South Korean businesses regard Vietnam as a promising investment destination, said South Korean President Yoon Suk Yeol during a meeting with Prime Minister Pham Minh Chinh on July 2.

Prime Minister Pham Minh Chinh and South Korea's Préident Yoon Suk Yeol. Photos: Nhat Bac

President Yoon stated that South Korea views Vietnam as a top priority partner in implementing its regional policies, including the Indo-Pacific strategy and the ASEAN-Korea Solidarity Initiative.

"Many South Korean businesses investing in Vietnam have created a favorable investment ecosystem," Yoon remarked, urging Prime Minister Pham Minh Chinh to facilitate South Korean companies' participation in Vietnam's key projects, including those in the energy and LNG sectors.

During a discussion with Prime Minister Pham Minh Chinh on July 1, leaders from several South Korean conglomerates praised Vietnam's investment and business environment. They expressed interest in Vietnam's renewable energy projects, especially wind power and LNG.

At the meeting, Prime Minister Pham Minh Chinh and President Yoon Suk Yeol agreed to continue to pursue cooperation and mutual support in international and regional forums of mutual interest. They also committed to intensifying collaboration within ASEAN frameworks such as ASEAN-Korea and Mekong-Korea.

Overview of the meeting.

Yoon commended Vietnam for its excellent coordinating role in ASEAN-Korea relations and suggested further support for elevating this relationship to a Comprehensive Strategic Partnership. He also welcomed Vietnam's and ASEAN's stance on the South China Sea issue,  which contributes to regional peace, stability, and development.

He pledged to support human resource training in Vietnam to advance the semiconductor industry, high technology, and cultural industries.

South Korea will also assist Vietnam in organizing the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit in April 2025.

Earlier, in talks with his counterpart Han Duck-soo, Prime Minister Pham Minh Chinh proposed mutual cooperation and encouragement for South Korean businesses to increase investment in semiconductors, digital transformation, green transition, and biotechnology.

Chinh also requested the South Korean Government to facilitate a $2 billion loan through the Economic Development Promotion Fund (EDPF) and to provide non-binding loan terms for the $2 billion Economic Development Cooperation Fund (EDCF). These loans will help Vietnam develop strategic infrastructure, such as high-speed rail lines.

The two leaders agreed to closely cooperate to deepen economic relations, with the goal of achieving   $100 billion in bilateral trade by 2025 and $150 billion by 2030.

Prime Minister Pham Minh Chinh and his wife are on an official visit to South Korea from June 30 to July 3. This is the first official visit by a senior Vietnamese leader since the two countries upgraded their relationship to a Comprehensive Strategic Partnership in December 2022.