Vietnamese and South Korean enterprises signed more than 100 memoranda of understanding (MoU) at a business forum held in Hanoi on Friday afternoon.

The Vietnam-South Korea business forum, taking place during South Korean President Yoon Suk Yeol’s state visit to Vietnam, was attended by over 500 entrepreneurs and government officials from the two countries.

Speaking at the forum, President Yoon said South Korea spoke highly of Vietnam’s efforts to foster digital transformation and renewable energy transition.

South Korea is also pushing efforts to achieve new renewable energy development goals.

Hence, the two countries can cooperate in this field and are expected to reap fruitful results, he said.

South Korean President Yoon Suk Yeol delivers a speech at the Vietnam-South Korea business forum held in Hanoi on June 23, 2023. Photo: Nguyen Khanh / Tuoi Tre

The top official also underlined the importance of the human factor, deeming it a national strength and an irreplaceable resource.

As a resource-rich country with a large young population, Vietnam is expected to embrace bright prospects, President Yoon said.

He expressed his desire to jointly develop the Vietnam-South Korea bilateral ties into a role model in international relations.

“As long as the two nations work together, I believe we will advance and overcome challenges,” he stressed.

Vietnamese Prime Minister Pham Minh Chinh addresses the Vietnam-South Korea business forum held in Hanoi on June 23, 2023. Photo: Nguyen Khanh / Tuoi Tre

For his part, Vietnamese Prime Minister Pham Minh Chinh at the event mentioned pillars for Vietnam’s economic development, underlining that the human factor serves as a center and a driving force for development.

Vietnam does not trade off the environment, justice, and social security for pursuing economic development goals, PM Chinh stated.

The top Vietnamese official expressed his expectations that both Vietnamese and South Korean businesses will beef up their trade, investment, and economic partnership, and see their cooperation outcomes rising three- to four-fold against the current figures when the two countries celebrate their 60th anniversary of diplomatic ties.

Prior to the business forum, PM Chinh attended a round-table meeting with some prominent South Korean firms and business associations.

PM Chinh thanked South Korean friends for having partnered with Vietnam over the past three decades.

Vietnam is on the way accelerating innovation, circular economy, digital transformation, renewable energy, among others, during which the Southeast Asian country is in need of support from international friends, including South Korea, the Vietnamese Cabinet leader said.

He also appreciated feedback of South Korean firms on the business climate in Vietnam as well as their pledged investments in Vietnam in new fields.

Lee Jae Yong, chairman at Samsung Electronics, said it was a great honor for Samsung and other South Korean firms to partner with Vietnam over the past 30 years.

Samsung has injected US$18 billion in Vietnam up to now and will continue its partnership with the country, Lee said.

Samsung Electronics Chairman Lee Jae Yong speaks at a round-table meeting with Vietnamese Prime Minister Pham Minh Chinh in Hanoi on June 23, 2023. Photo: Nguyen Khanh / Tuoi Tre

A Korea International Trade Association (KITA) representative suggested the two countries should boost cooperation on supply chain for key minerals, adding that Vietnam has a considerable reserve of rare earth, which is a vital resource in the world.

Meanwhile, South Korea boasts advanced technology in this field.

The KITA representative hoped that both sides could establish partnership in rare earth exploitation.

Besides, the KITA representative proposed that Vietnam adjust its tax and other business policies, regulations to create a more favorable business environment for South Korean firms active in Vietnam.

In response, PM Chinh said the Vietnamese government will seek solutions to the issue and call on South Korean companies to expand their businesses in Vietnam, especially in the cultural and entertainment industries.

Currently, about 9,000 South Korean businesses are operating in all 63 provinces and cities across Vietnam.

South Korea has remained Vietnam’s largest investor and third-largest trade partner.

Both countries are set to raise their bilateral trade to $100 billion in 2023 before hitting $150 billion in 2030.​

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