Korean media highlights Vietnamese Prime Minister's visit with determination of enhanced economic cooperation

Wednesday, 03/07/2024 15:33
On July 1, Korean newspapers and media outlets extensively covered the economic and trade cooperation between Vietnam and the Republic of Korea (RoK) during Prime Minister Pham Minh Chinh's official visit to the RoK from June 30 to July 3.
Newsis reports on Prime Minister Pham Minh Chinh's visit to the RoK. (Photo: baoquocte.vn)

Reports covered the Vietnam-Korea Business Forum held at the Lotte Hotel in central Seoul on July 1.

Newsis, a Korean news agency, cited a statement from Minister of Trade, Industry and Energy Ahn Deok-geun, highlighting measures to promote bilateral trade to achieve the target of USD150 billion by 2030. Minister Ahn emphasized the need to expand the scope of investment and trade to include not only intermediate goods but also consumer goods, services and infrastructure.

Minister Ahn mentioned the importance of concretizing plans to create synergies by connecting Vietnam's core mineral resources, such as rare earths, with RoK’s advanced manufacturing technology. Currently, the RoK is pursuing the establishment of a core mineral supply chain center in Vietnam, expected to launch next year. He also discussed potential cooperation in the fields of clean energy and nuclear power.

Newsis also highlighted that Prime Minister Pham Minh Chinh, along with various ministries, localities and businesses from both countries, signed 23 cooperation agreements in diverse fields such as investment, trade, energy transition, biotechnology, industrial zone construction, semiconductor technology, pharmaceuticals, aviation, logistics, information technology and engineering.

Prime Minister Pham Minh Chinh affirmed that Vietnam is ready to cooperate with Korean companies in advanced fields such as semiconductors, artificial intelligence (AI) and hydrogen energy.

Meanwhile, the website mk.co.kr noted that since the bilateral relationship was upgraded to a Comprehensive Strategic Partnership in 2022, the Vietnam-RoK Business Forum is designed to further strengthen the bilateral economic cooperation.

Chosun Ilbo newspaper highlighted the scope and level of trade and investment cooperation between the two countries, stating that total investment by Korean businesses in Vietnam currently amounts to USD87 billion. Among these, 19 major Korean groups and businesses, including SK, POSCO and Hyosung, have signed memoranda of understanding (MoUs) with 18 Vietnamese companies and government agencies, witnessed by Vietnamese ministry leaders, to expand trade and investment in fields such as new energy, renewable energy, and semiconductors.

Reporting on the same forum, Hankuk Kyongjae newspapers emphasized the decision by political and business leaders of the RoK and Vietnam to expand investment and trade in areas such as digital transformation and supply chain cooperation. The newspaper also expressed that the 2022 upgrade of bilateral relations to a Comprehensive Strategic Partnership is expected to facilitate expanded investment and trade, as well as measures to enhance economic cooperation between the RoK and Vietnam. The report highlighted the interest of major Korean businesses in trade relations with Vietnamese partners, citing the participation of around 350 Korean businesspeople, including notable leaders such as Hyosung Group Chairman Cho Hyun-joon, Booyoung Group Chairman Lee Hee-beom, Samsung Electronics President Park Seung-hee, POSCO International Chairman Lee Gye-in and SK Supex Council Chairman Choi Chang-won.

Yonhap News Agency reported that the RoK is the largest investor among 146 countries and territories investing in Vietnam, with a total of over USD87 billion. During his visit to the RoK, Prime Minister Pham Minh Chinh held talks with major Korean businesses. Additionally, he had separate meetings with leaders of about 10 large Korean groups and businesses. Yonhap noted that recently, the Vietnamese government has been actively working to attract investment into the semiconductor sector./.

Compiled by BTA