Vietnam-South Korea forum outlines three pillars for strategic partnership

Vietnam-South Korea forum outlines three pillars for strategic partnership

Vietnam and South Korea have pledged to deepen cooperation on industry, investment, and science and technology at a bilateral economic forum in Hanoi.

Minister of Finance Ngo Van Tuan

The Vietnam-South Korea Economic Forum, hosted by the Ministry of Finance (MoF) in Hanoi on April 23, was co-chaired by Prime Minister Le Minh Hung and President Lee Jae Myung, drawing more than 500 delegates. Opening the event, Minister of Finance Ngo Van Tuan said bilateral relations have grown strongly since being elevated to a Comprehensive Strategic Partnership in 2022.

South Korea is currently Vietnam's largest foreign investor and one of its leading trading partners. Beyond capital, South Korean businesses have helped strengthen Vietnam's technological capabilities, industrial capacity, and position in global value chains.

The forum served as a high-level platform for policy and business dialogue, allowing stakeholders to review progress and identify new directions for cooperation. The focus is on three key pillars: industry, moving towards high-tech and high value-added production; investment, prioritising quality, sustainability, and stronger links with domestic firms; and sci-tech, particularly innovation, digital transformation, and emerging technologies.

“As the authority overseeing fiscal, budgetary and investment policy, the MoF is committed to further improving institutions and policies in a transparent, stable manner aligned with international practices. We will continue to listen to and promptly address business concerns, helping build a favourable, competitive and predictable investment environment,” Minister Tuan said.

Chairman of the South Korea Chamber of Commerce and Industry Chey Tae Won

At the forum, Chey Tae Won, chairman of the South Korea Chamber of Commerce and Industry, noted that bilateral cooperation has expanded steadily across multiple areas, from economic ties to education and government-level collaboration. Vietnam’s central and local authorities, he said, have made strong efforts to improve the investment climate, helping attract South Korean businesses.

“Trust between our governments and business communities has created a strong foundation for sustainable development. Experience over the years has clearly demonstrated this,” he said.

Looking ahead, Won explained the need to step up cooperation in high-tech sectors through more concrete and practical actions. In AI, for instance, the combination of South Korean technology and Vietnam’s high-quality workforce could unlock significant opportunities. In energy transition, there remains substantial potential for collaboration to meet sustainability goals as well as create new business opportunities.

Ministers Ngo Van Tuan and Kim Jung-kwan oversaw the signing of 73 Vietnam-South Korea business agreements

South Korea remains the top foreign investor in Vietnam, with total registered capital exceeding $98 billion, accounting for around 18 per cent of all overseas investment. South Korean investments span a wide range of sectors, particularly electronics components, high-tech manufacturing, energy, and construction, contributing significantly to Vietnam's socioeconomic development, job creation, and state budget revenues.

In trade, South Korea is among Vietnam's largest partners – its third-largest export market and second-largest source of imports among more than 220 trading partners. In 2025 alone, Vietnam exported $28.9 billion to South Korea and imported $60.5 billion. Both countries aim to raise bilateral trade to $150 billion by 2030 in a more balanced manner.

In science and technology, both sides identify this as a strategic pillar of their partnership. Advancing innovation, digital transformation, and technology development is central to bilateral cooperation and a key driver for enhancing competitiveness and achieving Vietnam's long-term development goals.

At the forum, Minister Tuan and South Korean Minister of Trade, Industry and Energy Kim Jung-kwan witnessed the signing of 73 cooperation agreements between businesses and organisations from both countries, including an MoU, investment approvals, and investment certificates.

“For South Korean businesses, Vietnam is not just a promising market, it is also a long-term partner for shared growth. Today’s signing ceremony marks a new step forward in expanding Vietnam-South Korea cooperation,” said Won.

VIR