Prime Minister promises strong cooperation with South Korean businesses

Prime Minister promises strong cooperation with South Korean businesses

Regular engagement with businesses is essential for addressing challenges and creating a supportive environment for growth, said South Korean Ambassador to Việt Nam Choi Youngsam.

Prime Minister Phạm Minh Chính greets South Korean business leaders at a meeting in Hà Nội on March 4. — VNA/VNS Photo

Prime Minister Phạm Minh Chính held a dialogue with South Korean businesses operating in Việt Nam to strengthen cooperation and investment.

The event on Tuesday marked the ninth meeting between both domestic and foreign business leaders in the past month, reinforcing the government’s commitment to boosting investment, production and trade.

PM Chính highlighted that South Korea now had more than 10,000 investment projects in Việt Nam, with  total registered capital exceeding US$92 billion. Bilateral trade in 2024 reached US$81.5 billion, with Việt Nam’s imports from South Korea amounting to US$55.9 billion.

These figures underscored the strength of the comprehensive strategic partnership between the two nations, with economic, trade and investment cooperation playing a pivotal role.

During the meeting, the South Korean Ambassador to Việt Nam Choi Youngsam and business leaders expressed strong approval of Việt Nam’s improving investment climate. They noted that recent reforms to legal frameworks and administrative processes had made it easier for businesses to invest and operate. A survey revealed that 82 per cent of South Korean enterprises were confident and eager to expand their investments in Việt Nam.

Ambassador Choi said regular engagement with businesses was essential for addressing challenges and creating a supportive environment for growth. Some Korean businessmen also raised concerns about the impact of shifting trade policies in some countries, urging Vietnamese authorities at all levels to devise effective countermeasures and stabilise policies—especially in high-tech sectors such as artificial intelligence and semiconductors, and in matters related to VAT and domestic import/export tax frameworks.

Việt Nam is actively working to improve its business environment by simplifying administrative procedures, reducing decision-making time, streamlining labour permit processes, enhancing logistics services, and ensuring a stable power supply. These efforts are intended to help enterprises access investment funds more easily and reduce operating costs.

PM Chính also noted that South Korean businesses were becoming increasingly active in Việt Nam, expanding their operations and diversifying their investments even during periods of declining global investment. He encouraged South Korean enterprises to build on their success and offer strategic advice to further develop Việt Nam’s economy.

He called for closer collaboration on major projects such as high-speed rail linking the north and south, nuclear power plants, and initiatives in high technology, electronics, artificial intelligence, semiconductors, green energy, biotechnology, new materials, shipbuilding, automobile manufacturing, logistics, finance, and pharmaceuticals.

The PM also urged Vietnamese ministries, agencies, and local authorities to work together to address issues raised by South Korean companies swiftly. The PM stressed that the two economies complemented each other and should focus on healthy competition rather than aggressive rivalry.

Looking ahead, PM Chính reaffirmed Việt Nam’s commitment to further improving its business environment. International rankings showed steady progress in government e-services, economic freedom, innovation, sustainable development, and human development. The government was actively implementing policies to develop digital, green, circular, shared, and creative economies while reforming tax policies and reducing protectionist measures. 

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