South Korean trade minister wants trade with Vietnam expanded

Vietnam and South Korea established relations 32 years ago and the two countries are now closer than ever, he said at the Vietnam – South Korea Business Forum in Seoul Monday morning.

In order for bilateral trade to surge from $76 billion last year to $100 billion in 2025 and $150 billion in 2030, the two countries need to increase partnership in large infrastructure projects and establish a sustainable supply chain, he said.

Vietnam has rare earth while South Korea has advanced manufacturing technology, and the two countries can partner in mining and producing materials, he added.

Vietnam was the first country that South Korea established an international climate pact with, he said.

South Korea can share its experience in operating nuclear power plants, which is necessary to develop Vietnam’s energy, he added.

Prime Minister Pham Minh Chinh, in response, said that bilateral relations are mature in all fields including economy, culture, and people-to-people exchanges.

Vietnam always guarantees political stability, a favorable business investment environment, and equal and fair treatment to South Korean investors.

He urged South Korea to increase technology transfer to help Vietnam participate deeper in the global supply chain and in governance.

Chinh invited South Korean companies to invest in Vietnam’s digital economy, green economy, circular economy, knowledge economy, sharing economy, and the sectors of semiconductors, artificial intelligence and entertainment.

The Vietnam – South Korea Business Forum was organized by the Ministry of Trade, Industry, and Energy of South Korea, the Korea Chamber of Commerce and Industry, in coordination with Vietnam’s Ministry of Planning and Investment, the Embassy of Vietnam in South Korea, and Military Commercial Joint Stock Bank.

Chinh and his wife are in South Korea for an official visit from June 30 to July 3 at the invitation of Prime Minister Han Duck-soo and his wife.

He has more than 30 events lined up during the visit, more than half focusing on the economy, one of the main planks of Vietnam-South Korea relations.

Also Monday Chinh met with leaders of major conlomerates Lotte Group, Hyosung Corp, and Hyosung HS.

Lotte chairman Shin Dong Bin said that the group has invested in Vietnam since 1996 and in September 2023 it launched Lotte Mall Tay Ho in Hanoi.

The company is also investing in a property project in Thu Thiem, Ho Chi Minh City. He proposed that the Vietnamese government will support accelerating the land valuation process on the project.

Chinh said that the issue will be resolved with a property law change that will come into effect next month.

He urged Lotte to build more malls across Vietnam.