Choi Tae-won: "Korea-Vietnam, Let's Create a New Path for Green Growth Beyond Traditional Industries"

KCCI Holds
'Korea-Vietnam Business Forum' in Hanoi, Vietnam

Korean and Vietnamese businesspeople pledged to cooperate in various fields such as securing supply chains, responding to climate change, and transitioning to a digital economy, building on the history of the past 30 years since diplomatic relations to move forward into a new 30 years.

At the 'Korea-Vietnam Business Forum' held on the 23rd in Hanoi, Vietnam, attended by President Yoon Suk-yeol and Prime Minister Pham Minh Chinh of Vietnam, political and business figures from both countries said, "Let us leap beyond 30 years of diplomatic relations into a new phase." After the forum's presentation sessions, a memorandum of understanding (MOU) was also signed to expand practical future business between companies and institutions of the two countries.

About 600 political and business figures from Korea and Vietnam attended the event. On the Korean side, more than 350 businesspeople including Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry (KCCI); Lee Jae-yong, Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Company; Koo Kwang-mo, Chairman of LG; and Shin Dong-bin, Chairman of Lotte, as well as senior government officials such as Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho and Minister of Trade, Industry and Energy Lee Chang-yang attended. On the Vietnamese side, government officials including Minister of Planning and Investment Nguyen Chi Dung, Minister of the Prime Minister’s Office Tran Van Son, Minister of Industry and Trade Nguyen Hong Dien, Minister of Agriculture and Rural Development Le Minh Hoan, and Vice Minister of Foreign Affairs Nguyen Minh Vu, as well as about 250 businesspeople such as Hoang Van Quang, Chairman of PetroVietnam Power Corporation, Nguyen Tang Hung, Chairman of Sovico Group, and Bui Kim Thuy, Director of Vingroup, participated.

Chairman Choi Tae-won of SK Group (right) and Chairman Lee Jae-yong of Samsung Electronics, who attended on crutches due to an injury, are smiling together while holding crutches at the official reception for the 2030 Busan World Expo held at a sports center in Issy-les-Moulineaux, Paris, France, on the 21st (local time).
[Image source=Yonhap News]

Choi Tae-won, Chairman of KCCI: "Dynamic Bilateral Relations... Time to Create ESG-Based Growth Path"

In his welcoming remarks, Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, said, “The next 30 years will be a time for the two countries to create a new path of sustainable growth based on ESG beyond traditional industries.”

Chairman Choi stated, “Korean companies are already actively participating in the journey to establish and implement green growth strategies based on a renewable energy mix including wind power, solar power, carbon capture, and hydrogen here in Vietnam,” adding, “Various win-win cooperation models continue to be created, ranging from next-generation communication networks, fintech, mobility, healthcare, to investments in alternative energy sources.” The Vietnamese government announced the 'National Strategy for Green Growth' in 2021 and is promoting a major industrial structural transformation aiming for carbon neutrality by 2050. He continued, “Today’s session presentations on various topics and the signing of more than 100 MOUs represent a facet of the dynamic development of bilateral relations.”

Chairman Choi said, “Having lived as a businessperson all my life, I feel that ultimately the most important thing is people,” and added, “Vietnamese are young, talented, and diligent. They are always thirsty for learning and growth. This is the fundamental common ground between Korea and Vietnam.” He further expressed, “As a businessperson and a citizen, I hope to become a role model of partnership that creates future growth.”

Since establishing diplomatic relations in 1992, the two countries have steadily expanded exchanges. Vietnam has grown to become Korea’s third-largest trading partner after China and the United States, and last year it became the largest trade surplus country. Korea has also become Vietnam’s number one foreign direct investment (FDI) country. Last year, marking the 30th anniversary of diplomatic relations, the bilateral relationship was elevated to a ‘Comprehensive Strategic Partnership.’

"We Must Enhance Both Countries’ Global Competitiveness through Cooperation on Supply Chains, Climate Change, and Digitalization"

President Yoon Suk-yeol is delivering a congratulatory speech at the Korea-Vietnam Business Forum held at a hotel in Hanoi, Vietnam, on the 23rd.
[Image source=Yonhap News]

At the business forum, discussions continued on cooperation plans in supply chains, climate change, and digital sectors, as well as building a mutually beneficial ecosystem between the two countries. Choi Ju-ho, Head of Samsung Electronics’ Vietnam Complex, speaking on behalf of Korea, said, “We have supported manufacturing site consulting, local expert training, and smart factory construction to enable Vietnamese suppliers in electronics, machinery, and mold parts to participate in the supply chain,” adding, “Going forward, we will expand opportunities for our companies to participate in the supply chain by discovering Vietnamese partner companies and accelerating the enhancement of their competitiveness.”

Park Min-sik, Head of Doosan Enerbility’s Vietnam branch, presented on the topic of net-zero and future energy cooperation. He said, “Vietnam is also aiming to achieve net-zero by 2050 and is reorganizing from existing coal-fired power to renewable energy centered on the recently announced PDP 8 (Vietnam’s National Power Development Master Plan).” He added, “Korean companies’ high-efficiency offshore wind power technology and technologies for converting thermal power to eco-friendly fuels such as hydrogen, ammonia co-firing, and biomass can contribute to Vietnam’s net-zero goal achievement.”

Finally, Kim Hyung-jin, Head of Shinhan Bank Vietnam Future Lab, who spoke on digital transformation and fintech cooperation, said, “Vietnam grew rapidly by more than 8% even during the COVID-19 crisis,” and “In the digital sector, Vietnam has five unicorn companies in platforms, payments, and related areas, and the digital market is expected to account for about 33% of GDP by 2030.” He added, “Our companies are continuously expanding their base through acquiring digital customers, cooperating with Vietnamese digital companies (such as TIKI, Zalo), and developing digital-exclusive products.”

On the Vietnamese side, the Ministry of Planning and Investment presented on ‘Vietnam’s Investment Policy and Promising Industries,’ followed by a presentation from Vietnamese company VINFAST on ‘Future Business Opportunities in Green Transportation.’

Lee Sung-woo, Director of the International Trade Division at the Korea Chamber of Commerce and Industry, said, “Korea and Vietnam face opportunities to create more achievements than the past 30 years of cooperation amid changes such as global supply chains, climate crisis, and digital transformation,” adding, “This business forum will provide Korean companies with a stable supply chain and help Vietnamese companies enhance market competitiveness, becoming a new milestone for truly win-win cooperation.”

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