Huh Chang-soo, Former Chairman of the Federation of Korean Industries, "The Era of $100 Billion Korea-Vietnam Trade Will Open"

Federation of Korean Industries Hosts Forum with Vuong Dinh Hue, Speaker of Vietnam National Assembly, and Others
Promoting $100 Billion Korea-Vietnam Trade Achievement and Expansion of Cooperation in 4th Industrial Revolution Sectors

Huh Chang-soo, Chairman of the Federation of Korean Industries, and Vuong Dinh Hue, Chairman of the National Assembly, are attending the "Korea-Vietnam Business Forum" held at the Federation of Korean Industries Conference Center on December 13th and posing for a commemorative photo. (Photo by Federation of Korean Industries)

[Asia Economy Reporter Lee Hye-young] The Federation of Korean Industries (FKI) announced on the 13th that it held the "Korea-Vietnam Business Forum," inviting high-ranking political and business officials from Korea and Vietnam.

The forum, held at the FKI Hall from 2 p.m. that day, was attended by about 100 people, including Park Byeong-seok, Speaker of the National Assembly of Korea; Vuong Dinh Hue, Speaker of the National Assembly of Vietnam; Le Minh Khai, Deputy Prime Minister of Vietnam; and a Vietnamese government delegation of over 30 members.

On the Korean side, key figures from companies currently operating or planning to operate in Vietnam, such as GS Construction, Hanwha Techwin, Lotte Department Store, Hanwha Energy, Kyobo Life Insurance, CJ CheilJedang, Korea Land and Housing Corporation, Samyang Corporation, Chong Kun Dang Pharmaceutical, Kyungbang, KBI Group, and Ilsin Spinning, attended the forum.

During the forum, more than 10 economic cooperation Memorandums of Understanding (MOUs) were signed between the FKI and the Vietnamese Ministry of Planning and Investment, as well as between Korean companies and Vietnamese government ministries. The MOUs focused on the development of industrial complexes in Vietnam and investments in sectors such as environment, semiconductors, and electronic components for mobile phones.

In his opening remarks, Huh Chang-soo, Chairman of the FKI, expressed gratitude to the Vietnamese high-level government delegation led by Speaker Vuong Dinh Hue for visiting Korea despite the resurgence of COVID-19 due to the Omicron variant. He said, "Vietnam is accelerating digital innovation to achieve a per capita GDP of $5,000 by 2025 and to enter the ranks of advanced countries by 2045. Given its great growth potential, let us use the 30 years of Korea-Vietnam economic cooperation as a stepping stone to open the era of $100 billion trade between Korea and Vietnam within 2 to 3 years."

He continued, "There are about 9,000 Korean companies operating in Vietnam, providing good jobs to approximately one million Vietnamese citizens, reflecting the active investment of Korean companies in Vietnam. I hope this event, attended by the Speaker of the Vietnamese National Assembly, will serve as an opportunity to further upgrade cooperation between the two countries."

In his keynote speech, Vuong Dinh Hue, Speaker of the Vietnamese National Assembly, expressed gratitude, saying, "Thank you for Korea's donation of over one million doses of COVID-19 vaccines to Vietnam in September this year. This is especially meaningful as Korea is the first and largest country to donate vaccines to other countries."

He added, "Currently, about 60% of the latest smartphones from leading Korean companies are manufactured and assembled in Vietnam. I hope that more advanced products from Korean companies will be produced in Vietnam in the future. Since 2022 marks the 30th anniversary of diplomatic relations between our two countries, I hope this milestone will lead to greater goals and achievements between Korea and Vietnam."

Vice Chairman Kwon Tae-shin of the Federation of Korean Industries (front row, left) and Do Nuet Hoang, Director of the Foreign Investment Agency at the Ministry of Planning and Investment of Vietnam, attended the "Korea-Vietnam Business Forum" held at the FKI Conference Center on December 13, where they signed an MOU and took a commemorative photo. (Photo by Federation of Korean Industries)

In the second part of the forum, the Vietnamese Ministry of Planning and Investment gave a presentation on "New Investment Opportunities in Vietnam's Energy and Infrastructure Sectors." Following this, a discussion on "Ways to Promote Korea-Vietnam Trade and Investment" was held, moderated by Kwon Tae-shin, Vice Chairman of the FKI, with participation from deputy ministers of three Vietnamese economic ministries (Ministry of Planning and Investment, Ministry of Industry and Trade, Ministry of Finance), Korean companies, and Vietnamese government officials.

During the session, a Q&A was conducted covering topics such as ▲ utilization strategies following the enforcement of the 2022 Regional Comprehensive Economic Partnership (RCEP) (Vietnam from January 1, Korea from February 1) ▲ Vietnam's schedule for resuming flights and plans to ease quarantine procedures for businesspeople ▲ impact of the OECD global minimum corporate tax rate of 15% on foreign investors in Vietnam ▲ Vietnamese government strategies for the development of the electric vehicle and semiconductor industries ▲ preparations for Korean companies to enter the Vietnamese insurance market ▲ bilateral cooperation measures to stabilize raw material supply chains ▲ consideration of special incentives for small- and medium-scale investments in materials, parts, and equipment sectors ▲ and the roadmap for easing foreign ownership limits in Vietnam's insurance, finance, and banking sectors.

This content was produced with the assistance of AI translation services.