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Korea, Vietnam to cooperate on supply chain, energy transition

[Photo by Lee Chung-woo]

According to Pulse by Maeil Business News Korea,

Government officials and key business leaders from both Korea and Vietnam pledged to jointly address future challenges including supply chain restructuring and energy transition during a business forum.

The Korea-Vietnam Business Forum, organized by the Korea Chamber of Commerce and Industry (KCCI), took place in Seoul on Monday. Attendees included Minister of Trade, Industry and Energy Ahn Duk-geun and Korean Ambassador to Vietnam Choi Young-sam, as well as business leaders such as Cho Hyun-sang, Chairman of the Korea-Vietnam Economic Cooperation Committee (KVECC) and Vice Chairman of Hyosung Group, Chey Chang-won, Chairman of SK Supex Council, Cho Hyun-joon, Chairman of Hyosung Group, Lee Hee-beom, Chairman of Booyoung Group, Park Seung-hee, President of Samsung Electronics Co., and Lee Kye-in, President of POSCO International.

Representing Vietnam were Prime Minister Pham Minh Chinh, Minister of Planning and Investment Nguyen Chi Dung, Minister of Industry and Trade Nguyen Hong Dien, and Minister of Foreign Affairs Bui Thanh Son, along with business leaders such as Military Bank’s Luu Trung Thai and Sovico Group’s Nguyen Thanh Hung.

“Korea and Vietnam are strategic partners to overcome changes in the global economic environment together,” KVECC Chairman Cho said in his opening remarks, anticipating “many wise solutions for cooperation” in the fields of energy transition and supply chain collaboration, which were the forum’s themes.

The KVECC is a private cooperation organization jointly founded by the KCCI and the Vietnam Chamber of Commerce and Industry shortly after the two countries established diplomatic relations in 1992. It has become a key institution for economic cooperation between the two countries and organized the business delegation that accompanied President Yoon Suk Yeol on his visit to Vietnam in 2023.

Noting that 2024 marks 32 years of Korea-Vietnam diplomatic relations, Ahn said in his welcoming address that it is now “time to prepare for the next 30 years,” adding that the two governments plan to actively cooperate in expanding investment and trade, building a stable supply chain cooperation network, and in areas such as climate change and nuclear power.

For his part, Pham emphasized addressing the difficulties faced by Korean companies operating in Vietnam. “Korea is the largest investor among the 146 countries investing in Vietnam, with a total investment of over $87 billion. The Vietnamese government will streamline administrative procedures and improve regulations to expand investment by Korean companies, aiming to increase the trade volume to over $100 billion,” the Vietnamese prime minister said.

By Kim Hee-su and Chang Iou-chung

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (July 2, 2024)

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