South Korean leader hails Vietnam as promising investment destination

Vietnam plays an important role in South Korea’s Indo-Pacific strategy and in the ASEAN-Korea Solidarity Initiative, he told Vietnamese Prime Minister Pham Minh Chinh in Seoul Tuesday.

"Many South Korean businesses have an investment ecosystem in Vietnam."

He called on Vietnam to create favorable conditions for South Korean companies to invest in energy projects, particularly those involving liquefied natural gas.

South Korean companies had earlier made a similar demand at a meeting with Chinh Monday.

The two leaders agreed their countries would cooperate and support each other at international and regional forums.

They also agreed to enhance collaboration in ASEAN forums such as ASEAN-Korea and Mekong-Korea.

Yoon commended Vietnam’s outstanding role in ASEAN-Korea relations and sought its continued support for elevating this relationship to a Comprehensive Strategic Partnership.

He also hailed Vietnam and ASEAN's stance on the South China Sea issue as contributing to enabling peace, stability and development in the region.

He called on South Korean businesses in train Vietnamese human resources to develop the country’s semiconductor and other high-tech industries.

South Korea would also assist Vietnam in organizing the Partnering for Green Growth and the Global Goals 2030 Summit in April 2025, he added.

At an earlier meeting with his South Korean counterpart Han Duck-soo, Chinh encouraged South Korean businesses to step up investments in Vietnam’s semiconductor and biotechnology sectors, digital transformation and green transformation.

He also wanted the South Korean government to approve a US$2-billion loan through the Enterprise Development Property Fund for Vietnam to develop key infrastructure such as high-speed rail.

The two leaders agreed to increase bilateral trade to $100 billion by 2025 and $150 billion by 2030 from $76 billion last year.

Chinh is on an official visit to South Korea from June 30 to July 3, the first official visit by a high-ranking Vietnamese leader since the two countries upgraded their relationship to a Comprehensive Strategic Partnership in December 2022.