Deputy Minister of Planning and Investment Vu Dai Thang made the remark at the inaugural Vietnam Economic Forum held by Newsis, a privately owned news agency in the Republic of Korea (RoK), in Seoul on October 29.
The event brought together more than 400 RoK delegates, including government and parliament officials, leaders of leading RoK groups, such as Samsung, LG, Lotte, SK, CJ and Posco, and representatives of many local firms who are eyeing investment opportunities in Vietnam.
Addressing the forum, Thang reviewed some achievements in Vietnam-RoK economic cooperation, while introducing Vietnam’s orientations concerning foreign investment management, cooperation and attraction in the near future.
He stated that the RoK is currently the biggest investment partner, the second largest bilateral development and tourism partner, and the third largest trade partner of Vietnam. With over US$66 billion worth of registered capital, RoK companies are playing an active role in many of Vietnam’s key economic areas, such as garment & textile, electronics, infrastructure, energy, automobile, aerospace, finance-banking and logistics, contributing to shifting the economic structure, exports, job creation and ensuring social security.
According to the official, Vietnam is one of the 10 countries with the most Internet users globally, at 61 million regular users. In addition, with its young and dynamic population, Vietnam is giving a top priority to developing the digital economy based on creativity and innovation. The size of Vietnam’s digital economy has reached US$12 billion in 2019 and is expected to expand by US$43 billion in 2025, with a number of potential fields, including e-commerce, online tourism and online communications.
A general view of the forum. (Photo: VNA)
This is the chance for RoK firms to invest in the field of applying the achievements of the Fourth Industrial Revolution via financial support, cooperation and connection with Vietnamese partners, Thang said.
In the near future, Vietnam’s foreign investment cooperation strategy will prioritise projects with advanced technology, new technology, high technology, clean technology, modern administration, high added value, spillover effects and connection with global production and supply chains, he stated.
During his trip to attend the Vietnam Economic Forum, Deputy Minister Thang chaired a meeting with over 20 RoK businesses who are interested in business and investment opportunities in Vietnam, aiming to clarify their queries concerning the issues of energy, transport, infrastructure and the manufacturing industry.
The Vietnamese official also had a working session with Chairman of the Korea Federation of Small and Medium Enterprises (KBIZ) Kim Ki-mun. The two sides discussed orientations to attract foreign investment amid the complicated developments of the global economy, while agreeing to design a cooperation mechanism between the Vietnamese Ministry of Planning and Investment and KBIZ to continue drawing and facilitating the RoK’s SMEs to do effective and successful business in Vietnam in the near future.
In addition, Deputy Minister Thang had separate meetings with Chairman of the Korean Agricultural Machinery Industry Cooperative (KAMICO) Kim Shin-gil, leaders of Hanwha Group, and representatives of LG Company, concerning cooperation and attracting investment in the energy, agriculture machinery, new-generation battery and aerospace projects.
