The discussion provided numerous policy recommendations for Vietnam, including the formation of a strategic industrial development policy driven by an innovation ecosystem.
Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu speaks at the event (Photo: VNA)
Hanoi (VNA) – The Vietnamese Ministry of Foreign Affairs and the Embassy of the Republic of Korea (RoK) jointly held a conference on May 28, focusing on the East Asian nation’s economic development experience and relevant policy suggestions for Vietnam.
In his opening remarks, Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu highlighted the RoK’s role as a leading economic partner of Vietnam, the top source of foreign direct investment, and the second-largest trading partner.
He expressed hope that the ministry and the embassy would further promote their bridging role via diversifying economic diplomacy activities and coordinating substantive cooperation across various sectors. The conference, the official noted, offers an opportunity for both sides to share the RoK’s development experiences, particularly in the realm of strategic industrial growth, and draw lessons applicable to Vietnam.
The discussion provided numerous policy recommendations for Vietnam, including the formation of a strategic industrial development policy driven by an innovation ecosystem. Participants stressed the need to incentivise the private economic sector through diversified mechanisms such as venture capital funds and to promote technology transfer by attracting foreign direct investment.
Delivering a keynoteꩲ address, Minister-Counsellor𝄹 Lee Jae Myun of the embassy underscored the importance of strengthening the two countries’ cooperation in multiple areas, particularly trade and investment. He affirmed the RoK will continue supporting Vietnam’s economic development and is ready to share related policy experience, co-organise expert exchange programmes, and promote joint research initiatives to enhance the added value of Vietnamese enterprises in the global supply chain./.
The RoK is currently Hai Phong’s largest investor in terms of total registered capital and second biggest in the number of projects, with 14.2 billion USD across 186 projects.
The RoK currently ranks first in FDI in Vietnam, with 10,128 projects and a total registered capital of over 92 billion USD; second in official development assistance (ODA), labour, and tourism; and third in trade cooperation
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