The Vietnamese Government will continue to tackle the difficulties and obstacles for businesses from the Republic of Korea (RoK) investing in Vietnam, Prime Minister Pham Minh Chinh has affirmed.

He made the statement during a meeting with visiting RoK President Yoon Suk Yeol in Hanoi on June 23.

Prime Minister Chinh proposed that the two countries effectively implement the Vietnam-RoK Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP), thereby achieving the goal of raising two-way trade turnover to $100 billion in the near future and $150 billion by 2030.

He suggested the RoK open its market further for key products from Vietnam such as agriculture and fishery products and seasonal fruit, and help Vietnamese enterprises more deeply join the global supply chains of RoK businesses.

The Vietnamese Government leader proposed the RoK encourage its businesses to expand their investments in Vietnam, especially in priority areas such as infrastructure development, high-tech electronics manufacturing, semiconductors, renewable energy, and smart cities.

Prime Minister Chinh welcomed RoK businesses to invest in key national projects and build-operate-transfer (BOT) projects involving the construction of thermal power plants and liquefied natural gas (LNG) facilities in Vietnam.

He proposed the RoK also transfer technology to Vietnam, create more favorable conditions for Vietnamese enterprises to invest in the RoK, and consider Vietnam a strategic destination for establishing RoK research and development centers.

President Yoon confirmed that the RoK Government will continue to encourage and facilitate RoK enterprises to invest in Vietnam.