Prime Minister Pham Minh Chinh attended a Vietnam-Republic of Korea (RoK) Business Forum in Seoul on July 1, which was held to discuss ways to promote bilateral trade and investment relations, particularly in addressing difficulties and obstacles for Korean businesses to operate in Vietnam, the Government News has reported.

The event attracted 500 delegates from ministries, sectors, agencies and enterprises of both countries. 

PM Chinh stressed that Vietnam always encourages Korean businesses to expand investment cooperation in areas where the RoK has strengths and Vietnam has high demand and priority such as high technology, electronics, semiconductors, and AI, infrastructure construction, renewable energy, new energy (hydrogen), biotechnology, innovation, high-quality human resource training, and cultural industry.

He called on Korean businesses to continue supporting Vietnam in finance, infrastructure development, institutional improvement, high-quality human resources training, and governance; and help Vietnamese enterprises to better participate in value chains of Korean firms and the world.

PM Chinh noted that Vietnam wants to attract selective foreign investments, connect the foreign direct investment (FDI) sector and domestic economic sector, promote public-private partnership to strongly develop the green economy, digital economy, circular economy, and knowledge-based economy.

At the forum, the PM witnessed the exchanges of 23 cooperation agreements between ministries, agencies, localities and businesses of the two countries.

South Korea is the third biggest trade partner of Vietnam, after China and the US. It is also the third biggest export market and the second largest import market of Vietnam.

Vietnam is the biggest trade partner of South Korea within ASEAN and one of the top three economic partners of South Korea in the world in terms of trade and investment.

Two-way trade turnover in 2023 reached $76 billion.