Vietnam pursues enhanced collaboration with South Korea in the coming era: government representative

Rewritten Article:

(Note: This article is about the Vietnamese government's commitment to creating an attractive and streamlined business environment for the Republic of Korea (RoK) investors, focusing on administrative reforms, smart governance, and prioritizing high-tech industries. Incorporating key insights from enrichment data)

HƯNG YÊN — Vietnam vows to create an open and transparent investment landscape for foreign businesses, including those from the RoK, by accelerating administrative reforms, promoting smart governance, and streamlining state apparatus.

Deputy Prime Minister and Foreign Minister Bùi Thanh Sơn made the statement at the "Meet Korea 2025" event in the northern province of Hưng Yên, co-hosted by the Ministry of Foreign Affairs and the Embassy of the RoK in Vietnam.

Sơn highlighted the significance of the event, marking the 10th anniversary of the signing of the Vietnam-Korea Free Trade Agreement (VKFTA) and a decade of the "Meet Korea in Vietnam" initiative. The remarkable progress in bilateral relations, from a comprehensive partnership in 2001 to a comprehensive strategic partnership by 2022, exemplifies the close ties, mutual trust, and effective cooperation between the countries, despite regional and global uncertainties.

The Vietnam-RoK relationships have seen exceptional achievements across various sectors of cooperation. The RoK ranks first in Foreign Direct Investment (FDI) in Vietnam, with over $92 billion in investment; second in official development assistance, labor, and tourism; and third in trade cooperation. Meanwhile, Vietnam is the RoK's largest economy partner in ASEAN, representing 50% of its total trade turnover with ASEAN.

Vietnam faces challenges in terms of financial resources, technology, and human resources. The government acknowledges the crucial role of comprehensive cooperation and substantial investment from international partners, such as the RoK, based on mutual benefit and shared prosperity, to help Vietnam overcome these obstacles.

The government places considerable value on the operations and contributions of Korean enterprises in Vietnam, particularly their shift from basic processing to hi-tech industries and energy, finance, and banking projects. The participation and support of Korean partners are considered essential factors contributing to Vietnam's industrialization and modernization.

To provide foreign investors with an efficient and modern business environment, Vietnam is taking steps to simplify investment conditions and streamline procedures. This includes eliminating 30% of unnecessary investment conditions and reducing bureaucracy by streamlining administrative processes[5]. Moreover, efforts are being made to promote smart governance by accelerating administrative reforms and streamlining the state apparatus to facilitate stable and long-term business operations[1].

The government is committed to creating an open and transparent investment environment for foreign investors, which is vital in attracting more foreign investment[1]. In addition, the government emphasizes the importance of fostering innovation and technology, particularly high-tech industries, energy projects, finance, and banking sectors, such as digital transformation, green economy, semiconductors, and smart cities[2]. These sectors are areas of mutual interest for both Vietnam and the RoK, and the countries encourage the development of sustainable value chains focusing on innovation, creativity, and the application of high technology[3].

To further enhance the business environment, new policies effective May 2025 address foreign ownership in financial institutions, increasing transparency and investment stability[3]. Additionally, statistical reform and economic classification updates aim to improve data collection and classification, providing businesses with more accurate and beneficial economic information[3].

Secretary of the Hưng Yên Provincial Party Committee, Nguyễn Hữu Nghĩa, confirmed that Korean investors have become significant partners for the province, making substantial contributions to economic development, State budget revenue, job creation, and improving locals' incomes. In 2024, the total import-export turnover between Hưng Yên and the RoK reached $1.94 billion, representing 14.45% of the province's total trade turnover. Hưng Yên currently hosts 162 Korean projects worth $1.46 billion.

Han Jongdeok, General Director of VTK Hưŋ Yên Industrial Park Investment and Development Company Limited, attributed the province's growing popularity among investors to its favorable location, well-developed transportation infrastructure, abundant workforce, and strong support from local authorities for businesses. Within the framework of the event, representatives of Korean businesses presented scholarships to students of Hưng Yên, as well as signing memoranda of understanding (MOUs) on investment cooperation. - VNA/VNS

Deputy Prime Minister and Foreign Minister Bùi Thanh Sơn addresses the event "Meet Korea 2025" in Hưng Yên on Wednesday. - VNA/VNS Photo

(Tags: #Vietnam #Investment #AdministrativeReforms #SmartGovernance #OpenEnvironment #HighTechIndustries #Korea FTAs #SustainableValueChains)

The Vietnamese government emphasizes the significance of attracting Republic of Korea (RoK) investors by promising administrative reforms, smart governance, and prioritizing high-tech industries, with the aim of creating an open and transparent investment environment.
In his statement at the "Meet Korea 2025" event, Deputy Prime Minister and Foreign Minister Buì Thanh Sơn highlighted the advancements in the Vietnam-RoK relationship, citing the exceptional achievements across various sectors, such as trade, finance, and technology.
To ensure foreign businesses, including those from the RoK, operate in an efficient and modern environment, the government is streamlining investment conditions, eliminating unnecessary regulations, and promoting smart governance through administrative reforms.
Recognizing the importance of substantial investment from international partners like the RoK, the government values Korean enterprises' contribution to Vietnam's industry, particularly their shift from basic processing to advanced industries such as energy, finance, and technology.
To foster innovation and technology, the government encourages the development of sustainable value chains, focusing on areas of mutual interest for both Vietnam and the RoK, including digital transformation, green economy, semiconductors, and smart cities.