Việt Nam seeks further investment from RoK in infrastructure, semiconductors, renewables: PM

June 24, 2023 - 08:02
President Yoon said that the RoK Government will continue to encourage and facilitate local enterprises to invest in Việt Nam.


Vietnamese Prime Minister Phạm Minh Chính greets President of the Republic of Korea (RoK) Yoon Suk Yeol to their talks in Hà Nội on Friday. — VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính had a meeting with President of the Republic of Korea (RoK) Yoon Suk Yeol in Hà Nội on Friday.

The PM affirmed Việt Nam’s consistent value and desire to further advance the new framework of the bilateral relations between the two countries with a broader and higher vision and goal.

In response, the RoK President congratulated Việt Nam on its development achievements so far and highlighted that the RoK Government highly valued the Việt Nam-RoK relationship and considered Việt Nam a key cooperative partner in the region.

Expressing their joy and satisfaction with substantive progress made in the bilateral relations, particularly its elevation to a comprehensive strategic partnership in December last year, the two sides exchanged views on specific measures to promote bilateral ties in politics, diplomacy, defence, security, economy, trade, investment, development cooperation, labour, science and technology, people-to-people exchange, among other areas.

Given slow global economic recovery, the two sides agreed to make joint efforts to enhance the effectiveness of the nations’ mutually beneficial cooperation and complement each other's strength, with a focus on making significant qualitative strides in economic ties.

PM Chính proposed that both countries effectively implement the Việt Nam-RoK Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP), thereby achieving the goal of raising their bilateral trade turnover to US$100 billion in the near future and $150 billion by 2030 in a balanced and sustainable manner.

He also suggested that the RoK open its market further for Việt Nam’s key products such as agro-fishery goods and seasonal fruits; help Vietnamese enterprises join more deeply in the global supply chains of Korean businesses; and encourage Korean companies to expand their investment scale in Việt Nam, particularly in priority areas such as infrastructure development, high-tech electronic manufacturing, semiconductors, renewable energy, and smart cities.

Chính welcomed Korean businesses to invest in key national projects and BOT (Build-Operate-Transfer) projects involving the building of thermal power plants and liquefied natural gas (LNG) facilities in Việt Nam.

He proposed the RoK transfer technology for Việt Nam, create more favourable conditions for Vietnamese enterprises to invest in the RoK, and consider Việt Nam a strategic destination for establishing Korean research and development (R&D) centres.

The PM underscored his commitment to addressing difficulties and obstacles facing Korean investors in Việt Nam. He also suggested expanding exchanges between the Vietnamese and Korean youth and strengthening the bilateral people-to-people and locality-to-locality collaboration.


Vietnamese Prime Minister Phạm Minh Chính (right) and President of the Republic of Korea Yoon Suk Yeol. — VNA/VNS Photo Dương Giang

Agreeing with PM Chính, President Yoon stated that the RoK Government would continue to encourage and facilitate local enterprises to invest in Việt Nam. He proposed increasing joint works in the defence industry.

He hoped the Vietnamese Government would continue supporting and resolving difficulties for Korean investors, particularly concerning the sectors of finance-banking, infrastructure, and smart city building. Yoon also looked for Việt Nam’s further assistance for RoK citizens as well as for the expansion of Korean educational institutions in Việt Nam.

The RoK would provide favourable conditions for Vietnamese students to study advanced technology and modern science and technology in the country, he affirmed.

Given rapidly changing, complex, and unpredictable global and regional situations, both sides agreed to make joint efforts to enhance the effectiveness of collaboration and mutually support each other regarding international and regional issues of mutual concern.

They said they would continue to cooperate closely within the ASEAN-RoK and Mekong-RoK cooperation frameworks, and coordinate for Việt Nam to fulfil its role as the coordinating country for ASEAN-RoK relations for the 2021-2024 term.

They shared a common vision of ensuring security, safety, freedom of navigation, and aviation in the East Sea (known internationally as the South China Sea), maintaining a peaceful and stable environment and legal order, and resolving disputes at sea through peaceful means, ensuring the legitimate rights and interests of countries in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). — VNS