Expert suggests Vietnam, RoK restructure growth strategies

Dr. Kwak Sung-il, Director of the Security-Economic Strategy Bureau at the Korea Institute for International Economic Policy, has urged the Republic of Korea (RoK) and Vietnam to restructure their growth strategies toward emerging sectors such as semiconductor or clean energy in light of the rapidly evolving global economic landscape.

To draw high-tech industries to Vietnam, he advised the country to quickly establish robust policies and strategies for technology protection. A strong intellectual property rights framework is critical from an economic security perspective, Kwak explained. Without such mechanisms, businesses may be hesitant to invest in Vietnam or fulfill technology transfer commitments.

Recognising the RoK's strong appreciation for green transition and digital cooperation, he called for joint efforts to develop a pool of highly skilled workers, making the higher education sector crucial as a result. Given the RoK's established strengths in this area, he proposed further discussions to enhance partnership.

What Vietnam should do is to encourage students to study abroad and then return home to contribute their expertise. At the same time, it is crucial to develop suitable training models that can deliver international standards while remaining cost-efficient, he said.

Vietnam must act swiftly to create an attractive environment for skilled professionals before facing intense global competition for talents, he suggested.

Looking beyond economic cooperation, the expert defined cultural exchange as another promising avenue for collaboration. Building on the existing comprehensive strategic partnership between Vietnam and the RoK, he believed that combining the RoK's cultural experience and creative content expertise with Vietnam's rich human and cultural resources could foster a unique and innovative cultural sector.