Choo Kyung-ho: "Strengthening Korea-Vietnam IPEF Supply Chain Cooperation... Achieving '100 Billion Dollar' Trade Next Year"

Deputy Prime Minister and Minister of Economy Choo Kyung-ho and Nguyen Xuan Phuc, President of Vietnam, are attending the 'Korea-Vietnam Business Forum' held at Lotte Hotel, Sogong-dong, Jung-gu, Seoul on the 6th, holding hands. 2022.12.6 [Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 6th, "Korea will lead regional economic and trade norms such as the Vietnam and Indo-Pacific Economic Framework (IPEF) and strengthen international division of labor and supply chain cooperation," adding, "We expect to achieve $100 billion in trade between the two countries next year."

Deputy Prime Minister Choo made these remarks in a welcoming speech at the 'Korea-Vietnam Business Forum' held at Lotte Hotel in Jung-gu, Seoul, on the occasion of Vietnamese State President Nguyen Xuan Phuc's visit to Korea. He said, "Since the two countries have elevated their relationship to a 'Comprehensive Strategic Partnership,' we must design a new 30 years for joint advancement."

This year marks the 30th anniversary of diplomatic relations between Korea and Vietnam. Korea has steadily increased its investment in Vietnam, reaching approximately $73.7 billion as of last year, becoming the largest investor. Deputy Prime Minister Choo evaluated, "Over the past 30 years, the two countries have developed into indispensable core economic cooperation partners based on solid trust that is not easily shaken."

Deputy Prime Minister Choo emphasized, "We must expand the scope of trade cooperation," and pledged to "mobilize the capabilities of all ministries" to achieve "$100 billion in trade" next year. Furthermore, he added, "As we face a major transition period due to climate change and the emergence of new industries, we must move forward together toward a green and digital economy," and stated, "We will strengthen cooperation with Vietnam by sharing experiences and technologies on future tasks such as smart cities, ICT, renewable energy, and environmental infrastructure."