Vietnam, RoK hold huge economic cooperation potential: Minister
Vietnam and the Republic of Korea (RoK) boast huge potential for economic and trade cooperation, especially after their ties were upgraded to a Comprehensive Strategic Partnership, Vietnamese Minister of Finance Ho Duc Phoc said on March 8.
Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (L) receives Vietnamese Minister of Finance Ho Duc Phoc on March 8 (Photo: VNA)
Seoul (VNA) – Vietnam and theRepublic of Korea (RoK) boast huge potential for economic and tradecooperation, especially after their ties were upgraded to a ComprehensiveStrategic Partnership, Vietnamese Minister of Finance Ho Duc Phoc said on March 8.
At a working session with Korean Deputy Prime Ministerand Minister of Economy and Finance Choi Sang-mok in Seoul, Phoc stressed that Vietnam is a top priority partner in the RoK’s official development assistance (ODA) supply while the RoK’s loansfor Vietnam through the Economic Development Cooperation Fund (EDCF) and EconomicDevelopment Promotion Facility (EDPF) have been constantly expanded.
As both sides inked several framework agreements with total committed fund ofup to 4 billion USD from the RoK, Phoc recommended the Korean side to join handswith the Vietnamese finance ministry and competent agencies to accelerate theimplementation of new projects using the fund, especially the EDPF capital.
He expressed his wish to foster cooperationwith the RoK, adding his ministry has worked to amend, supplement and issue newpolicies on finance and tax, particularly measures for the exemption andpayment extension of taxes and fees, helping facilitate production andbusiness, promote growth and carry out global integration commitments.
Vietnam has imposed the global minimum tax rate since the beginning of 2024 andthe RoK may enact the new tax rule this year. Therefore, the Southeast Asiancountry hopes that both sides will share and discuss the building andimplementation of the policy, he added.
Choi, for his part, stressed that Vietnam andthe RoK are leading trade partners of each other, saying both nations shouldexpand cooperation in the areas of trade, investment, development of supplychain, IT and human resources.
The RoK wants to step up the realisation of an agreement of capital supportthrough the EDCF and EDPF, he said, highlighting the two nations need to boostcollaboration in the fields of Vietnam’s interests and the RoK’s strengths.
He recommended Vietnam create a favourable business climate for Korean enterprisesso that they can run effective, successful and sustainable business in thecountry.
The same day, Phoc had a meeting with Chairman of the Financial ServicesCommission Kim Joo-hyun, during which both sides discussed trends in thefinancial sector as well as measures to enhance cooperation in the field,including capital market.
While in the RoK, Phoc also had working sessionswith the Financial Supervisory Service, Korea Exchange, Hana Financial Groupand Export-Import Bank of Korea./.
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Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (L) receives Vietnamese Minister of Finance Ho Duc Phoc on March 8 (Photo: VNA) 
