Korea-Vietnam 30 Years of Diplomatic Relations, 300 Businesspeople Gather to Pledge 'Economic Cooperation'

On the 6th, Hosted by the Korea Chamber of Commerce and Industry
Discussion on Digital and Green Energy Cooperation
Over 14 Related Business Agreements Concluded

On the 6th, Nguyen Xuan Phuc, President of Vietnam (fourth from the left), and Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance (fifth from the left), are entering the Korea-Vietnam Business Forum venue. Photo by Korea Chamber of Commerce and Industry

[Asia Economy Reporter Choi Seoyoon] At the Korea-Vietnam Business Forum held on the occasion of the state visit of Nguyen Xuan Phuc, President of Vietnam, over 300 businesspeople from both countries gathered to strengthen economic cooperation.

The Korea Chamber of Commerce and Industry held the 'Korea-Vietnam Business Forum' on the 6th at Lotte Hotel in Jung-gu, Seoul. This event was held to commemorate the 30th anniversary of diplomatic relations. Nguyen Xuan Phuc, President of Vietnam, and Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, attended in person to encourage businesspeople from both countries.

On the Korean side, attendees included Joo Si-bo, President of POSCO International and Korean Chairman of the Korea-Vietnam Economic Cooperation Committee; Ahn Se-jin, CEO of Lotte Group; Ahn Won-hyung, President of LS; Jung In-seop, President of Hanwha Energy; Lee Baek-hoon, CEO of Hyundai Asan; Kwon Hee-baek, CEO of Hanwha Investment & Securities; Jung Yeon-in, President of Doosan Enerbility; Na Hyung-gyun, CEO of Korea Electric Wire; Park Joo-hwan, Chairman of TKG Taekwang; Lee Gye-young, CEO of Hwaseung Enterprise; and Lee Jung-hoon, President of Seoul Semiconductor.

On the Vietnamese side, key ministerial-level officials participated in large numbers, including Pham Binh Minh, Permanent Deputy Prime Minister; Nguyen Chi Dung, Minister of Planning and Investment; Bui Thanh Son, Minister of Foreign Affairs; Le Kan Hai, Chief of the Presidential Office; Nguyen Hong Dien, Minister of Industry and Trade; Nguyen Van Hung, Minister of Culture, Sports and Tourism; Dao Hong Lan, Minister of Health; and Nguyen Vu Tung, Ambassador of Vietnam to Korea. Corporate representatives included Le Ngoc Duc, Vice Chairman of Thang Long Group; Le Hong Ha, CEO of Vietnam Airlines; and Don Di Lam, CEO of VinaCapital.

Chairman Joo said in his opening remarks, “The trade volume between the two countries exceeded approximately 80 billion dollars last year, and Korea is Vietnam’s third-largest trading partner and largest investor,” adding, “As the global economy faces intensified nationalism, economic bloc formation, and supply chain competition, close joint efforts between the two countries to address economic issues are necessary.”

On the 6th, Nguyen Xuan Phuc, President of Vietnam (seventh from the left in the front row), and Choo Kyung-ho, Deputy Prime Minister for Economic Affairs (sixth from the left in the front row), are taking a commemorative photo with the attendees at Lotte Hotel in Jung-gu, Seoul. Photo by Korea Chamber of Commerce and Industry

The theme of the event was ‘30th Anniversary of Korea-Vietnam Diplomatic Relations: New Business Opportunities and Paradigm Shifts.’ Participants evaluated the 30 years of bilateral relations and discussed cooperation plans in digital and green energy sectors as well as sustainable future collaboration tasks between the two countries.

Jung In-seop, President of Hanwha Energy, who presented on future cooperation in green energy projects, stated, “Vietnam is currently establishing its 8th Power Development Plan. As Vietnam’s growth is centered on manufacturing, it is true that there are significant concerns about achieving carbon reduction goals.”

He continued, “Korea’s energy industry has infrastructure investment and construction experience, financial investment capacity utilizing pension funds, and solutions for various energy sources such as LNG, solar power, hydrogen, and ESS (Energy Storage Systems), which can contribute to Vietnam’s long-term energy transition policy.”

At the forum, under the presence of the Vietnamese President, about 14 memorandums of understanding (MOUs) were signed to strengthen trade cooperation between companies and governments of both countries and to promote digital and green business collaboration. These included ▲Air route cooperation MOU (Korean Air - Vietnam Airlines) ▲Long An Province smart city development MOU (STS Development - Saigon Telecommunications Technology) ▲Distribution business cooperation for Vietnamese premium brands (Brewbell Korea - Vive) ▲High-tech agricultural product investment and development cooperation (Sungwon Trading - Bit Phuc Production and Export) ▲Industrial complex establishment for fostering high-tech technology industries (Sein I&D - N&G Group), among others.

Woo Tae-hee, Executive Vice President of the Korea Chamber of Commerce and Industry, said, “Vietnam is an important business partner and a companion for our future not only in economic cooperation but also in the global transition era,” adding, “Based on the solid economic cooperation centered on manufacturing achieved so far, I hope we can prepare together for the next 30 years across all industries including digital and green energy.”

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