Strive for bilateral trade between Vietnam and Korea to reach 150 billion USD by 2030

At the Vietnam-Korea Cooperation Forum VIKO30, Deputy Foreign Minister Pham Quang Hieu said that after 30 years since establishing diplomatic relations in 1992, Vietnam and the Republic of Korea have achieved many important achievements in the world. most fields.

"The two sides have become each other's top important partners. Political trust and mutual understanding between the two countries have been continuously strengthened; economic cooperation is the pillar and bright spot in the overall picture of the relationship. bilateral cooperation", said the Vice Minister.

Currently, Korea ranks first in direct investment (FDI), second in development cooperation (ODA), labor and tourism; third on commercial cooperation in Vietnam. Korean investment not only focuses on a few densely populated provinces and cities, but also spreads to many different regions.

The most obvious investment in Vietnam is 590 Korean projects currently in Bac Ninh province, with a total capital of about 14 billion USD. Thanks to its convenient location plus investment from Korea, Bac Ninh has deployed 16 industrial parks, 36 industrial clusters, and strives to become a centrally run city by 2030. 

Besides investment, trade cooperation between the two countries has also been brought to a new height. From two-way import and export turnover of 500 million USD in 1992, by 2021 this figure has reached 78 billion USD, and is forecasted to reach 100 billion USD in 2023.

Excited by the prospect of Vietnam-Korea cooperation in the future, Deputy Minister Pham Quang Hieu believes that the two sides will continue to improve the quality of economic, trade and investment cooperation and strive to achieve bilateral trade turnover. $150 billion by 2030.

Mr. Nguyen Phu Binh, Chairman of Association for Liaison with Overseas Vietnamese (ALOV), former Deputy Minister of Foreign Affairs affirmed, for many years, Korea has always been the number one investor in Vietnam, contributing important and effective for the socio-economic development of Vietnam.

"Korea has become the most important partner of Vietnam. Through this forum, I believe that many Korean businesses will look to Vietnam, especially the northern localities," said Mr. Binh.

Vietnam-Korea cooperation has become even clearer during the pandemic. Despite the Covid-19 outbreak, which caused many supply chains to be broken, trade turnover between the two countries still grew steadily, at times reaching more than 24% over the same period.

Sharing with the Vietnamese side, Mr. Kwon Sung Taek, Vice President of the Korea-Vietnam Economic and Cultural Association, admitted that the achievements in the 30 years of establishing diplomatic relations between Vietnam and South Korea stem from similarities. culture as well as development goals of the two countries.

In the ASEAN region, the bilateral trade turnover between Vietnam and the Republic of Korea is equal to the total bilateral trade of Korea with the other 9 countries. Regarding production investment, Korean enterprises contribute about 25% of Vietnam's total export turnover.

According to Mr. Kwon, the trend of Korean investment in Vietnam in the future will change. Korea will pay more attention to the goals of green and sustainable economic development in Vietnam.

VIKO30 Forum was held from 22 to 24 July in Ho Chi Minh City and Hanoi, in order to connect the overseas Vietnamese community and introduce potentials, prospects, policies on startups, commerce, etc. investment and business in Vietnam.

The forum is also a place to further tighten friendship, cultural exchange, education, tourism, music of the two countries and create motivation for the state of "New normal" after the Covid-19 pandemic.

Previously, on the afternoon of July 23, at the Presidential Palace, President Nguyen Xuan Phuc received the President of the Korea-Vietnam Economic and Cultural Exchange Association, including representatives of 30 associations and associations of your country, led by Mr. Kim Kill Soo, Chairman of Korea-Vietnam Economic and Cultural Exchange Association, led the way.

Source: Bao Thang - nongnghiep.vn