PM Pham Minh Chinh greets representatives of the RoK's associations and businesses at the dialogue in Hanoi on July 30. (Photo: VNA) He madethe appeal while addressing a dialogue with the RoK’s Ambassador Park Noh-wanand representatives of Korean associations and businesses in Hanoi on July 30.
The RoK, the largest FDI partner in Vietnam at present, isinvesting in 9,383 projects worth over 79.8 billion USD in 19 of the 21economic sectors and 59 of the 63 localities nationwide. Vietnam is also the RoK’s biggesteconomic partner in ASEAN, with 30% of the RoK investment in the bloc channelledinto Vietnam.
Besides,the Northeast Asian country is the third largest trade partner of Vietnam,following China and the US. Bilateral trade is equivalent to 50% of the RoK’stotal trade with ASEAN, the PM noted.
TheRoK is a leading partner of Vietnam in most areas while Vietnam plays animportant role in ASEAN and East Asia, he stressed, adding that investing inVietnam also means accessing the ASEAN market with a combined population ofover 600 million. The two sides are working to ratify the RegionalComprehensive Economic Partnership (RCEP) and striving for 100 billion USD inbilateral trade by 2023 and 150 billion USD by 2030.
TheParty and State of Vietnam always create the best possible conditions forKorean enterprises, as well as those from around the world, to make long-term investmentin the spirit of equality, common development, mutual benefit and socialresponsibility, he affirmed.
PMChinh said Vietnam hopes to welcome more cooperation and investment projectsfrom the RoK in the areas related to high technology, innovation, research anddevelopment such as digital technology, electronics, renewable energy andinfrastructure development.
He voicedhis hope that Korean businesses will strengthen connectivity with and helpVietnamese firms take part in supply chains to help Vietnam soon become a hubin regional and global value chains.
Regardingtrade, he asked for increasing policy dialogue under the Vietnam - Korea FreeTrade Agreement (VKFTA), resolving trade imbalance, and creating conditions forVietnam’s strong exports like agricultural and fishery products to enter the Koreanmarket.
In termsof industrial development, the PM said a priority of Vietnam is to develop industrieswith high technological content, especially key technologies of the FourthIndustrial Revolution, while attracting investment into the manufacturing sectorso as to make a breakthrough in forming new production capacity linked withscience - technology, innovation, and digital transformation, which are alsothe fields the RoK is strong at.
He also recommended stronger cooperation in energy development,noting that Vietnam is encouraging the development of clean and renewableenergy to realise the commitments made at the 26th UN Climate ChangeConference (COP26).
At the dialogue, the RoK Ambassador and the Korean business community in Vietnam presented 33 proposals to Vietnam's ministries, sectors, agencies and localities.
The proposals are related to tax incentives, power planning and electricity market, incentives for investment in renewable energy, pandemic response, procedures in various business and labour matters, along with difficulties in the implementation of certain projects./.
The proposals are related to tax incentives, power planning and electricity market, incentives for investment in renewable energy, pandemic response, procedures in various business and labour matters, along with difficulties in the implementation of certain projects./.
VNA
