Vietnam holds promise as an investment destination, says President Yoon Suk Yeol

During a meeting with Prime Minister Pham Minh Chinh, President Yoon Suk Yeol stated that Korean businesses see Vietnam as a potential investment destination. The two leaders discussed the close cooperation between their countries, highlighting the importance of Vietnam as a key partner in implementing regional policies.

President Yoon Suk Yeol emphasized that many Korean enterprises investing in Vietnam have contributed to creating a favorable investment environment. He called on Prime Minister Pham Minh Chinh to facilitate Korean companies’ participation in key projects in Vietnam, particularly in energy and LNG projects. Korean leaders also expressed interest in Vietnam’s renewable energy initiatives, such as wind power and LNG.

The meeting between Prime Minister Pham Minh Chinh and President Yoon Suk Yeol saw both leaders agree to continue collaborating in international and regional forums of mutual interest. They pledged to strengthen cooperation within ASEAN frameworks, including ASEAN-Korea and Mekong-Korea partnerships. President Yoon Suk Yeol praised Vietnam for its excellent coordination of ASEAN-ROK relations and suggested elevating the relationship to a Comprehensive Strategic Partnership.

Moreover, Prime Minister Pham Minh Chinh proposed increased cooperation and investment from Korean businesses in sectors like semiconductors, digital transformation, green technology, and biotechnology. He suggested avenues for financial support from the Korean government to aid Vietnam’s strategic infrastructure development, aiming to boost bilateral trade turnover to $100 billion by 2025 and $150 billion by 2030.

The meeting between the Vietnamese Prime Minister and the South Korean President reflects the deepening ties between the two countries since upgrading their relationship to a Comprehensive Strategic Partnership in December 2022. Prime Minister Pham Minh Chinh and his delegation are on an official visit to South Korea from June 30 to July 3, marking a significant step in strengthening bilateral cooperation and economic relations.