Vietnam and South Korea bolster economic partnership in the pursuit of a modernized bond
Vietnam and South Korea Strengthen Economic Ties at Seoul Forum
In a significant step towards deepening their economic partnership, Vietnam and South Korea held the Vietnam-South Korea Economic Forum in Seoul in 2024. The event focused on enhancing collaboration in key areas such as production chains, energy infrastructure, digital technology, and advanced industries.
The forum emphasized the development of production chains with a focus on high technology, clean, modern, and high value-added projects that contribute to global supply chains. South Korean companies, including SK Innovation, pledged to provide competitive energy infrastructure to support advanced industries such as semiconductors and batteries.
Technology and innovation were another focal point, with discussions centering around artificial intelligence, hyperscale data centers, and high-speed rail. Infrastructure investment was also prioritized, with companies like HD Korea Shipbuilding & Offshore Engineering pledging further cooperation and investment in shipbuilding and aviation sectors.
Renewable energy promotion aligned with environmental and sustainable development goals was another area of mutual interest. The forum underlined the need to develop science, technology, and innovation as an important pillar in bilateral cooperation.
The event was attended by representatives from over 400 leading enterprises of both countries. The Vietnamese Deputy PM and Minister of Foreign Affairs expressed confidence in the consolidated partnership between the two countries and reaffirmed Vietnam's commitment to creating the best conditions for Korean businesses to invest and expand operations in Vietnam.
A total of 52 memorandums of understanding (MOUs) were signed during the forum, covering these sectors, to deepen economic, trade, and investment ties. The forum served as a platform for connecting business communities and promoting bilateral cooperation in economy, trade, and investment.
Both sides aim to achieve a target of US$100 billion in two-way trade in 2025 and $150 billion by 2030, while increasing official development assistance (ODA) with a focus on strategic infrastructure development. The Vietnamese Party leader, General Secretary Tô Lâm, expressed hope that Korean enterprises would continue to invest and expand operations in Vietnam, particularly in fields such as clean and green energy, heavy industries, semiconductor technology, artificial intelligence (AI), blockchain, and high-quality services in healthcare, education, and urban development.
Prime Minister Kim Min-seok emphasized that South Korea and Vietnam had a close and trusting relationship, with South Korea being the largest investor in Vietnam. He expressed belief that Vietnam would achieve its development goals and become a high-income country.
The year 2025 is expected to play a pivotal role in creating an important foundation and strong momentum for Vietnam to achieve its two centenary goals. The Vietnamese Deputy PM also hoped for continued support and close cooperation from international friends and partners, especially from South Korea, to attract more foreign investors to contribute to local development.
In conclusion, the Vietnam-South Korea Economic Forum in Seoul marked a significant step towards strengthening economic ties between the two countries. Both sides reaffirmed their commitment to collaboration in key areas such as production chains, energy infrastructure, digital technology, and advanced industries, with the aim of achieving ambitious trade targets and contributing to sustainable development.
- Discussions during the Vietnam-South Korea Economic Forum centred on areas like artificial intelligence (AI), high-speed rail, and hyperscale data centers, demonstrating a focus on advanced technology.
- To align with environmental and sustainable development goals, the promotion of renewable energy was another area of mutual interest between Vietnam and South Korea.
- In the healthcare sector, the Vietnamese Party leader expressed hope that Korean enterprises would invest in high-quality services.
- The education sector also caught the attention of Korean investors, with a focus on urban development for sustainable growth.
- The forum served to deepen economic, trade, and investment ties between the two countries, evidenced by the signing of 52 memorandums of understanding (MOUs).
- The Vietnamese Deputy PM expressed belief that continued South Korean investment would significantly aid local development and the achievement of Vietnam's milestone goals.
- South Korea, as Vietnam's largest investor, emphasized the importance of collaboration, particularly in the clean and green energy sector, semiconductor technology, artificial intelligence (AI), blockchain, and high-quality services in healthcare, education, and urban development.
- The Vietnamese Deputy PM and Prime Minister Kim Min-seok shared their hope that the 2025 bilateral partnership would provide a strong foundation for Vietnam to become a high-income country, encouraging global partners like South Korea to continue supporting its development objectives.
