Comrade Chairman of the Provincial People's Committee Tran Quoc Van attends the Forum "Celebrating 30 years of diplomatic relation Vietnam - Korea: Towards the future together"

On June 23, the 30th Maekyung Global Forum with the theme "Celebrating 30 years of diplomatic relation Vietnam - Korea: Towards the future together" was held in Seoul (The Republic of Korea) with the participation of politicians and a large number of Korean and Vietnamese corporations and businesses, which was co-organized by Maekyung Media Corporation (The Repuclic of Korea), Korea Chamber of Commerce and Industry (KCCI) and Vietnam Chamber of Commerce and Industry (VCCI).

Comrade Chairman of the Provincial People's Committee Tran Quoc Van (far right) and delegates attend the forum

The Forum drew the attendance of Mr. Tran Quoc Van, Deputy Party Secretary, Chairman of the People's Committee of Hung Yen province; Vietnamese Ambassador to the Republic of Korea Nguyen Vu Tung; Chairman of Vietnam Chamber of Commerce and Industry Pham Tan Cong and leaders and enterprises of Hung Yen and Quang Ninh provinces.

In his video address sent to the Forum, Politburo member and Standing Deputy Prime Minister Pham Binh Minh emphasized proposing some solutions to enhance cooperation in the coming period as follows: Firstly, the two sides step up and promote investment cooperation in priority fields such as: high technology, science and technology, innovation; green economy, digital economy, digital transformation; clean energy, smart city, ecological city, high quality services; green industrial zones. Secondly, the two sides work together to promote regional economic linkages, effectively enahnce the Vietnam-Korea Free Trade Agreement (VKFTA), and bring the Regional Comprehensive Economic Partnership (RCEP) into effective implementation. Thirdly, elevating a comprehensive strategic partnership on a digital platform, opening investment opportunities and connecting businesses. Korean businesses increase technology transfer, build research and development (R&D) centers in Vietnam, and share experiences and knowledge about digital transformation and corporate governance for Vietnamese businesses.

Attending and speaking at the Forum, Deputy Prime Minister and Minister of Planning and Finance of the Republic of Korea Choo Kyung-ho stated that after 30 years of establishing diplomatic relation, Vietnam is now a part of South Korea's policy for ASEAN. The bilateral trade between the two countries has increased 160 times since the establishment of diplomatic relation (USD 500 million in 1992) to USD 80.7 billion in 2021. Vietnam has become Korea's 4th largest trading partner and Korea is Vietnam's 3rd largest trading partner.

Participating in the discussion session, Chairman of Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong said: Vietnam has the 41st largest GDP in the world, the 20th largest import and export scale in the world, and the world's leading openly business and investment market, 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. Over the past 30 years, VCCI has actively cooperated with Korean partners, including KCCI and Maekyung Group, 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.

Speaking at the first discussion session, Chairman of the People's Committee of Hung Yen province Tran Quoc Van said that this Forum was held on a large scale, attracting a large number of Korean corporations and enterprises to participate in. This is a good opportunity for Korean investors to learn about investment opportunities in Vietnam in general and Hung Yen province in particular. Hung Yen province is located in the center of the Northern key economic region including 7 provinces and cities: Hanoi, Hai Phong, Quang Ninh, Hai Duong, Hung Yen, Bac Ninh and Vinh Phuc. 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 Hanoi capital, Hung Yen also has developed and synchronous economic and social infrastructure, roads, railways, waterways, an abundant and trained workforce, which creates favorable conditions to promote local economic development. With locally available resources, innovative, dynamic and creative thinking, Hung Yen is committed to creating good conditions for investors to develop production in the province. Hung Yen is ready to cooperate and welcome Korean investors and businesses to learn and invest in Hung Yen.

During the discussion sessions, representatives of businesses of the two countries, scholars and researchers exchanged a lot of contents related to the potentials for bilateral cooperation between Vietnam and Korea, changes in the environment, impacts of challenges as well as investment opportunities for Vietnam, at the same time showing how to seek opportunities for deeper cooperation between Vietnam and Korea in the manufacturing industries of the future.