On July 1, 2024, in the Seoul capital, the Minister of Finance, Ho Duc Phoc, participated in a round table discussion with Prime Minister Pham Minh Chinh and the chairpersons and senior leaders from nearly 20 major South Korean conglomerates and enterprises. The discussion focused on sectors such as energy, shipbuilding, and aircraft services.
Prime Minister Pham Minh Chinh and the Leaders of various Ministries and Agencies of Vietnam took
a commemorative group photo with the major Conglomerates and Enterprises of South Korea at the round table discussion
During the conference, major Korean companies and enterprises strongly approved of Vietnam's improving business and investment environment. They mentioned that Vietnam is becoming an appealing destination for foreign investors, including Koreans.
Korean corporations also presented recommendations to the Vietnamese Government and other leaders to address challenges, and barriers, and encourage new investments in large-scale projects in sectors like energy, shipbuilding, aviation, pharmaceuticals, and electronics.Representatives of Vietnamese ministry and department leaders responded to the feedback from Korean companies, focusing on three main areas: industry and energy, finance and banking, and information technology, healthcare, and general investment.In addressing issues related to the finance and banking sector, Minister Ho Duc Phoc expressed high regard for the contributions of Korean businesses to Vietnam's development. He expressed hope for expanded cooperation in high-tech, high-value-added fields and emphasized the need to promote digital infrastructure and green transformation in line with the green growth strategy, particularly in the areas of transportation and energy.
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Minister Ho Duc Phoc (sitting in the middle) listened attentively to the questions and recommendations from the enterprises..
Minister Ho Duc Phoc discussed and addressed questions and concerns from several prominent South Korean enterprises regarding corporate income tax, value-added tax, and financial services. The Minister reassured that the Vietnamese Government is dedicated to supporting and resolving any obstacles to assist South Korean enterprises. The round table discussion was extremely successful, creating favorable conditions for South Korean enterprises to invest and conduct business in Vietnam.
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The South Korean enterprises highly evaluate the business environment in Vietnam
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The trade relationship between Vietnam and Korea has experienced impressive growth in recent years. From 2020 to 2023, the two-way trade turnover between the two countries has continued to rise, averaging over 76 billion USD per year. During the first half of this year, the import-export turnover between Vietnam and Korea was approximately 38.8 billion USD, marking a 9.3% increase compared to the same period last year. Vietnam's exports to Korea totaled 12.2 billion USD, reflecting a 9.9% increase, while imports reached 26.6 billion USD, showing a 9.1% increase. Furthermore, Korea stands as the second-largest bilateral ODA donor country in Asia for Vietnam.
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Translator: Thúy Nga
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