General Secretary Tô Lâm and South Korean Prime Minister Kim Min-seok attended the Việt Nam – South Korea Economic Forum. VNA/VNS Photo Thống Nhất

SEOUL – General Secretary of the Communist Party of Việt Nam Central Committee Tô Lâm and Prime Minister of the Republic of Korea (RoK) Kim Min-seok attended a Việt Nam - RoK Economic Forum in Seoul on Tuesday as part of the former’s state visit to the Northeast Asian country.

The forum attracted the participation of representatives from more than 400 leading enterprises of both countries.

The event, which focused on cooperation for the development of production chains in the new era, not only served as a platform for connecting business communities but also played an important role in promoting bilateral cooperation in economy, trade and investment, thus contributing to strengthening and deepening the friendship and the comprehensive strategic partnership between Việt Nam and the RoK.

PM Kim emphasised that the two countries had long enjoyed a close and trusting relationship. Since the establishment of their diplomatic relations in 1992, they had become major trading partners of each other, with the RoK being currently the largest investor in Việt Nam.

PM Kim said that the RoK and Việt Nam should continue to promote a long-term and strong relationship. Both nations had overcome challenges such as the global financial crisis and the COVID-19 pandemic and had also enduringly expanded economic cooperation.

PM Kim added that both countries should broaden their ties from traditional sectors to new and advanced industries and work toward multi-layered cooperation.

The host affirmed the RoK would be ready to work with Việt Nam to diversify supply sources and ensure energy security, adding that the memoranda of understanding signed during this visit would be a solid foundation for bilateral cooperation to expand in the future.

The Korean leader expressed his belief that with a young workforce, an attractive investment environment, the existing trade network and development orientations for the new period, Việt Nam would achieve its development goals and become a high-income country.

The RoK wished to expand comprehensive cooperation with Việt Nam, PM Kim added, noting that his country, with the experience of creating the 'Miracle on the Han River,' would always be a steadfast companion to join Việt Nam in creating the 'Miracle on the Red River.'

He proposed that both nations increase support and create favourable conditions for their businesses to operate and the businesses would remain pioneers in economic ties.

General Secretary Lâm shared that Việt Nam’s socio-economic situation in 2024 and the first half of 2025 recorded many positive results. He stressed 2025 as a year of 'acceleration and breakthrough' to fulfil the country’s development targets for 2021–2025. It would also play a pivotal role in creating an important foundation and strong momentum for Việt Nam to achieve its two centenary goals, ushering in a new era - that of the nation's rise, strong development, civilisation and prosperity.

The Party leader said Việt Nam was continuing to improve its institutions, enhance the investment and business environment and address bottlenecks to unlock resources and push ahead with economic restructuring in tandem with renewing the growth model. Science and technology, innovation, and the cultural values of the Vietnamese people had been placed at the heart of development.

In terms of cooperation and foreign investment attraction, he said the country was shifting from a 'broad-based' approach to an 'in-depth' one, prioritising projects involving advanced, new, high and clean technologies, modern governance, high value added, strong spillover effects and connections to global production and supply chains.

The Party chief requested Vietnamese ministries, sectors and localities to step up dialogue to remove difficulties and obstacles for Korean investors in Việt Nam; continue reviewing and reforming administrative procedures; enhance the application of digital technology; further decentralise powers; and reduce compliance and input costs for people and businesses.

It was also necessary to prepare conditions for attracting investment, such as transport infrastructure, human resources, power supply, clean land funds and the establishment of inter-sectoral working groups to handle challenges and support investors.

General Secretary Lâm expressed hope that the RoK’s ministries and agencies would continue to support and promote dialogue and investment connections, create favourable conditions for Vietnamese enterprises to expand investment and effectively do business in the RoK and facilitate Vietnamese goods' access to the Korean market.

He said both sides should work together to carry out effective measures to achieve the target of US$100 billion in two-way trade in 2025 and $150 billion by 2030, while further increasing official development assistance (ODA), with a focus on strategic infrastructure development, including transport, energy, digital and climate-resilient infrastructure.

The Party leader stressed the need to develop science, technology and innovation as an important pillar in bilateral cooperation, particularly for businesses' growth and socio-economic development.

Looking ahead, General Secretary Lâm hoped that Korean enterprises and groups would continue to invest and expand their operations in Việt Nam, especially in fields where the RoK has strengths and Việt Nam has great potential, such as clean and green energy, heavy industries including electronics, automobiles, shipbuilding, chemicals, steel and strategic materials; semiconductor technology, artificial intelligence (AI); blockchain; and high-quality services in healthcare, education and urban development, particularly green and smart urban areas.

At the forum, enterprises from both countries shared insights into and recommended key areas for enhanced collaboration in, including clean and green energy, high-tech industries, digital infrastructure and, notably, the promotion of production and value chain integration in these fields.

Vietnamese Deputy PM and Minister of Foreign Affairs Bùi Thanh Sơn expressed confidence in the increasingly consolidated, effective and sustainable partnership between the two countries, thus making new strides in bilateral relations for the mutual interests of both peoples and for peace, stability and development across the region and globally.

He reaffirmed Việt Nam’s strong commitment to creating the best possible conditions for Korean businesses to invest and expand operations in Việt Nam, thereby laying the foundation for their successful, sustainable and long-term development in the country.

"The Party and State of Việt Nam are fully committed to accompanying, listening to, and sharing with the business community. Việt Nam hopes for continued support and close cooperation from international friends and partners to attract more foreign investors, especially from the RoK, to contribute to local development," he added. VNA/VNS