KCCI Hosts Korea-Vietnam Business Forum
Prime Minister Pham Minh Chinh Invited... Over 500 Attendees
Governments Pledge to Expand Investment and Trade
Minister Ahn Deok-geun: "Supply Chain and Energy Cooperation"
23 MOUs Signed Between Both Countries... Energy, Semiconductors, etc.
On the 1st, government officials and businesspeople from South Korea and Vietnam gathered to agree on expanding investment and trade through digital transformation and supply chain cooperation.
Vietnamese Prime Minister Pham Minh Chinh arrived at Seoul Airport on the afternoon of the 30th of last month and waved to the welcoming crowd. [Image source=Yonhap News]
The Korea Chamber of Commerce and Industry held the 'Korea-Vietnam Business Forum' at the Lotte Hotel in Sogong-dong on the morning of the same day. The forum was held to coincide with the visit of Vietnamese Prime Minister Pham Minh Chinh to South Korea. Marking the 30th anniversary of diplomatic relations in 2022, the participants sought ways to expand mutual investment and trade and revitalize economic cooperation as the relationship between the two countries was elevated to a comprehensive and strategic partnership.
Representing the South Korean government were Minister of Trade, Industry and Energy Ahn Duk-geun and Ambassador Choi Young-sam to Vietnam. On the business side, Cho Hyun-sang, Vice Chairman of HS Hyosung and chairman of the Korea-Vietnam Economic Cooperation Committee of the Korea Chamber of Commerce and Industry, elected in March, presided over the forum as the representative of the business community. In addition, about 350 businesspeople interested in investing in Vietnam attended, including Cho Hyun-joon, Chairman of Hyosung Group; Lee Hee-beom, Chairman of Booyoung Group; Park Seung-hee, President of Samsung Electronics; and Lee Gye-in, President of POSCO International. From Vietnam, about 150 people attended, including Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, Minister of Foreign Affairs Bui Thanh Son, as well as businesspeople such as Lu Trung Thai, Chairman of Vietnam Military Bank, and Nguyen Thang Hung, President of Sovico.
In his opening remarks, Cho Hyun-sang, Chairman of the Economic Cooperation Committee, emphasized, "South Korea and Vietnam are strategic partners who must overcome changes in the global economic environment together," and added, "I hope that many wise solutions will be derived to create synergy in cooperation between the two countries in the areas of digital transformation, energy transition, and supply chain cooperation, which are the themes of today's forum."
Minister Ahn Duk-geun of the Ministry of Trade, Industry and Energy also said in his welcoming remarks, "This year marks the 32nd anniversary of diplomatic relations between the two countries, and now is the time to prepare for the next 30 years," adding, "Going forward, the two governments plan to actively cooperate in expanding investment and trade, establishing a stable supply chain cooperation network, and collaborating in areas such as climate change and nuclear energy."
Vietnamese Prime Minister Pham Minh Chinh responded, saying, "South Korea is the largest investor among 146 countries investing in Vietnam, with more than 10,000 projects totaling over 87 billion dollars, and we highly appreciate the contributions of Korean companies to Vietnam's socio-economic development." He added, "The Vietnamese government will strive to simplify administrative procedures and improve regulations so that Korean companies can expand investments in advanced technology, electronics, semiconductors, infrastructure construction, renewable energy, biotechnology, and professional manpower training, enabling the trade volume between the two countries to exceed 100 billion dollars in the future."
Meanwhile, during the forum, 23 memorandums of understanding (MOUs) were signed between major companies and institutions from both countries. Nineteen Korean companies and institutions, including SK (energy and green growth), POSCO (comprehensive financial cooperation), and Hyosung (bio and R&D), participated along with 18 Vietnamese companies and local governments. Through these agreements, the two countries pledged to expand trade and investment in industries such as advanced energy, renewable energy, semiconductors, steel, and bio, and to strengthen cooperation in research and development, smart factories, AI, education, and marketing.
Following this, presentations on digital transformation, supply chain, and energy cooperation were given by businesspeople and experts from both countries. From South Korea, Kwak Sung-il, Director of the World Regional Studies Center at the Korea Institute for International Economic Policy, presented on "Core Mineral Supply Chain Cooperation," and Jang Sung-eun, Head of Global Business Promotion at Shinhan Bank, spoke on "Vietnam's Digital Transformation Strategy and Futures Lab Project." From Vietnam, Lu Trung Thai, Chairman of Military Bank, gave a presentation on "Digital Transformation in the Financial Sector."
Lee Sung-woo, Director of International Trade at the Korea Chamber of Commerce and Industry, said, "For the governments' goal of expanding trade volume to 150 billion dollars by 2030 to be realized, the role of the private sector led by companies is crucial," adding, "Going forward, the Korea Chamber of Commerce and Industry plans to actively operate channels such as the Korea-Vietnam Economic Cooperation Committee and the Korea Chamber of Commerce and Industry Vietnam Office to help create new businesses and resolve corporate difficulties through various activities."
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