PM Phúc delivers a speech at the ASEAN-the Republic of Korea (RoK) CEO Summit. — VNA/VNS Photo Thống Nhất

BUSAN — The governments of Việt Nam and other ASEAN member states always create best conditions for businesses to boost connectivity and promote creativeness to realise their business initiatives.

That was the message delivered by Prime Minister Nguyễn Xuân Phúc on Monday, who said with a 630 million people and total GDP value of nearly US$3 trillion, the ASEAN market is a great opportunity for enterprises.

Addressing the ASEAN-the Republic of Korea (RoK) CEO Summit in Busan, PM Phúc expressed his hope that enterprises will co-operate with governments to promote the application of science-technology achievements to create breakthroughs in development, especially in the context of the Fourth Industrial Revolution.

He believed that the “New Southern Policy” initiated by Korean President Moon Jae-in would contribute to elevating the relations between ASEAN and the RoK to a new high as the RoK has pledged to stand shoulder by shoulder with ASEAN to develop the ASEAN Community 2025 towards the common goal of peace and prosperity in East Asia.

The policy is also expected to help increase the two-way trade from $160 billion in 2018 to $200 billion in 2020, he said, adding Việt Nam and the RoK are striving towards $100 billion in trade value next year.

ASEAN and the RoK need to accelerate multilateral trade through upgrading the ASEAN – RoK Free Trade Agreement, contributing to boosting investors’ confidence as well as encouraging them to expand production and business in the fields of sustainable infrastructure, green energy and IT, he stressed.

The Vietnamese Government leader said he is looking forwards to seeing more investments from both sides in environmentally-friendly technologies, climate change response, mitigation of natural disasters, disease prevention and control, and water management, among others, to ensure that future generations will have better lives.

As the 2020 ASEAN Chair, Việt Nam, together with other ASEAN members, welcomes Korean businesses who follow the ‘New Southern Policy’, with a view to enjoying thriving cooperation with ASEAN – a community of peace, friendliness, openness and dynamic, he underlined.

Việt Nam's improvement in business environment improvement has been recognised by international organisations, and the nation will continue its efforts to facilitate business operation of all enterprises in the country, he added.

The ASEAN – RoK CEO Summit drew the participation of more than 500 business leaders in the RoK and ASEAN, who met to find ways to strengthen cooperation in the future, as well as discussing ASEAN’s roles in the context of changing global trade environment.

Earlier, PM Phúc visited a Vietnamese booth at the ASEAN – RoK Business Expo themed “Invest ASEAN 2019”.

Development assistance

The RoK and five member states of the Association of Southeast Asian Nations (ASEAN) on Monday signed a memorandum of understanding (MoU) to boost development co-operation on the sidelines of the ASEAN-RoK Commemorative Summit.

Under the MoU, the RoK and Cambodia, Laos, Myanmar, the Philippines and Việt Nam, will bolster exchanges and initiatives in potential fields with practical significance such as tertiary education, smart cities and transport.

The signing of the document is an important milestone in the RoK-ASEAN partnership.

Vietnamese Minister of Planning and Investment Nguyễn Chí Dũng said the RoK has become a reliable key partner of ASEAN through diverse and effective assistance and support in both bilateral and multilateral frameworks.

The same day ASEAN and the RoK agreed to launch a body devoted to seeking industrial and technology co-operation.

"As ASEAN is composed of 10 countries with different levels of economic and technology, we need to deal carefully with various demands for co-operation," Yonhap news agency quoted the RoK’s industry minister Sung Yun-mo as saying.
The ministry said the new platform could pave the way for the country to expand ties with ASEAN countries on different levels.
It added that the country could implement projects to beef up the competitiveness of Vietnamese firms based on its advanced technologies. The RoK could also seek after further progress with countries that already have a high technological level, such as Singapore.
The RoK vowed to work with ASEAN to establish a joint research centre for standardisation.
According to the minister, the RoK will share its standards and knowledge with ASEAN member countries, which will help improve the quality of the products sold, eventually leading to shared growth and prosperity.

Meeting with Major

Prime Minister Nguyễn Xuân Phúc (L) visits the Port of Busan on Monday. — VNA/VNS Photo Thống Nhất

The same day, PM Phúc met with Mayor of Busan Oh Keo-don during his trip to the Korean city to attend the ASEAN-Republic of Korea (RoK) Commemorative Summit.

Mayor Oh Keo-don said the administration and people of Busan want to boost ties with ASEAN nations, including Việt Nam. Busan hopes to beef up co-operation with Vietnamese cities and provinces, particularly HCM City, and wants more firms from Busan to invest in Việt Nam, he said.

PM Phúc said the Government of Việt Nam will create good conditions for Korean citizens to live and work in Việt Nam.

He urged Busan and Vietnamese localities to organise more cultural exchanges as people-to-people exchange is the foundation for deepening bilateral ties.

Việt Nam and the RoK see great potential in economic cooperation, he said, emphasising trade and investment. He estimated trade between the two countries at US$80 billion this year and expected it to hit $100 billion in 2020. The RoK’s trade with Việt Nam has always made up half of that with ASEAN for years, the leader noted.

PM Phúc also visited the Port of Busan, the RoK’s largest and the world’s second largest container port which handles 75 per cent of the country’s total container cargo. — VNS