Consider the success of Korean businesses as also the success of Vietnam

Deputy Minister Le Quang Manh took souvenir photos with delegates attending the Forum. Photo: MPI

Deputy Minister Le Quang Manh said that after more than 30 years of consistently implementing innovation and international integration policies, maintaining a high, stable and continuous growth rate for many years, Vietnam has become a dynamic economy with a GDP of about 230 billion USD and a trade scale of over 420 billion USD.

To date, Vietnam has attracted 320 billion USD from 126 partners, of which over 170 billion USD has been invested directly in key economic sectors, such as manufacturing industry, infrastructure development, construction, real estate, energy, tourism, distribution... Many leading Korean corporations are investing and doing business effectively in Vietnam and have become important components promoting Vietnam's economic growth.

Korea is Vietnam's largest foreign direct investment (FDI) partner with 6,760 projects and 59 billion USD of valid registered investment capital in Vietnam. Currently, Korean businesses are playing an important role in a number of key economic sectors of Vietnam such as electronics industry, energy, automobile manufacturing, garment, construction...

In 2017, Korea continued to be the leading FDI partner in Vietnam with a total registered investment capital reaching a record level of over 9 billion USD with many large projects in the fields of manufacturing industry, real estate business, energy, distribution, M&A... Korean enterprises have also participated in 02 large BOT projects, Nghi Son 2 Thermal Power Plant and Nam Dinh 1 Thermal Power Plant with a total investment capital of over 5.2 billion USD through joint venture, registered through a third country.

In terms of trade, Korea has become Vietnam's 2nd largest partner and Vietnam is Korea's 4th largest partner. In 2017, trade turnover between the two countries reached about 64 billion USD, an increase of over 32% compared to 2016 and increased 128 times compared to when diplomatic relations were established in 1992.

In terms of tourism, Vietnam is the most popular destination for Korean tourists among Southeast Asian countries and makes Korea the second largest tourism partner of Vietnam.

To soon become a modern industrial country, Vietnam aims to maintain an average GDP growth rate of 6.5 - 7%/year. By 2020, GDP scale will reach about 320 - 350 billion USD, GDP per capita will reach about 3,200 to 3,500 USD, trade scale will reach about 600 billion USD.

To realize the above goals, Vietnam is actively improving the quality of growth based on increased productivity, innovation and creativity; Proactively approach to take advantage of all opportunities of the fourth industrial revolution and develop a knowledge economy; Harmoniously combine the domestic economic sector with the foreign investment sector; Improve competitiveness; Towards sustainable, stable and inclusive development.

Deputy Minister Le Quang Manh affirmed that Vietnam is committed to continuing to improve institutions, policies, and laws, create an investment and business environment according to international standards, strengthen enforcement responsibility, and uphold the rule of law; Expand business space, awaken all potential of businesses; Continue to develop and improve infrastructure, financial and banking systems, reform education and improve the quality of human resources.

Vietnam welcomes and appreciates Korea's new Southern policy with the goal of serving people and peace, promoting common prosperity. Vietnam also always values ​​​​cooperative relations with Korea, especially in the fields of economics, trade and investment, considering the Korean business community as a leading strategic partner in the process of restructuring the economy, innovation, creativity, developing the knowledge economy, improving growth quality and national competitiveness.

Vietnam wishes to promote more extensive, comprehensive and effective cooperation with Korea on the basis of sharing and mutual complementarity, linking the strengths and potentials of each country. Vietnam encourages and wishes to cooperate in investing with Korea in the fields of manufacturing and processing industries, supporting industries, new materials - precision mechanics, high efficiency agriculture, information technology, renewable energy, infrastructure development, environment, smart urban areas, healthcare, biology, high quality services, participating in the equitization of state-owned enterprises...

With the goal of increasing the trade turnover between the two countries to 100 billion USD by 2020, Vietnam wants to promote bilateral trade in a balanced direction and Korea creates more favorable conditions for agricultural and aquatic products, textiles, furniture, rubber... to access the Korean market. Vietnam is also ready to receive production components as well as other strong products from Korea into the Vietnamese market.

Deputy Minister Le Quang Manh hopes that the business communities of the two countries will continue to share new ideas, creative solutions, promote potential and strengths, become a pioneering force in economic cooperation and integration, contributing to consolidating and deepening the strategic cooperative partnership between Vietnam and Korea. This requires the two countries' business teams to be dynamic, creative, and have vision and the will to rise.

The Vietnam - Korea Economic Forum is a very meaningful event in the context of Vietnam - Korea celebrating the 25th anniversary of establishing diplomatic relations and is a valuable opportunity for the business communities of the two countries to look back at the cooperation results achieved over the past quarter of a century, share visions, prospects and opportunities for development cooperation in the new period, contributing to promoting and deepening the cooperative partnership. strategy between Vietnam and Korea./.