South Korea is willing to share its technological expertise to boost its economic partnership with Vietnam in the next 30 years, Choo Kyung-ho, Deputy Prime Minister cum Minister of Economy and Finance of the Republic of Korea, said on December 6.

Vietnam's President Nguyen Xuan Phuc (center) joins Vietnam-South Korea Business Forum on December 6. Photo: Vietnam News Agency

Choo Kyung-ho made his statement at the Vietnam-Korea Business Forum held in South Korea with the participation of Vietnamese President Nguyen Xuan Phuc, senior officials, and more than 500 representatives of businesses of the two countries.

He expressed his hope that the two nations would see further cooperation in developing green growth, a digital economy, new industries, and exchanging technology and manpower.

He also urged the Vietnamese and South Korean governments to strengthen supply chains and ensure economic security amid the complicated developments of the Covid-19 pandemic and the imbalance of global economic growth.

Choo suggested the two countries expand trade, especially after Regional Comprehensive Economic Partnership (RCEP) took effect in early 2022.

He recommended that the two governments improve business partnerships via state-level talks, enhance enterprise trade and financial capacities, and law amendments for taxation and other platforms.

Stronger efforts of the two governments and business communities may raise bilateral trade between Vietnam and Korea to US$100 billion in 2023, Deputy PM Choo told the Vietnam-Korea Business Forum.

The latest data from Vietnam’s Ministry of Industry and Trade show that the bilateral trade value between Vietnam and South Korea in 11 months of 2022 was worth US$80.5 billion, making Korea the third largest trade partner to Vietnam after China and the US. 

Vietnam, with a young, dynamic population and attractive incentives and policies, remains one of the top-choice destinations for Korean investors, Choo said, adding business partnership will be a profound element for the two sides to achieve significant achievements in the next 30 years.

Addressing the business forum, Vietnam’s President Nguyen Xuan Phuc said that the Vietnam-Korea partnership has not reached its full potential and that there is a big room for the two sides to fill in the context of the Industrial Revolution 4.0.

"Digital economy, green growth, renewable energy, big data, artificial intelligence, biotech, and information and technology are among the key to fostering the development and interest of people in the two countries. At the same time, it helps sustain peace, stability, and prosperity for the region and the world," President Phuc said.

Sharing the plan to “make Vietnam great by 2045”, the Vietnamese leader said that Vietnamese enterprises would focus on technological innovation to facilitate its integration into the global supply chain and attract high-quality foreign investment capital, he said.

At the business forum, President Nguyen Xuan Phuc and Korean Deputy PM Choo Kyung-hoo saw authorities and enterprises ink 15 partnership agreements.

Vietnam and South Korea celebrate the 30th anniversary of establishing diplomatic ties this year.