President Yoon Suk Yeol: Vietnam is a potential investment destination

On the afternoon of July 2, Prime Minister Pham Minh Chinh met with President Yoon Suk Yeol of the Republic of Korea. The Vietnamese government leader said he supports major policies of the Republic of Korea and will closely coordinate for the two countries to achieve greater success.

President Yoon Suk Yeol said that the country considers Vietnam a leading important partner in implementing policies in the region, including the Indo-Pacific strategy and the ASEAN-Korea solidarity initiative.

“Many Korean enterprises investing in Vietnam have created a favorable investment ecosystem,” said Mr. Yoon Suk Yeol, asking Prime Minister Pham Minh Chinh to create conditions for this country’s enterprises to participate in key projects in Vietnam, including energy and LNG projects.

In a discussion with Prime Minister Pham Minh Chinh on July 1, leaders of many Korean corporations also highly appreciated Vietnam’s investment and business environment. They expressed interest in Vietnam’s renewable energy projects, especially wind power and LNG.

At the meeting, Prime Minister Pham Minh Chinh and President Yoon Suk Yeol agreed to continue cooperation and mutual support in international and regional forums of mutual interest. The two leaders also agreed to increase cooperation within ASEAN frameworks such as ASEAN – Korea, Mekong – Korea.

President Yoon Suk Yeol highly appreciated Vietnam’s excellent performance as the coordinator of ASEAN-ROK relations and suggested continuing support for upgrading the relationship to a Comprehensive Strategic Partnership. He also welcomed the stance of Vietnam and ASEAN on the East Sea issue, aiming to contribute to maintaining peace, stability and development in the region.

He affirmed that he will support Vietnam in training human resources to develop the semiconductor, high-tech, and cultural industries. Korea will also support Vietnam in organizing the Partnership for Green Growth and the Global Goals 2030 (P4G) Summit in April 2025.

Earlier, during talks with his counterpart Han Duck-soo, Prime Minister Pham Minh Chinh suggested that the two sides cooperate and encourage Korean businesses to increase investment in the fields of semiconductors, digital transformation, green transformation, and biotechnology.

He also proposed that the Korean government promote a $2 billion loan through the Economic Development Promotion Fund (EDPF) and non-binding loan conditions for $2 billion Economic Development Cooperation Fund (EDCF) loans. These loans will help Vietnam develop strategic infrastructure, such as building high-speed railways.

The two leaders agreed to closely cooperate to deepen economic relations to increase bilateral trade turnover to 100 billion USD by 2025 and 150 billion USD by 2030.

Prime Minister Pham Minh Chinh and his wife are visiting South Korea from June 30 to July 3. This is the first official visit to South Korea by a senior Vietnamese leader since the two countries upgraded their relationship to a Comprehensive Strategic Partnership in December 2022.