In a significant move to enhance bilateral ties, businesses and governments from Korea and Vietnam have pledged to deepen their partnerships in energy, supply chain, and digital transformation. The agreement was formalized during the Korea-Vietnam Business Forum, hosted in Seoul by the Korea Chamber of Commerce and Industries (KCCI) amid the visit of Vietnam’s Prime Minister Pham Minh Chinh.
The event saw the participation of 500 high-ranking government officials and business leaders from both nations, who signed 23 memoranda of understanding (MOUs). These agreements focused on three core areas, laying a foundation for further collaboration in other growth sectors.
Vietnam’s strategic importance to Korea is rising, as the Southeast Asian nation solidifies its position as a major production hub, especially in light of ongoing trade tensions between the U.S. and China. The forum underscored the need for both countries to navigate global economic changes together.
“Korea and Vietnam are strategic partners that must jointly overcome any changes in global economic circumstances,” said a prominent industry leader during the forum. “We expect the forum to generate wise solutions that can help both sides create synergies in digital transformation, energy transition, and supply chain cooperation.”
Approximately 350 business leaders from major Korean conglomerates attended the forum to strengthen their ties with Vietnam. The forum marked the 32nd anniversary of diplomatic relations between Korea and Vietnam, highlighting the need to prepare for the next three decades of cooperation.
“Korea has invested more than $87 billion in around 10,000 projects in Vietnam,” the Vietnamese prime minister noted. “The Vietnamese government will streamline administrative procedures to help Korean firms expand investments in cutting-edge technologies and renewable energies, aiming for bilateral trade volume to top $100 billion.”
In addition to energy and supply chain cooperation, the forum also discussed strengthening ties in steelmaking, biotechnology, smart factories, and artificial intelligence. The Vietnamese prime minister is scheduled to meet with top business leaders from Korea during his four-day stay.
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