During his state visit to South Korea, General Secretary To Lam attended the Vietnam - South Korea Economic Forum on August 12, themed "Supply Chain Development Cooperation in the New Era." South Korean Prime Minister Kim Min Seok and over 400 leading businesses from both countries participated in the event. The forum served as a platform for business communities to connect, playing a vital role in bilateral economic, trade, and investment cooperation.

General Secretary To Lam emphasized the importance of establishing a foundation for science and technology development and innovation as a crucial pillar in the cooperation between businesses and the two economies. He expressed his hope that South Korean businesses and corporations would continue to expand their investments in Vietnam, particularly in areas where South Korea has strengths and Vietnam has potential. These include clean and green energy, heavy industries such as electronics, automobiles, shipbuilding, chemicals, steel, strategic materials, semiconductor technology, artificial intelligence (AI), blockchain, and high-quality service sectors like healthcare, education, urban development, and smart green urban areas.

Vietnam is continuously improving its institutions and business environment, addressing bottlenecks to unlock resources. Concurrently, the country is restructuring its economy with a focus on science, technology, and innovation-driven growth, with cultural values as a core driver of development. Vietnam is shifting its focus from attracting foreign investment broadly to a more selective approach, prioritizing projects with advanced technology, high added value, and connections to global production and supply chains.

General Secretary To Lam speaks at the Vietnam - South Korea Economic Forum on August 12 in Seoul. Photo: TTXVN

General Secretary To Lam speaks at the Vietnam - South Korea Economic Forum on August 12 in Seoul. Photo: TTXVN

General Secretary To Lam urged Vietnamese ministries, sectors, and localities to create favorable conditions for attracting investment and increase dialogue to address concerns of South Korean investors in Vietnam. He also emphasized the need for continued review and reform of administrative procedures, simplification of processes, application of digital technology, decentralization of authority, and reduction of compliance costs for citizens and businesses.

He also expressed his desire for South Korea to continue facilitating Vietnamese businesses to expand their investments and operate effectively in South Korea, making it easier for Vietnamese goods to access the South Korean market.

At the forum, South Korean and Vietnamese businesses discussed key areas for collaboration, including clean energy development, high technology, and digital infrastructure, with a particular focus on strengthening production chains and value chain linkages.

Representatives of businesses attending the Vietnam - South Korea Economic Forum on August 12 in Seoul. Photo: TTXVN

Representatives of businesses attending the Vietnam - South Korea Economic Forum on August 12 in Seoul. Photo: TTXVN

South Korea and Vietnam established diplomatic relations in 1992. The two countries are now major trading partners, aiming for bilateral trade to reach 150 billion USD by 2030, with a focus on balanced trade. According to South Korean Prime Minister Kim Min Seok, Vietnam and South Korea have become indispensable economic partners in numerous fields. He suggested that the two nations should continue to build a stronger, long-term relationship, expanding cooperation from traditional sectors to new areas, towards a multi-faceted partnership. Prime Minister Kim expressed South Korea's willingness to cooperate with Vietnam in diversifying supply sources and ensuring energy security. He also expressed confidence in Vietnam's ability to achieve its development goals and become a high-income country, thanks to its young workforce, attractive investment environment, existing trade networks, and development orientations.

"South Korea wishes to expand comprehensive cooperation with Vietnam," he said, affirming that with the experience of creating the "Miracle on the Han River," they will accompany Vietnam in creating a "Miracle on the Red River.".

General Secretary To Lam and his wife, Ngo Phuong Ly, are on a state visit to South Korea from 10-13/8, at the invitation of South Korean President Lee Jae-myung and his wife.

Phuong Dung