President Lee Jae Myung: ‘Vietnam’s future is Korea’s opportunity’

Prime Minister Le Minh Hung and Korean President Lee Jae Myung attended the Vietnam – Korea Economic Forum in Hanoi, April 23. The event brings together leaders of leading businesses from the two countries, including many multinational corporations in the fields of energy, finance, technology, construction, infrastructure, trade, tourism, aviation…

The Korean President said he witnessed firsthand the dynamic change of Vietnam – the economic heart of ASEAN – with economic growth maintained at about 7% per year.

He emphasized that the achievements of bilateral cooperation show that “mutual trust is the shortest path to common prosperity”. Citing the poem of great poet Nguyen Du – “The word heart is worth three words talent”, the President said that the most sustainable foundation of the two countries’ relationship is the sincerity and affection between the people.

He also mentioned cultural exchange events such as the group Blackpink performing in Hanoi or Vietnamese pho becoming a familiar dish in Korea. On that foundation, he affirmed that the two sides can grow and design the future together. “Now, Vietnam’s future will be Korea’s opportunity,” he said.

Regarding the direction of cooperation, Korean leaders proposed three pillars: developing future industries (AI, semiconductors, digital economy); lay the foundation for energy and supply chain cooperation; Enhance scientific and technological cooperation.

Korea is currently the largest foreign investor and third largest trading partner of Vietnam. Enterprises in this country have nearly 10,500 valid projects in Vietnam, with a total registered capital of nearly 100 billion USD, creating nearly 1 million jobs and contributing over 30% of Vietnam’s total export turnover.

At the forum, Prime Minister Le Minh Hung said that after more than three decades of establishing relations, economic and trade cooperation between the two countries has developed strongly and deepened, especially after upgrading to a comprehensive strategic partnership. According to him, Korean partners make an important contribution to the formation and development of Vietnam’s key industries, from electronics, manufacturing to high technology.

On the contrary, Vietnam brings Korean businesses strategic and long-term benefits, a safe and stable investment environment. Vietnam is also a production base with competitive costs and an abundant, quality workforce. In addition to a market of more than 100 million people and a rapidly growing middle class, Vietnam is also a very effective gateway to connect with other large markets through a network of new generation FTAs. These are factors that help Korean businesses improve their competitiveness in the global value chain.

According to the Prime Minister, in the context of digital transformation and green transformation becoming inevitable trends, cooperation between the two countries needs to move to a new phase – not only expanding scale but improving quality, aiming to create an industrial and high-tech ecosystem.

Three directions proposed by Vietnamese leaders include building a new generation industrial and technology ecosystem; restructuring the supply chain towards sustainability and high value; promote knowledge linkages, joint research – development and technology commercialization.

The Head of Government affirmed that Vietnam will continue to reform its institutions and investment environment, creating conditions for businesses of the two countries to cooperate long-term and benefit each other.

At the forum, businesses from the two countries signed and exchanged 73 memoranda of understanding (MOU) in many fields such as energy, finance, technology, processing – manufacturing, infrastructure, tourism, and aviation.

Large enterprises such as Samsung, Sun Group, and CMC all proposed expanding cooperation in the direction of high technology, human resource training, and value chain connection. Representatives of the two countries’ ministries also committed to perfecting institutions, ensuring a transparent, stable and predictable investment environment.