Vietnam Pledges Support for South Korean Investors: PM Chính

Vietnam Pledges Support for South Korean Investors: PM Chính

Seoul, The Gulf Observer: Prime Minister Phạm Minh Chính has reaffirmed Vietnam’s commitment to supporting foreign investors, particularly those from the Republic of Korea (RoK), ensuring they operate smoothly, effectively, and sustainably in Vietnam. He made this pledge during a working breakfast in Seoul on Monday with leaders from major South Korean businesses in industries such as energy, finance, IT, healthcare, and pharmaceuticals.

PM Chính highlighted that the Vietnam-RoK relationship is flourishing, with the two nations becoming each other’s key partners across various fields since establishing diplomatic relations 30 years ago. Last year, bilateral trade reached $76.1 billion, and South Korea’s direct investment in Vietnam totaled $87 billion across approximately 10,000 projects.

The Vietnamese Prime Minister briefed attendees on Vietnam’s development strategies, external and defense policies, and efforts in cultural development, social welfare, political system building, and anti-corruption. Despite global challenges, Vietnam has maintained macroeconomic stability, controlled inflation, and ensured major economic balances, with government and foreign debts under control and robust economic growth.

PM Chính expressed his hope that South Korean businesses will continue to expand their operations in Vietnam, leveraging the comprehensive strategic partnership between the two countries. He aims to elevate bilateral trade to $100 billion by 2025 and $150 billion by 2030.

Leaders from South Korean firms such as Hyundai Motors, GS Energy, Doosan Enerbility, KB Financial Group, Hana Financial Group, Shinhan Bank, MB Bank, POSCO International, TKG Taekwang, and Seegene Medical Foundation praised Vietnam’s investment environment, noting their effective cooperation and successful business operations. They expressed interest in further investments in sectors including renewable energy, LNG energy, aircraft engine manufacturing, shipbuilding, data center construction, digital public services, banking, and healthcare.

The executives also urged the Vietnamese government to continue promoting administrative reforms, ensuring a stable and diverse power supply, and providing support in labor and land rent issues.

PM Chính suggested expanding collaboration to new areas such as the digital economy, green economy, circular economy, sharing economy, knowledge-based economy, and emerging industries like artificial intelligence and Fourth Industrial Revolution-related sectors.

He called on South Korean firms to support Vietnam in finance, infrastructure development, policy and institutional improvement, high-quality human resource training, and smart governance. Additionally, he encouraged South Korean investors to participate in social welfare and charity activities in Vietnam and assist Vietnamese enterprises in joining South Korea’s supply chains and global value chains.

Prime Minister Chính expressed confidence that, with the motto of “three together”—listening and understanding together; sharing visions and actions together; and working, benefiting, winning, and developing together—along with the spirit of “harmonized interests, shared risks,” Vietnamese and South Korean enterprises will significantly contribute to the bilateral relationship, fostering growth in both countries and enhancing the quality of life for their people.

He instructed Vietnamese ministries, sectors, and localities to consider the opinions expressed during the sessions, particularly regarding investment attraction, business environment improvement, and competitiveness enhancement.