Korea to expand trade volume with Vietnam
By Kim Rahn
President Moon Jae-in
HANOI — President Moon Jae-in said Friday Korea and Vietnam would make efforts to increase the trade volume between the two nations to $100 billion from $63.9 billion by 2020.
He also expressed hope that Korea’s experience will help Vietnam achieve its goal of becoming a modern, industrialized country.
Moon made the comments at the Korea-Vietnam Business Forum in Hanoi during his three-day state visit to the nation. About 650 people attended the forum, including those from 31 large Korean companies, 109 small and medium ones and 40 public organizations and associations, as well as businesspeople from 200 Vietnamese companies and organizations.
Vietnamese President Tran Dai Quang and dozens of Vietnamese government officials also participated. It was the first time a Vietnamese president had taken part in an economy-related event held alongside a Korean president’s visit, indicating the Vietnamese government’s high interest in bilateral economic relations.
Vietnam is Korea’s No. 1 trading partner among Southeast Asian nations and fourth overall.
“Some 5,500 Korean companies are operating here,” Moon said in an opening speech. “This helped around 1 million Vietnamese people get jobs, and the companies are growing fast due to the capable and diligent Vietnamese workers. This benefits both countries.”
Noting he and Quang agreed to boost the trade volume to $100 billion by 2020 from $63.9 billion in 2017, Moon said the goal cannot be attained by only one side expanding exports. “It can be attained only when the two nations have reciprocal trade and companies of the countries advance into third nations by making use of each other’s strong points,” he said.
To expand trade volume, the two leaders decided to boost cooperation in manufacturing and expand Korea’s investment and support for developing Vietnam’s infrastructure, science, technology, energy, public administration and human resources.
The President said combinations of Korean and Vietnamese factors have created good results, including the box office hit “Go Go Sisters,” a Vietnamese remake of the Korean movie “Sunny;” Hoang Xuan Vinh, a sports shooter who won Vietnam’s first Olympic gold medal under the direction of Korean coach Park Chung-gun; and the Vietnamese national football team’s second place in the U23 Asian Cup with Korean head coach Park Hang-seo.
Quang said Vietnam’s economy is becoming more open and the country is actively seeking to join international trade agreements. “We regard Korea as an important partner,” he said. “Many Korean companies are doing business effectively here and becoming important members of the country.”
He expressed hopes for more strengthened cooperation with Korea on investment in manufacturing and processing industries, as well as cutting-edge technology, agriculture, infrastructure, bio industry and healthcare.
Moon said Vietnam may face many challenges while undergoing industrialization, such as concentration of population, traffic chaos and pollution. He said Korea has offered to help resolve such problems in traffic, infrastructure, energy and information and communication technologies.
“I hope Korea’s accumulated experience will contribute to Vietnam’s goal to become a modernized, industrialized nation,” he said.
Moon also took part in a ceremony where 198 Korean companies operating in Southeast Asia pledged to hire at least one young Korean jobseeker each, to join in the government’s efforts to resolve high youth unemployment and give young people more opportunities to land jobs overseas.
“Young people landing jobs overseas will help them build up global competitiveness and help Korean companies abroad hire quality workers,” Moon said.
The President also attended a job fair and met Korean and Vietnamese young people who hope to get jobs at Korean companies. More than 40 Korean firms interviewed jobseekers there or through video. Moon worked as a “special interviewer” and interviewed one Korean jobseeker through video.