'Economic cooperation is cornerstone of Korea-Vietnam ties'

Former Ambassador of Korea to Vietnam Lee Hyuk, first from left, moderates the Q&A and discussion session during The Korea Times Global Business Club at the Korea Press Center in central Seoul, Monday. Second from left are Ambassador of Vietnam to Korea Nguyen Vu Tung, Embassy of Vietnam's First Secretaries Pham Viet Tuan and Pham Khac Tuyen. Korea Times photo by Choi Won-suk

Korea Times' Global Business Club highlights vast potential of Southeast Asian country

By Kwon Mee-yoo

The Korea Times hosted the second edition of its Global Business Club, spotlighting potential opportunities in Vietnam, a country that has risen to become Korea's third largest trading partner amid rising global uncertainties.

Oh Young-jin, president-publisher of the English-language daily, opened the exclusive business club-style event at the Korea Press Center in central Seoul, Monday, introducing the remarkable economic growth of Vietnam and its potential for enhancing relations with Korea.

"Many experts consider Vietnam as a nation with the most sustainable growth model, its market set to be no less important than that of China. Against this backdrop, the Global Business Club has organized a lecture about Vietnam. I strongly hope that today's lecture will provide meaningful insights for all attendees and help open up new opportunities for those who are pursuing or will pursue business in Vietnam," Oh said.

Ambassador of Vietnam to Korea Nguyen Vu Tung delivers a keynote speech during the second edition of The Korea Times Global Business Club highlighting the potential of Korea-Vietnam relations at the Korea Press Center in central Seoul, Monday. Korea Times photo by Choi Won-suk

Vietnamese Ambassador to Korea Nguyen Vu Tung noted in his keynote speech that economic cooperation is a cornerstone of Korea-Vietnam relations, greatly benefiting both sides and being crucial to Vietnam's economic development.

"If being asked about the most salient aspect of Vietnam-ROK (the Republic of Korea) relations, I would refer to our economic cooperation, which has expanded fast, bringing about practical and tangible benefits to both sides and shall continue to be the cornerstone of this Strategic Comprehensive Partnership relations," the ambassador said.

"In fact, trade and investment flows from Korea have been crucial to Vietnam's economic development. Broadening economic cooperation with Korea has paved the way for Vietnam to deepen our international economic integration, gradually boosting growth, thereby, moving the country away from the status of a less developed country to a lower middle-income country like Vietnam today."

He said Vietnam offers vast opportunities for Korean businesses.

"They include and are not limited to Vietnam's fast-growing market of 100 million people, a young and industrious workforce, and bigger middle class with stronger consumption needs, with Vietnam being situated in one of the most economically dynamic regions of the world, participating in 15 multilateral free-trade arrangements," Tung said.

Attendees listen to a keynote speech by Ambassador of Vietnam to Korea Nguyen Vu Tung during The Korea Times Global Business Club at the Korea Press Center in central Seoul, Monday. Korea Times photo by Choi Won-suk

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The recent upgrade in Vietnam-Korea relations to a Comprehensive Strategic Partnership aims to foster cooperation in areas like politics, security, and sustainable development, which will reinforce their bond, notwithstanding the current challenges they face.

"The prospect of economic cooperation between Vietnam and Korea is very promising. But it does not mean that things are all rosy... Vietnamese and Korean businesses are having difficult times, seen in the reduction of both trade and investment volumes. That is to say our economic cooperation is enjoying greater opportunities but at the same time facing greater challenges, too," the ambassador said.

"All in all, this is a very exciting time to move Vietnam-Korea economic cooperation forward. In this context, I greatly appreciate today's event and look forward to the presentations and discussions, which by themselves, clearly show how deeply all of us present here care about our bilateral relations."

First Secretary and Head of Investment Office Pham Viet Tuan provided insights into the Vietnamese economy and its investment landscape, while First Secretary and Head of Trade Office Pham Khac Tuyen highlighted the bilateral trade and industrial collaborations.

Tuan gave an overview of Vietnam's economy along with a detailed account of Korea's investments in the Southeast Asian country. He projected the pathway for future investment opportunities, stating that Vietnam should evolve to become an increasingly suitable investment destination for high-tech industries like semiconductor and battery production as well as for start-ups.

Although the bleak global economic climate has also affected Vietnam, Tuyen outlined the country's strategy to navigate these challenges by bolstering collaboration with Korea in sectors such as critical minerals, textiles, automobiles and energy.

Both first secretaries, having studied in Korea, exemplified the strong ties between the two countries by giving presentations and answering questions in fluent Korean.

From left, Embassy of Vietnam's First Secretaries Pham Khac Tuyen, Pham Viet Tuan and Ambassador of Vietnam to Korea Nguyen Vu Tung take part in The Korea Times Global Business Club at the Korea Press Center in central Seoul, Monday. Korea Times photo by Choi Won-suk

Former Ambassador of Korea to Vietnam Lee Hyuk, who also previously served as secretary general of the ASEAN-Korea Centre, moderated the Q and A and discussion session with the envoys.

The event drew approximately 100 attendees, signifying the heightened interest in Vietnam in Korea. Participants included executives from some of Korea's leading companies, academics specializing in Asian studies and Korean and Vietnamese students engaged in Vietnamese studies, who are anticipated to become the bridges between Korea and Vietnam in the near future.

Park Sung-ho, a junior at the Department of Asian Languages and Civilizations at Seoul National University, said the event offered a deeper insight into Vietnam.

"Although I mainly study language and literature, I am also interested in the economy and economic cooperation with Southeast Asian countries," Park said.

He asked how the adoption of smart farming could transform Vietnam, a country where approximately 70 percent of the population is involved in the agriculture industry.

Vietnamese studies students listen to a presentation during The Korea Times Global Business Club at the Korea Press Center in central Seoul, Monday. Korea Times photo by Choi Won-suk

The ambassador said smart farming presents a new opportunity for collaboration between Vietnam and Korea.

"These technologies, especially ones focusing on agricultural techniques, could boost the agricultural sector in Vietnam and the products derived from this cooperation could potentially be exported back to Korea," he said.

"This would bolster the trade volume between our countries. Moreover, Vietnam and Korea could work together to innovate smart farming and increase food exports to other countries, presenting even greater prospects for our partnership," he added.