Vietnam - Korea moves towards green and innovative model

The "Vietnam - Korea Economic and Trade Forum 2022" (VIKOEF 2022) organised by the University of Economics in collaboration with the Vietnam - Korea Friendship Association, Pusan National University (South Korea), and the Korean Chamber of Commerce and Industry in Vietnam was held on October 18, 2022.

VIKOEF 2022 was attended by more than 400 Korean businessmen in Vietnam and more than 200 speakers

The forum aims to clarify the achievements of South Korea's development-oriented state model and lessons learned that Vietnam can apply to promote comprehensive cooperation in economy and trade associated with education and training, science and technology, environmental protection and climate change response between Vietnam and Korea.

It will also focus on connecting trade, service and investment partners of Vietnam and Korea, seeking solutions to remove technical barriers in international trade, promoting green transformation, digital transformation and sustainable development stable in Vietnam and South Korea.

The forum included four thematic sessions, a general session and policy discussion sessions.

At the seminars, speakers discussed digital transformation, entrepreneurship and innovation in Vietnam and South Korea; developing green economy in Vietnam and South Korea; and economic, cultural, educational and sports cooperation between Vietnam and South Korea.

At the plenary session, the speakers discussed "The economic picture of Vietnam - Korea: from the miracle of the Han River and lessons learned for Vietnam". The discussion focused on the Vietnam-Korea economic and trade relationship towards a green and creative economy and policy recommendations for Vietnam.

The forum was held to mark the 77^th anniversary of the National Day of the Republic of Korea and also marked an important event in the cooperation relationship between Vietnam and South Korea: the anniversary of celebrating 30 years of diplomatic relations, upgrading relations to a Comprehensive Strategic Partnership.

For the first nine months of this year, South Korea was the second largest investor in the country with the total registered capital of more than $3.8 billion, accounting for 20.3 per cent of total foreign investment capital in Vietnam, down 2.38 per cent over the same period. Of more than $3.8 billion invested in Vietnam, South Korea has more than $749 million in newly registered capital and $2.67 billion in adjusted capital.

In addition, South Korea is also the country with the highest number of new projects, with 290 projects, accounting for 21 per cent of the total number of newly registered projects, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

South Korean enterprises are present in all areas of Vietnam's economy: services, logistics, finance and banking, apparel, construction, manufacturing, processing industry, etc., creating jobs for about 700,000 local workers, promoting the development of industry-construction, service and export sectors, and contributing to structural transformation.

South Korea has invested in 59 cities and provinces of Vietnam (including the oil and gas sector). Bac Ninh is the leading locality in Korean investment capital in Vietnam, with 957 projects valued at $10.7 billion, accounting for 14.9 per cent of South Korea's total investment capital in Vietnam.

Haiphong ranked second with 185 projects worth $8.1 billion, accounting for 11.2 per cent of total investment capital.

The third is Hanoi, with 2,327 projects at $7.78 billion, accounting for 10.8 per cent. The remaining positions are taken by Dong Nai, Thai Nguyen, Ho Chi Minh City, and other localities.

After 30 years of establishing diplomatic relations, cooperation in the field culture and education between South Korea and Vietnam has been continuously strengthened. Out of 32 South Korean cultural centres opened in 27 countries, the Korean Cultural Centre in Vietnam (established in November 2006) is the first cultural centre in Southeast Asia and plays the role of a cultural bridge between the two countries.

Vietnam and South Korea are also working closely and exchanging experiences promoting green growth. On May 30, 2021, at the 2^nd Partnership Summit on Green Growth and Global Goals 2030 opened in Seoul, South Korean President Moon Jae-in announced a plan to strengthen support for developing countries, including Vietnam, by significantly increasing official development assistance until 2025 for climate-friendly projects.

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