Politics PM Chinh’s visit grabs RoK’s media headlines Tuesday, 17:19, 02/07/2024 VOV.VN – The Korean media recently gave a wide coverage of the cooperation between Vietnam and the Republic of Korea (RoK) in economics and trade on the occasion of Prime Minister Pham Minh Chinh’s visit to the East Asian nation from June 30 to July 3.
Newspapers all reported on the RoK-Vietnam Business Forum at Lotte Hotel in Seoul on July 1.
Media outlet Newsis quoted the statement of Minister of Trade, Industry and Energy Ahn Deok-geun, emphasizing measures to elevate bilateral trade to US$150 billion by 2030.
Minister Ahn said that the two countries need to expand the scope of investment and trade to other fields, including not only intermediate goods but also consumer goods, services and infrastructure.
According to Ahn, to build a stable global supply chain network, it is necessary to concretize a plan to create synergy by connecting Vietnam’s core mineral resources such as rare earths with advanced Korean production technology.
The RoK is currently pursuing the establishment of a core mineral supply chain center in Vietnam which is set to open next year. Ahn also mentioned the potential for cooperation in the fields of clean energy and nuclear power.
Newsis also highlighted the information that Prime Minister Pham Minh Chinh, along with ministries, sectors, localities, and businesses of the two countries, awarded 23 cooperation agreements covering multiple fields such as investment, trade, energy conversion, biotechnology, industrial park construction, semiconductor technology, medicine and pharmacy, aviation, logistics, information technology, and mechanical engineering.
The Vietnamese Government leader affirmed Vietnam’s readiness to cooperate with RoK firms in advanced fields such as semiconductors, artificial intelligence (AI) and hydrogen energy.
Regarding this forum, site mk.co.kr said that since the relationship between the two countries was upgraded to a comprehensive strategic partnership in 2022, this business forum was designed to further strengthen the bridge of economic cooperation between the two countries.
Assessing the scope and level of trade and investment cooperation between the two countries, Chosun Ilbo newspaper said that currently, the total investment of Korean businesses in Vietnam amounts to US$87 billion.
Among them, 19 major Korean corporations and enterprises including SK, POSCO and Hyosung, signed a memorandum of understanding (MoU) with 18 Vietnamese companies and government agencies in the presence of leaders of Vietnamese ministries and sectors, and decided to expand trade and investment in areas such as new energy, renewable energy and semiconductors.
Also reporting on the above forum, Hankuk Kyongjae newspaper highlighted the decision by Korean and Vietnamese political and business leaders to expand investment and trade in areas such as digital transformation and supply chain cooperation.
According to this newspaper’s assessment, after the two countries upgraded their relationship to a comprehensive strategic partnership in 2022, this event is expected to help promote investment and trade expansion as well as seek solutions to ramp up economic cooperation between the two nations.
This newspaper also highlighted the interest of large Korean corporations in trade relationships with Vietnamese partners by citing the participation of about 350 Korean entrepreneurs, notably the participation of leaders of major Korean corporations.
Addressing the forum, Chairman of the RoK-Vietnam Economic Cooperation Committee, under the Korea Chamber of Commerce and Industry (KCCI), Cho Hyun-sang said that the RoK and Vietnam are strategic partners and need to find a way to jointly cope with changes in the global economic environment. The RoK desires to find partnerships that can create combined strengths.
Yonhap news agency said the RoK is the largest investor among 146 countries investing in Vietnam, with a total investment capital of more than US$87 billion.
During this visit the RoK, Vietnamese Prime Minister Pham Minh Chinh had talks with leaders from major Korean businesses and had separate meetings with leaders of about 10 big Korean corporations and businesses.
Yonhap noted that recently, the Vietnamese Government has made greater efforts to attract investment in the semiconductor industry.
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