Hanoi (VNA) – The Vietnam – Korea Business Forum with the theme of“𓆉Cooperation fo🅠r a sustainable future” was held virtually on July 8.

Co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) andthe Korea InternationalTrade Association (KITA), the event focused its discussions onbilateral investment cooperation, especially in the fields of information technology,electricity, renewable energy, education and smart city development. Speakingat the event, VCCI Vice Chairman Hoang Quang Phong said the Republic of Korea(RoK) is an important economic partner of Vietnam and has taken the lead in terms of foreign investmentin the Southeast Asian country. By the end of 2020, the RoK had had over 8,900 valid projects in Vietnam with combinedregistered capital of around 70.65 billion USD, ranking first among 139countries and territories investing in the country. Last year, the RoK was also the third largest trade partner of Vietnamwith a two-way trade of 66 billion USD. It was the fourth largest export market and thesecond biggest importer of Vietnam. DespiteCOVID-19 the pandemic, the Vietnamese Government has created favourable conditions forforeign enterprises in the country and committed toinstitutionalise people’s travel while developing infrastructure andregional connectivity, Phong said. Inorder to boost bilateral business ties, he suggested stepping up theapplication of digital technology and the development of telecommunicationinfrastructure, including mobile broadband infrastructure, and e-commerce. In the field of energy, Vietnamese and Korean firms should enhance the sharing of information and promote Koreaninvestment in power plants and renewable energy, he said. Regarding education, he proposed further increasing the exchange of students,develop teaching methods using artificial intelligence and big data, especiallyin the training of foreign languages and workforce major in high technology. Phongexpressed his hope that the two governments and business communities willfurther enhance online business connectivity activities, helping tomaintain and promote the global supply chains, technology transfer andassistance from the RoK in Vietnam's industries. Commentingon bilateral trade and investment prospects, President of theLee & Ko Global Commerce Institute and former Korean Trade Minister TaehoBark said a number of Korean companies are paying special attention to theVietnamese market. Bark said the two countries should further tap the advantages of bilateral andmultilateral free trade agreements in a bid to achieve the target of 100 billion USD intwo-way trade by 2023. At thesame time, the RoK and Vietnam should develop the private sector and small and medium-sizedenterprises (SMEs) by actively building e-commerce platforms in conformity with common trends and amid the pandemic atpresent, he said./.