Vietnam, South Korea to double trade to $150 bln by 2030
Vietnam and South Korea agreed on Friday to make joint efforts to almost double bilateral trade to $150 billion by 2030 and deepen their multi-faceted cooperation.
Three memorandums of understanding (MoUs) on stronger bilateral industry relationships were signed after a summit between South Korean President Yoon Suk Yeol and his Vietnamese counterpart Vo Van Thuong in Hanoi, according to South Korea’s Ministry of Trade, Industry and Energy.
The Vietnamese and South Korean trade ministries agreed to set up a "PLUS" task force of the respective nation, to be led by director-level officials, which will be in charge of exchanging information on trade and industry circumstances, helping address problems their companies face, and exploring new business opportunities.
The two nations held a major business forum later in the day, with the participation of Vietnamese Prime Minister Pham Minh Chinh and the South Korean President, who is on a three-day state visit to Vietnam starting Thursday. Yoon is being accompanied by a 205-strong Korean business mission.
The major delegation includes Samsung Electronics executive chairman Lee Jae-yong, SK Group chairman Chey Tae-won, Hyundai Motor Group executive chairman Euisun Chung, LG Group chairman Koo Kwang-mo, Lotte Group chairman Shin Dong-bin, and other top Korean business figures.
The forum was held for the governments and companies of the two countries to forge stronger partnerships and explore more business opportunities.
A total of 109 MoUs and two contracts were signed during the forum on technology development, investment, and supply chains in a wide range of industries, including defense, electric vehicles, nuclear power generation, travel, food and bio fields, according to South Korea’s Ministry of Trade, Industry and Energy.
Top Korean business figures said at the event that they consider Vietnam a production hub.
Hyosung Group chairman Cho Hyun Joo said Hyosung wants to make Vietnam a hub for its sustainable growth. Cho added his group has invested $3.5 billion in Vietnam, with presence in Hanoi, Ho Chi Minh City, and the southern provinces of Dong Nai, Ba Ria-Vung Tau with more than 9,000 employees in total.
Cho said the group, a leading power transformer manufacturer, wants to develop major high-technology projects and expand to information technology in Vietnam, and has plans to take in 10,000 more workers.
LG Group chairman Koo told the forum that LG has selected Vietnam as a large-scale production base. It started investing in Vietnam in 1995 and will continue to increase its investment capital.
LG said last December it had plans to channel another $4 billion into Vietnam, where it has invested about $5.3 billion by the end of 2022.
SK Group chairman Chey said Vietnam is a promising market for growth. SK continues to scale up in the country, including $1.3 billion planned for renewable energy.
Small and medium-sized enterprises from Korea also want to promote investment in this market, home to 100 million people. A Federation of Korean Industry representative said FKI sees Vietnam as a strategic partner and wants to promote cooperation in such fields as high technology and semiconducting.
Cha Yol Koo, president of the Korea International Trade Association (KITA), suggested the two countries should boost cooperation in exploring mineral resources, such as rare earths. He added the Korean business community in Vietnam expects the Vietnamese government to make appropriate adjustments to taxes, regulations and policies to help them operate stably in the country.
Vietnam’s Prime Minister Chinh said around 9,000 Korean companies are present in the Vietnamese market with total investment capital of up to $82 billion. Based on this, bilateral trade ties will further grow.
Chinh said he expected Korean businesses to grow more strongly and think about more investments in entertainment and culture.
As for proposals from the Korean business community, the Vietnamese PM pledged that the government would work out suitable measures based on real conditions.
As part of the business forum, the Export-Import Bank of Korea (Korea Eximbank) signed an MoU with Vietnam’s VinaCapital Group and Korean company GS Energy to finance an LNG-to-power project worth more than $3 billion in southern Vietnam’s Long An province. A joint venture between VinaCapital and GS Energy will develop the 3-gigawatt complex.
- Read More
UAE plans to hold conference to promote investment into Vietnam: minister
The United Arab Emirates (UAE) has plans to organize a large-scale conference in Vietnam to canalize investment from the UAE and elsewhere into the Southeast Asian country, says a minister.
Investing - Mon, October 28, 2024 | 5:41 pm GMT+7
Sustainable packaging key focus area in Suntory PepsiCo Vietnam growth strategy: exec
Suntory PepsiCo Vietnam is actively promoting various initiatives in sustainable packaging as a key focus area in its development strategy, says Do Thai Vuong, deputy general director in charge of external affairs and communications.
