In the framework in Korea, on June 24, Mr. Tran Quoc Van, Deputy Secretary of Provincial Party Committee, Chairman of Provincial Party's Committee, attended the investment promotion conference held in Seoul on the occasion of the 30th anniversary of diplomatic relations establishment between Vietnam and Korea.

Mr. Tran Quoc Van (the 3rd from the left) and leaders of VCCI. KCCI and representatives of Vietnamese and Korean enterprises take a souvenir photo at the conference

The conference was co-hosted by the Korea Chamber of Commerce and Industry and the Vietnam Chamber of Commerce and Industry, attracting the attention of several Korean enterprises.  

Speaking to open the conference, Mr. Joo Si-bo, Chairman of Korea- Vietnam Economic Cooperation Association, Chairman and CEO of Posco International, emphasized the necessity to organize the investment promotion between Korean and Vietnamese enterprises during the post-Covid-19 period. Joo said that Korean enterprises did not consider Vietnam an ordinary partner but an economic partner to support each other. 

Amid the fluctuated global economy and supply chain crisis, tight cooperation between the two countries is necessary. Mr. Joo proposed some sectors in which the two countries can cooperate, including public health care, smart city development, digital sectors, and the global supply chain rearrangement. Two countries should force green industries, reduce greenhouse gas emissions to cope with climate change, develop in balance and create jobs sustainability.

VCCI President Pham Tan Cong said in the thematic discussion session that Vietnam's GDP ranks 41st in the world, its import and export scale stands the 20th in the world. Vietnam also offers the leading open business and investment environment with signed 17 FTAs, including Vietnam - Korea FTA. Along with the advantages of political stability, abundant and quality human resources, and quickly upgraded transport infrastructure and digital transformation, Vietnam has emerged as a world-leading attractive destination in FDI. Now Enterprises coming from 139 nations and territories are making investments of over USD 420 billion in Vietnam.

In 2021, Korean corporations significantly increased their investment capital in Vietnam. VCCI is a national organization representing the business community in Vietnam. VCCI currently has nearly 200,000 business members and almost 200 business association members. Over the past 30 years, VCCI has actively cooperated with Korean partners, especially KCCI, in Vietnam's trade and investment promotion programs. VCCI is a leading Vietnamese organization that participates in laws and policy making to facilitate business and investment activities of enterprises, including Korean enterprises in Vietnam.

Speaking at the conference, the Chairman of the Provincial People's Committee Tran Quoc Van introduced the opportunities and potentials of Hung Yen province to Korean businesses participating in the conference. He said that Hung Yen is located in the center of the Northern key economic region, including 7 provinces and cities. This region is a dynamic economic center and locomotive of Vietnam. Along with the economic development of the whole country, Hung Yen is one of the provinces with a relatively high economic growth rate. The economic structure is rapidly shifting towards industry, service, and modernization. 

Mr. Tran Quoc Van makes a speech to call for investment in Hung Yen province

Hung Yen province is adjacent to the capital city and has a developed and synchronized infrastructure and abundant and well-trained labor. Thus, with those available resources in the locality, open mind and creation. Hung Yen province commits to create favorable conditions for manufacturing and investment.

During the discussion sessions, representatives of businesses of the two countries exchanged presentations on such topics as Korea-Vietnam economic cooperation in the post-COVID-19 era; investment opportunities in Vietnam- milestones in legal policy development; infrastructure development, and innovation - the driving force of Vietnam's economic development. In their speeches, speakers all expressed their belief in the potential and positive driving force of Vietnam's economic growth after the pandemic. At the same time, they pointed out the new trend of Korean businesses during the 4.0 technology revolution and the digital economy.

Accordingly, Korean enterprises will gradually increase the proportion of innovative technologies through investment in techniques and modern technology and a gradual reduction in the usage rate of large number of laborers. The conference also proposed more cooperation directions in potential fields; cooperation in building supply chains, developing environmentally friendly technologies, and mitigating the impact of climate change. 

Khanh Van (reporter at Vietnam News Agency in Seoul, Korea)