A new era of Korea-Vietnam co-prosperity in advanced industry cooperation

A new era of Korea-Vietnam co-prosperity in advanced industry cooperation

At the invitation of President Lee Jae Myung, Vietnam’s Party General Secretary To Lam will pay an official visit to the Republic of Korea during August 10-13. Kim Nyoun Ho, chairman of the Korean Chamber of Commerce in Vietnam (KOCHAM), expresses his strong appreciation for the visit.

Kim Nyoun Ho, chairman, Korean Chamber of Commerce in Vietnam

We warmly welcome General Secretary To Lam on his official visit to Korea. This historic visit marks a new milestone in Korea-Vietnam relations, serving as a turning point to further strengthen practical cooperation and mutual trust between our two nations.

Since the elevation of our bilateral ties to a Comprehensive Strategic Partnership at the end of 2022, the fruits of collaboration have become visible across the entire spectrum of the economic, science and technology, digital, and defence industries. Behind these achievements lies General Secretary To Lam’s exceptional leadership and steadfast commitment to reform, for which I express my deepest gratitude.

The Vietnamese government’s reform efforts have earned genuine respect from the Korean business community.

Streamlined administrative procedures, investor-friendly policies for foreign enterprises, and bold regulatory easing have created fertile ground for Korean companies to take root and thrive in Vietnam.

Today, Korea stands as Vietnam’s largest source of foreign direct investment (FDI), accounting for 18 per cent of total FDI through cumulative investments of roughly $92 billion across more than 10,000 projects. Even in the first half of this year, Korean investment grew an impressive 107 per cent on-year, underscoring the remarkable momentum of our economic engagement.

Amid these accomplishments, I would like to highlight several on-the-ground challenges and offer suggestions for making the future of Korea-Vietnam cooperation even brighter.

First, there is an urgent need to upgrade the institutional infrastructure for advanced industries.

In sectors such as semiconductor manufacturing equipment and precision instruments, delays in customs clearance frequently occur due to insufficient technical understanding among frontline officers.

Emerging mobility technologies, including electric motorcycles, drones, and autonomous driving equipment, also face commercialisation hurdles due to regulatory gaps in pilot operations. Now is the time to establish clear standards that keep pace with rapid technological advances, alongside the systematic training of specialised personnel.

Second, enhancing information transparency and innovating the talent development ecosystem are crucial.

Vietnam’s diverse investment incentives are highly attractive, yet foreign companies often face difficulties in fully utilising them due to regional policy variations and inconsistencies between government agencies.

Furthermore, despite Vietnam’s remarkable industrial upgrading, the supply of skilled professionals in advanced technologies remains insufficient. Expanding relevant academic programmes and strengthening university and industry cooperation will be essential to building a robust pipeline of talent.

Korean companies’ perspectives are also evolving. Vietnam is no longer viewed merely as a production base but increasingly as a strategic partner for joint innovation and growth.

In response to this paradigm shift, KOCHAM will further strengthen its role as a bridge, helping companies accurately understand Vietnam’s systems and business environment, and facilitating smooth collaboration with government bodies and local enterprises.

General Secretary To Lam’s visit presents a historic opportunity for our two nations to design a shared future as true strategic partners. Cooperation centred on advanced industries will provide not only economic benefits, but also a solid foundation for achieving structural innovation together.

On behalf of KOCHAM’s more than 1,000 member companies, I express my profound appreciation for the General Secretary’s outstanding leadership and dedication to the sustainable growth of bilateral relations. We look forward to the continued support and collaboration that will enable Korean enterprises to make meaningful contributions to Vietnam’s future development, and to the brilliant future that Korea and Vietnam will build together.

VIR