Choi Sang-mok Meets Vietnamese Finance Minister to Reaffirm Economic Cooperation

Korean Companies Request Expansion of Investment Incentives and Prevention of Double Taxation

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is shaking hands and taking a commemorative photo with Ho Duc Phuc, Minister of Finance of Vietnam, on the 8th at the Government Seoul Office in Jongno-gu, Seoul.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok met with Ho Duc Phuc, Minister of Finance of Vietnam, at the Government Seoul Office on the 8th to discuss bilateral issues such as development cooperation and measures to revitalize investment.

This meeting was arranged on the occasion of Minister Phuc's visit to Korea to attend the investment briefing (IR) hosted by the Vietnam Stock Exchange held the previous day.

According to the Ministry of Economy and Finance, Deputy Prime Minister Choi expressed in his greeting that he hopes this investment briefing will lead to meaningful investment expansion between Korea and Vietnam.

The meeting discussed support for development cooperation and ways to resolve investment difficulties faced by Korean companies operating in Vietnam. Vietnam and Korea are each other's top three trading partners, with Korea being Vietnam's largest source of foreign direct investment, and Vietnam is a key economic cooperation partner for Korea in the Southeast Asian region.

First, the two countries confirmed their consensus on promoting the Korea-Vietnam financial cooperation framework agreed upon during the 2022 Korea-Vietnam summit.

As a follow-up measure, Deputy Prime Minister Choi stated that they plan to steadily support the External Economic Cooperation Fund (EDCF) and Economic Development Promotion Fund (EDPF) totaling 4 billion USD, which were signed in June last year.

Regarding measures to improve the investment environment for Korean companies operating in Vietnam, Deputy Prime Minister Choi requested active policy support to resolve difficulties faced by Korean companies in Vietnam, such as expanding investment incentives and preventing double taxation. Minister Phuc responded that he would actively consider the Korean government's proposals.

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