111 Korea-Vietnam Business MOUs Signed... Yoon and Prime Minister Pham "Governments Will Support Trade" in Unison (Comprehensive)

Attendance at Korea-Vietnam Business Forum
Over 600 Government Officials and Businesspeople from Both Countries Attend
"Government to Support Bilateral Trade Dynamism"
Choi Tae-won: "Korea-Vietnam Relations, Starting Point for Crisis Solutions"

On the second day of President Yoon Suk-yeol's state visit to Vietnam on the 23rd (local time), an economic delegation and Vietnamese businesspeople signed 111 memorandums of understanding (MOUs) across various industrial sectors. Given that President Yoon led a large economic delegation of 205 members, it is interpreted that Vietnamese businesspeople are also expecting a revival of investment vitality between Korea and Vietnam. In particular, top leaders of both countries, including President Yoon and Prime Minister Pham Minh Chinh of Vietnam, pledged that their governments will do their utmost to invigorate bilateral trade.

In the afternoon, President Yoon attended the Korea-Vietnam Business Forum held at a hotel in Hanoi, encouraging the large-scale signing of MOUs by companies from both countries and expressing his gratitude. The forum was attended by over 600 people, including about 300 from the Korean government and business sector, including the economic delegation, and about 300 from the Vietnamese government and business sector.

On this occasion, 111 MOUs, concrete results of cooperation between companies and institutions from both countries, were signed. Among them, 54 MOUs were signed in trade sectors such as defense, consumer goods, healthcare, and food.

Additionally, 28 MOUs related to technological cooperation in electric vehicles and advanced industries, and 29 MOUs for supply chain and future cooperation including critical minerals and greenhouse gas reduction were signed, totaling a record-high 111 MOUs.

[Image source=Yonhap News]

President Yoon stated, "Although the physical distance between Seoul and Hanoi exceeds 3,000 km, the two countries have become important key partners in almost all areas, including trade, investment, human exchange, and culture," expressing gratitude for the efforts of businesspeople from both countries in building cooperative relations.

He also proposed partnership measures to open a new 30 years for Korea and Vietnam, who have been precious friends for the past 30 years. President Yoon added, "Above all, the most urgent task is to restore the dynamism of trade between the two countries, which has been weakened due to the global economic downturn," emphasizing, "We must deepen cooperation in various fields such as consumer goods, plants, and services, and establish a horizontal collaborative relationship befitting a comprehensive strategic partnership."

Amid increasing global bloc formation, he also stressed the importance of the free trade system. President Yoon said, "Both countries have benefited the most from the free trade system, and we must cooperate to firmly uphold it," proposing, "Let us also respond together to global agendas such as carbon neutrality."

[Image source=Yonhap News]

Prime Minister Pham Minh Chinh of Vietnam, in his congratulatory remarks, emphasized the history of cooperation between the two countries and the necessity of developing a market economy system, promising that the Vietnamese government will create the best environment for businesspeople to operate locally. Prime Minister Chinh said, "Many difficulties and challenges lie ahead of us," and mentioned government support by stating, "We hope to always stand together with businesspeople when they face difficulties and hardships."

He also said, "If there are good ideas, we want to develop them further, and if there are difficulties, we hope to share them with the government at any time and resolve the issues," emphasizing, "Through this, we hope that Vietnam investment projects will be the most effective and mutually beneficial for both countries."

Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group chairman, said in his greeting, "As President Yoon mentioned in Paris, the 2030 Busan Expo is a solution platform to find and solve challenges faced by humanity. However, these issues are not exclusive to the Expo," adding, "Problems such as geopolitical conflicts, digital divides, climate change, and health and food crises are the very issues Korea and Vietnam face today, and I believe the Korea-Vietnam relationship can be the starting point to create solutions."

He continued, "Vietnam, free from political and security external pressures, is the optimal investment destination that can capture both efficiency and stability," encouraging investment and cooperation by saying, "Vietnamese people are always thirsty for learning and growth. This is the fundamental connection between Korea and Vietnam."

At this forum, not only the private sector but also the Vietnamese government showed high interest in economic cooperation with Korea, with the Prime Minister and ministers and vice ministers from 13 ministries, including the Ministry of Planning and Investment, Ministry of Industry and Trade, Ministry of Agriculture and Rural Development, and Ministry of Foreign Affairs, all attending. The government stated, "We consider that a stable and future-oriented cooperation foundation has been established, and we plan to actively support the early realization of concrete cooperative outcomes from the MOUs signed this time."

[Image source=Yonhap News]

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