(MPI) - The second economic cooperation dialogue at the deputy prime ministerial level between Vietnam and Republic of Korea (RoK) was co-chaired by Vietnamese Deputy Prime Minister Le Minh Khai and Korean Deputy Prime Minister Kyungho Choo in Hanoi on March 10.
At the event. Photo: MPI
After more than 30 years establishing of diplomatic relations, the Vietnam-RoK cooperation has continuously developed in all fields.
At present, the RoK remains the leading foreign investor in Vietnam with the total accumulated investment capital of 81.3 billion USD, ranks second in development cooperation (3.75 billion USD), tourism and labour, and comes third in trade partnership with value of 86.4 billion USD in 2022.
The RoK’s Deputy Prime Minister Choo Kyungho asserted that Vietnam’s investment climate remains appealing for Korean enterprises. Many large Korean enterprises have contributed significantly to the development of Vietnam, making the RoK the top foreign investors in the Southeast Asia country.
The RoK will continue coordinating with Vietnam to expand operation and business in such fields as building eco-friendly infrastructure, clean energy, finance, agriculture, healthcare, digital and culture.
Choo said Vietnam has become a global manufacturing hub with a favourable investment climate and abundant young workforce, hence various large Korean firms investing in Vietnam have built their value chains in the region.
Deputy Minister Tran Quoc Phuong speaks at the event. Photo: MPI
At the meeting, Deputy Minister of Planning and Investment Tran Quoc Phuong presented Vietnam’s official development assistance (ODA) policy and the RoK’s priority areas for using ODA.
He emphasised the need to enhance cooperation through using the Economic Development Cooperation Fund (EDCF) and discuss the use of syndicated capital of the Economic Development Promotion Facility (EDPF).
He said, the Vietnamese government has approved the policy to attract, manage and use ODA and concessional loans of foreign donors in the 2021-2025 period.
The two countries discussed and reached consensus on cooperation contents in five fields of trade, energy and infrastructure, development cooperation, information-technology and investment, health care, and labour.
They agreed to step up trade cooperation, including solutions to decrease Vietnam’s trade deficit with the RoK, and carry on exporting goods to each other based on the Vietnam-RoK Free Trade Agreement to lift two-way trade to 100 billion USD this year and 150 billion USD by 2030.
The two sides agreed to remove difficulties facing Korean enterprises in Vietnam, and lure more Korean investments in Vietnam’s priority fields such as information- communication-technology, green energy, infrastructure, smart urban development, distribution and logistics.
They pledged to enhance effective cooperation ODA through efficient use of non-refundable aid projects and the RoK’s ODA loans through the EDCF and EDPF.
They also vowed to enhance cooperation on science and technology, information-communication-technology and startup.
The two deputy prime ministers signed the minute of the second deputy prime minister’s dialogue on economic cooperation between Vietnam and the RoK, and witnessed the signing of an loan agreement for the project upgrading Hoa Duyet - Thanh Luyen section, and Hanoi - Ho Chi Minh City railway./.
Ministry of Planning and Investment