Boosting Vietnam – Korea economic and commercial relations

According to Prime Minister Nguyen Xuan Phuc, Vietnam – Korea relations witnessed strong development in economy, trade and investment. Korea continues to top the list regarding investment and ranks second in ODA, trade and tourism cooperation with Vietnam.

Prime Minister Nguyen Xuan Phuc received Korean Ambassador to Vietnam Park No Wan and representatives of Korean Business in Vietnam.

On April 2nd, at the headquarter of the Government, Prime Minister Nguyen Xuan Phuc had a meeting with Mr. Park No Wan, Korean Ambassador to Vietnam and representatives of the following agencies: Korean Business Association in Vietnam, Korean Association in Vietnam, 5 Korean leading high tech groups seeking investment opportunities in Vietnam.

At the meeting, Prime Minister held that bilateral relations in economy, trade and investment enjoyed strong development in which Korean remained the biggest investor in Vietnam and ranked 2nd when it comes to cooperative ties with Vietnam in ODA, trade and tourism; the two countries’s cooperation witnessed new achievements in such fields as education, labour, culture and sport whereas people to people exchange between the two sides were conducted with vitality. Vietnamese Government was delighted at the fact that a number of Korean enterprises and corporations were running successfully in Vietnam. During Covid-19 pandemic, Vietnam would always create favourable conditions to Korean experts running business in Vietnam. Prime Minister Nguyen Xuan Phuc expressed his delight at the dynamic investment of Korean investors in Vietnam.

Prime Minister Nguyen Xuan Phuc believed that Vietnam – Korea relations would be continually strengthened with the contribution of Korean large corporation’s success business in Vietnam such as Samsung, SK, Hanwha, Daewoo, Lotte, etc. Vietnamese Government would continue to support and facilitate these enterprises expanding businesses in Vietnam.

The Prime Minister emphasized that Vietnam as a state ruled by law being in the process of deep international integration always had consistent advocacy of international cooperation and adopted laws, regulation, gradually approached international norms to create a favourable investment climate for both domestic and foreign enterprises. He also affirmed that internal resources were decisive factor while external ones were of profound significance in economic development, thus Vietnam would always protect the right to property, pay attention to investment climate reform and attract strong technology corporations from all over the world to Vietnam. Vietnam’s success over the past period was thanks to foreign invested enterprises, an important part of Vietnam’s economy , in which Korean businesses’ achievements were also those of Vietnamese Government.

Due to the significance of this sector, Vietnamese Government would facilitate its sustainable growth, healthy cooperation and competition against other sectors, welcome, respect and protect the legitimate rights and benefits of investors. Besides, Vietnamese Government always made effort to accelerate strong administrative reform and investment climate improvement, pay due attention to attracting investment to Vietnam, especially that of high tech corporations.

Prime Minister Nguyen Xuan Phuc hoped that Korean Ambassador to Vietnam would fulfill his responsibilities and contribute to further bilateral relations’ comprehensive achievements with his rich knowledge and diplomatic experience .

At the meeting, Korean Ambassador Park No Wan sent Korean President’s regards to Prime Minister Nguyen Xuan Phuc. He put emphasis on Korea’s appreciation for Vietnam’s successful control of Covid-19 pandemic, realizing the dual goals. Korean enterprises in Vietnam were all delighted when Vietnam remained high growth rate in spite of the pandemic’s widespread all over the world.

The Ambassador expressed his sincere thank to Prime Minister Nguyen Xuan Phuc and highly valued the Prime Minister’s significant role in tightening the two countries’ relations and supporting Korean enterprises’ investment in Vietnam. As a result, Korea’s total investment capital in Vietnam surged with the appearance of Korea’s large and high tech investment projects in Vietnam over the past years.

According to the Ambassador, the two countries would celebrate the 30th anniversary of the establishment of diplomatic relations next year, thus Korea looked forward to high-level visits aiming at developing Vietnam – Korea relations to a new height for which the Embassy were making active preparation. Korean Government would like to take this opportunity to intensify cooperation with Vietnam in a number of new fields including national defence. Korea also hoped to operate flights for senior leaders of Korean corporations to Vietnam, thus expressed its wish for Vietnam’s support during Covid-19 pandemic.

At the moment, Korean Government is interested in projects of large scale in such fields as natural gas power, deep-sea port, biotechnology, semiconductors, etc. and wishes to have Vietnamese Government’s attention on this issue. The Ambassador was delighted to inform Korean Government’s decision to continue receiving Vietnamese labours on April 2nd with the quota of 8,000 to 10,000 labours in 2021.

Representatives of Korean corporations expressed their gratitude to the Government, Prime Minister and other ministries, agencies of Vietnam for facilitating their successful business in Vietnam. They also took this opportunity to brief the Prime Minister on their new projects.

Taking notes of the Ambassadors and representatives of Korean corporation’s opinions, Prime Minister Nguyen Xuan Phuc hoped that the Korean enterprises’ business in Vietnam would be all as successful as that of Samsung, which was guaranteed by its own internal factors together with Vietnamese Government’s efforts.

Vietnamese Government always pays special attention to and creates favourable condition for Korean community in Vietnam, thus hopes Korean Government to have the same policy towards Vietnamese community in Korea. The Prime Minister were very delighted when Korean Government resumed receiving Vietnamese workers. He affirmed Vietnam’s consistent policies of foreign investors’ legitimate benefits protection.

Prime Minister Nguyen Xuan Phuc also hoped that the Ambassador would actively facilitate Korean investment in Vietnam’s localities. Next year, Vietnam would make careful preparation for the 30th anniversary of the establishment of the two countries’ diplomatic relations.

Prime Minister affirmed that Vietnam would create the most favourable condition for foreign investors in spite of Covid-19 pandemic. He believed in a brighter future for both sides awaiting with Vietnam’s achievements in realizing its dual goals in socioeconomic development and Covid-19 pandemic control as well as Vietnam’s project to intensify international cooperation in the coming time./.