As of September 2022, the RoK had run some 9,438 valid projects worth 80.5 billion USD, ranking first in terms of registered capital and project number in Vietnam. (Photo: VNA) The 19th meeting of the IntergovernmentalCommittee for Economic–Commercial and Scientific–Technological Cooperation wasco-chaired by the Vietnamese Ministry of Planning and Investment (MPI) and theKorean Ministry of Foreign Affairs.
It reviewed cooperation between thetwo countries since the previous meeting, and outline cooperation orientationsin the time ahead. Specifically, participants compared notes on solutions to forgecollaboration in trade, investment, labour and social affairs and developmentcooperation.
The MPI reported that the Vietnam-RoK relationshiphas made progress across spheres over the past years. Since the establishmentof the bilateral diplomatic ties 30 years ago, cooperation between the two countries hasseen outstanding developments in all fields, bringing interests to both sides and helping promote mutual trust andunderstanding.
As of September 2022, the RoK had run some 9,438 validprojects worth 80.5 billion USD, ranking first in terms of registered capitaland project number in Vietnam, according to Do Van Su, head of the MPI’sForeign Investment Agency (FIA).
He noted that Korean firms continue playing animportant role in the Vietnamese economy, making up about 30% of the country’scombined export value.
Last year, the RoK was Vietnam’s third biggest tradepartner, after China and the US, with two-way trade hitting 78 billion USD, ayear-on-year rise of 18.2%. The RoK was also Vietnam’s fourth biggest buyer andsecond biggest supplier, said Nguyen Duy Kien from the MPI’s Asia-Africa MarketDepartment.
MPI Deputy Minister Tran Quoc Phuong stressed the significanceof both new and existing projects to Vietnam in the context of the globaleconomy and trade recovering after the COVID-19 pandemic.
Therefore, Vietnam will create the best possible conditionsfor Korean firms to invest and expand operations in the country, he pledged.
Korean Deputy Foreign Minister Yun Eeong Deok briefedthe participants on obstacles to Korean investors in Vietnam, and suggested the SoutheastAsian nation work to remove them.
The Vietnamese side proposed the Korean Governmentencourage big groups of the RoK to pour investments into Vietnam’s priority areaslike high tech, electronics, renewable energy, infrastructure development, theconstruction of intensive technology clusters, and high-quality agriculture.
Regarding official development assistance (ODA), Directorof the MPI’s External Economic Pham Hoang Mai noted that Vietnam has receivedabout 20% of the RoK’s total ODA.
The East Asian nation’s total assistance to Vietnam hasbeen valued at more than 500 million USD recently, with 90% ODA and 10%non-refundable aid, the official added.
In terms of development cooperation, priorities havebeen given to transport and urban infrastructure, health care,education-training, environment, clean energy and IT.
Apart from ODA, the RoK has been ready toprovide Vietnam with preferential credit loans through a financial cooperationframework to support the Southeast Asian nation in implementing large-scaleinfrastructure projects.
The meeting also sought ways to boost collaborationin industry, energy, transport infrastructure, construction and finance-banking.
The two sides agreed to step up exchanges and thesharing of information in the time ahead.
Vietnam will call for more the ODA and preferentialloans from the RoK, and suggest the country facilitate Vietnam’s export ofsome agricultural products and food, and joint efforts to raise the two-waytrade to 100 billion USD by 2030 and 150 billion USD by 2050./.
VNA
