COVID-19 period. Chairman Joo said that Korean businesses do not consider Vietnam as a mere trading partner but a reciprocal economic partner that complements each other.

In the context of a volatile global economy and a supply chain crisis, it is a necessary to closely coordinate among businesses of two countries. Mr. Joo suggested a number of areas that two countries need to focus on cooperation in the coming time, including prevention, control and public health care to deal with the pandemic; cooperation in smart city development, digital economy sector, and coordination in the global supply chain reorganization. The two countries also need to strengthen cooperation to promote green industries, reduce greenhouse gas emissions to respond to climate change, develop balanced, and create sustainable jobs.

Participating in the thematic discussion session, VCCI Chairman Pham Tan Cong said: Vietnam has the 41st largest GDP in the world, the 20th largest import-export scale in the world, and an openly leading business and investment environment in the world, with signed 17 FTAs, including the Vietnam - Korea FTA. Along with the advantages of political stability; abundant and good quality human resources; transport infrastructure and digital transformation are being upgraded very quickly, Vietnam has emerged as a leading attractive destination in the world in attracting FDI. Up to now, there have been businesses from 139 countries and territories investing over 420 billion USD in Vietnam.

In 2021, Korean corporations have significantly increased their investment capital in Vietnam. VCCI is a national organization representing the business community in Vietnam. VCCI currently has nearly 200,000 member businesses and nearly 200 member business associations. Over the past 30 years, VCCI has actively cooperated with Korean partners, especially KCCI in trade and investment promotion programs in Vietnam. VCCI is a leading organization in Vietnam in participating in the development of laws and policies to create favorable conditions for business and investment activities of enterprises, including Korean enterprises in Vietnam.

Comrade Tran Quoc Van delivers a speech calling for investment promotion in Hung Yen province

Speaking at the conference, Chairman of the Provincial People's Committee Tran Quoc Van introduced the opportunities and potentials of Hung Yen province to Korean businesses participating in the conference. Mr. Tran Quoc Van said: Hung Yen is located in the center of the Northern key economic region including 7 provinces and cities. This is a dynamic economic center and the economic locomotive of Vietnam. Along with the economic development of the whole country, Hung Yen is one of the provinces with a relatively high economic growth rate. The economic structure is rapidly shifting towards industry, service, and modernization.

Not only bordering the Hanoi capital, Hung Yen also has a developed and synchronous economic and social infrastructure, roads, railways, waterways, an abundant and trained workforce, which is favorable conditions to promote local economic development. With locally available resources and an innovative, dynamic and creative mindset, Hung Yen is committed to creating good conditions for investors to develop production in the province.

During the discussion sessions, representatives of businesses of the two countries exchanged presentations on such topics as Korea-Vietnam economic cooperation in the post-COVID-19 era; the investment opportunities in Vietnam - milestones in the development of legal policies; Infrastructure development and innovation - the driving force of Vietnam's economic development... In their speeches, the speakers all expressed their belief in the potentials and positive driving force of Vietnam's economic growth after the pandemic; at the same time, it pointed out the new trend of Korean businesses in the period of the 4.0 technology revolution and the digital economy.

Accordingly, Korean enterprises would gradually increase the proportion of innovative technologies through investment in techniques and modern technology, and gradually reduce the rate of labor intensive use. The conference also proposed more cooperation directions in potential fields, cooperation in building supply chains, developing environmentally friendly technologies and mitigating the impact of climate change...