Vietnam-South Korea forum takes peek at upcoming trade prospects

On December 16, the Chamber of Commerce and Industry (VCCI) in association with the Herald Media Group, South Korea International Trade Association, and the Vietnam-South Korea Friendship Association (VIKOFA) co-held the Vietnam-South Korea Economic Cooperation Forum.

The event saw the presence of about 500 participants, including political, business, and media agencies from both sides.

Speaking at the opening session, Choi Jin-young, general director of the Herald Media Group said, “On the occasion of the 30th anniversary of the establishment of diplomatic relations between Vietnam and South Korea, I am very delighted to co-organise the forum and see the participation of many leaders from many fields of both countries.”

Choi emphasised within the framework of Vietnamese President Nguyen Xuan Phuc's official visit on December 5, Vietnam-South Korean relations were upgraded to a comprehensive strategic partnership by leaders from the two sides. Choi expressed his hope that the forum could contribute to creating the foundation for two sides continuously accompanying and finding great solutions to overcome fluctuations in the global economy.

South Korea and Vietnam have built a strong partnership in the field of trade and investment during the past 30 years. The two countries' trade from $500 million in 1992 has increased by over 160 times to $80.7 billion in 2021. Besides that, cultural and economic exchanges both in the public and private sectors are also taking place dynamically.

Ko Sang Goo, president of VIKOFA, said at the event, “Over the past 30 years, the two countries have actively built friendly cooperation in many fields such as politics, diplomacy, economy, and culture. More than 8,000 Korean enterprises are present in Vietnam. Vietnam is also one of the countries where Korean businesses invest the most. More than 200,000 South Koreans currently live in Vietnam, while more than 200,000 Vietnamese also live in South Korea."

VCCI chairman Pham Tan Cong added, “Since the establishment of diplomatic relations in 1992, the Vietnam-South Korea relationship has continuously developed strongly, achieving many great achievements in various fields. The two countries regularly exchange high-level delegations with ministries and local agencies, and there has been very effective business and investment cooperation between the two countries' enterprises, vibrant cultural exchanges, and increased tourism."

The forum gave a comprehensive overview of the 30-year cooperation journey between South Korea and Vietnam. Vietnamese and South Korean businesses also had opportunities to discuss and exchange information about the policies and incentives of the two governments to encourage the promotion of economic cooperation.

Additionally, many experts presented and discussed many attractive issues such as Industry 4.0, the food industry, smart cities, and so on, which are potential hot topics in economic cooperation between the two countries.

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