Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Korea, Vietnam pledge to bolster energy, supply chain cooperation
Minister of Trade, Industry and Energy Ahn Duk-geun, front row third from right, shakes hands with Vietnam’s Prime Minister Pham Minh Chinh, during the Korea-Vietnam Business Forum at Lotte Hotel Seoul, Monday. Yonhap
By Lee Min-hyung
Businesses and the governments of Korea and Vietnam pledged to boost partnerships in energy, supply chain and digital transformation, Monday.
They reached the agreement at the Korea-Vietnam Business Forum, hosted in Seoul by the Korea Chamber of Commerce and Industries (KCCI) during the visit of Vietnam’s Prime Minister Pham Minh Chinh to Seoul.
A group of 500 ranking government officials and businesspeople from both sides attended the event to deepen their business relationships.
Both sides clinched 23 memoranda of understanding (MOU) focusing on the three core fields, which laid the foundation for more ties in other promising growth areas, the KCCI said.
For Korea, the strategic importance of Vietnam is rapidly increasing, as the Southeast Asian country establishes itself as a significant production hub amid escalating trade tensions between the U.S. and China.
“Korea and Vietnam are strategic partners which have to jointly overcome any changes in global economic circumstances,” Cho Hyun-sang, vice chairman of HS Hyosung, said in his opening remarks at the forum. “We expect the forum to generate wise solutions that can help both sides create synergies in digital transformation, energy transition and supply chain-side cooperation.”
HS Hyosung Vice Chairman Cho Hyun-sang, right, listens to a speech by Vietnam’s Prime Minister Pham Minh Chinh during the Korea-Vietnam Business Forum at Lotte Hotel Seoul, Monday. On the left is Minister of Trade, Industry and Energy Ahn Duk-geun. Yonhap
Some 350 businesspeople from major Korean conglomerates, such as Samsung and SK, participated in the forum to boost their ties with Vietnam. They included SK Supex Council Chairman Chey Chang-won, Hyosung Group Chairman Cho Hyun-joon and Samsung Electronics President Park Seung-hee.
“It marks the 32nd anniversary since Korea and Vietnam forged diplomatic relations, and now is the time for both sides to brace for the next three decades,” Minister of Trade, Industry and Energy Ahn Duk-geun said. “Governments from the two countries will expand bilateral investments and trade, build networks for supply chain cooperation and proactively collaborate in energy areas amid climate change.”
In a speech, the Vietnamese prime minister cited the role of Korean companies in helping drive economic development in Vietnam.
“We want to speak highly of Korean firm’s contributions to developing Vietnam’s economy and society,” he said. “Korea has invested more than $87 billion (120.18 trillion won) in around 10,000 projects in Vietnam. The Vietnamese government will do its best to streamline administrative procedures for Korean firms to expand investments in cutting-edge technologies and new renewable energies, so both countries’ bilateral trade volume tops $100 billion.”
Both sides also agreed on the sidelines of the forum to strengthen their ties in a variety of other areas, such as steelmaking, biotechnology, smart factories and artificial intelligence, according to KCCI.
The Vietnamese prime minister is scheduled to meet with Samsung Electronics Executive Chairman Lee Jae-yong and a group of other top-ranking businesspeople from SK and Hyosung during his four-day stay here.