Korea-Vietnam Trade Ties Tend to Be More Vibrant

11:16:20 AM | 4/29/2022

A delegation of the Embassy of the Republic of Korea recently paid a working visit to the Vietnam Chamber of Commerce and Industry (VCCI) to strengthen their cooperation and discuss activities to celebrate the 30th anniversary of Vietnam – Korea cooperative relations. On this occasion, Vietnam Business Forum’s reporter has an interview with Korean Commercial Attaché Min Moonki.

According to Mr. Min Moonki, given good bilateral trade ties and Korea’s consideration of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Korea-Vietnam trade ties will certainly be more boisterous in the coming time and the two-way trade target of US$100 billion in 2023 can be achieved sooner this year.

Could you please tell us the main contents of the meeting with VCCI leaders?

We will celebrate the 30th anniversary of Korea - Vietnam diplomatic relations this year. The strategic partnership has flourished in all fields and celebratory activities will be more exciting. On this occasion, the embassy hopes to coordinate with VCCI to organize meetings for Korean and Vietnamese businesses to share useful experiences and information of mutual interests. I know that, to do good business in Vietnam, Korean businesses must have close coordination with Vietnamese businesses. Therefore, the main purpose of today's meeting is to discuss a business meeting for both sides. In addition, the Korean Minister for Trade will also visit Vietnam this year and the two countries need to work together closely to prepare and organize a number of successful activities and events.

The bilateral relationship is reportedly in the best form ever and even more burgeoning in the future. Would you tell us more about this as well as the target figure in the coming time?

I think the reason for the bilateral relationship to develop more effectively is Korea’s strong investment inflow into Vietnam, particularly by big tech and household appliance companies. Hana Micro and POSCO are also planning to expand their production in Vietnam. This proves Vietnam's increasing role in the global supply network.

The second reason is the burgeoning two-way trade in the coming time. The two sides have such cooperation mechanisms as Korea - Vietnam FTA, the Korea - ASEAN FTA and the Regional Comprehensive Economic Partnership (RCEP). Korea is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

According to the 2021 report, the bilateral trade value was US$80.7 billion, a quite high outcome amid the COVID-19 pandemic. I believe that, with more efforts from both sides, the target of US$100 billion in 2023 will probably be achieved sooner, this year.

In the coming time, what should the Korean Embassy and VCCI do to further support and promote business cooperation?

Recently, I attended a Vietnam Business Forum chaired by Prime Minister Pham Minh Chinh. VCCI attended the event with some very useful content such as blueprint policies, namely digital transformation, carbon emission reduction and investment environment improvement. I am very interested in this content and I believe that, in the coming time, the two sides can work more closely to improve and enhance the working environment of Korean and Vietnamese enterprises.

Thank you very much!

VCCI Vice President Hoang Quang Phong:

We highly appreciate the responsibility and activity of Korean agencies and KCCI for their very effective coordination with VCCI to successfully carry out business programs of both sides. Korea has helped us understand more deeply their concerns in business and about bilateral cooperation areas where Korea holds strong advantages, such as economy, science, technology and education. The Vietnam - Korea cooperation relationship is in the best form ever, but the two sides need to make more efforts to address bottlenecks and propose the Governments support further development of Vietnamese - Korean business cooperation. VCCI will work closely with the Korean side and KCCI to host the Vietnam-Korea Business Forum to celebrate the 30th anniversary of diplomatic relations.

By Thu Huyen, Vietnam Business Forum