Companies - Mon, October 28, 2024 | 5:02 pm GMT+7
Nuclear power Vietnam’s choice to ensure sufficient energy: country top leader
Nuclear power is the path for Vietnam to ensure sufficient electricity supply by 2045, Party General Secretary To Lam said Saturday at the ongoing National Assembly session.
Energy - Mon, October 28, 2024 | 4:33 pm GMT+7
Vietnam Electricity’s northern unit seeks German support in finance, technology
Northern Power Corporation (EVNNPC), a unit of state utility Vietnam Electricity, is seeking further support from the German government and state-owned German development bank KfW to reach sustainable growth.
Energy - Mon, October 28, 2024 | 4:16 pm GMT+7
Leading UAE firms plan to expand investment cooperation in Vietnam
Four leading UAE corporations collaborating with Vietnamese firms have plans to expand investment cooperation in the country, executives told Prime Minister Pham Minh Chinh in Abu Dhabi Sunday.
Industries - Mon, October 28, 2024 | 3:53 pm GMT+7
Real estate developer Nam Long achieves only 3% of year's profit target
Nam Long Group, a major real estate developer in southern Vietnam, recorded an after-tax profit of VND15.5 billion ($610,345) in the first nine months of 2024, reaching only 3% of its annual target.
Companies - Mon, October 28, 2024 | 3:00 pm GMT+7
Vietnam’s Eximbank sees Q3 earnings triple on forex trading
Ho Chi Minh City-based Eximbank says it earned a net profit of VND721.2 billion ($28.6 million) in Q3/2024, up 198.25% year-on-year, thanks to income from lending and forex trading.
Banking - Mon, October 28, 2024 | 12:25 pm GMT+7
Taiwan electronics firm Lite-On to start $690 mln Vietnam project soon
Taiwan-based Lite-On Technology Corporation, a world-leading provider in optoelectronics and power management, is set to start its $690 million investment in Vietnam next month.
Industries - Mon, October 28, 2024 | 11:01 am GMT+7
PM Chinh asks hypermarket chain Lulu to bring UAE investors to Vietnam
Vietnamese Prime Minister Pham Minh Chinh has called on LuLu Group International, with its extensive network of branches, to bring potential investors from both within and outside the United Arab Emirates (UAE) to invest in Vietnam.
Industries - Mon, October 28, 2024 | 10:45 am GMT+7
Gov’t support, new laws spark resumption of stalled property projects: Vietnam realtors
A number of stalled property projects in Vietnam have resumed construction on the back of the government’s support and improved legal framework.
Real Estate - Mon, October 28, 2024 | 7:27 am GMT+7
Thailand’s automobile output down 25.5% in September
The Federation of Thai Industries (FTI) on Thursday reported that automobile production in the country fell 25.5% in September from a year earlier.
Southeast Asia - Sun, October 27, 2024 | 7:48 pm GMT+7
Singapore fully implements passport-less clearance at Changi airport
The Immigration and Checkpoints Authority (ICA) of Singapore on Thursday announced that since September 30, it has fully implemented passport-less clearance across all four terminals at Changi Airport.
Southeast Asia - Sun, October 27, 2024 | 7:47 pm GMT+7
Six Thai destinations honored for sustainable tourism
Six Thai destinations have been recognized for their efforts in sustainable tourism as part of the Green Destinations Top 100 Stories initiative.
Southeast Asia - Sun, October 27, 2024 | 7:44 pm GMT+7
Vietnam to add 6,793 MW to power sources in 2025, fulfilling electricity demand
Vietnam is set to add 10 new power source projects with a total capacity of 6,793 MW in 2025, fulfilling the country's electricity demand next year, says state utility Vietnam Electricity (EVN).
Energy - Sun, October 27, 2024 | 5:00 pm GMT+7
PPP funding, special mechanism proposed for $363 mln central Vietnam airport
Vietnam’s central province of Khanh Hoa has proposed developing Van Phong international airport through a public-private partnership with an initial estimated cost of VND9.2 trillion ($363 million).
Infrastructure - Sun, October 27, 2024 | 3:00 pm GMT+7
Taiwan cooling solution firm AVC doubles Vietnam investment to $400 mln
Asia Vital Components (AVC), a Taiwan-based cooling solution provider, will increase its investment in Vietnam’s northern province of Ha Nam to $400 million.
Industries - Sun, October 27, 2024 | 1:30 pm GMT+7