Korea shares economic development experience and policy suggestions for Vietnam

On the afternoon of May 28, the Ministry of Foreign Affairs and the Embassy of the Republic of Korea in Vietnam co-organized the seminar “Korea’s economic development experience and policy suggestions for Vietnam”. Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu chaired the event.

Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu delivered the opening speech at the seminar. (Photo: Thanh Long)

The seminar was attended by Mr. Lee Jae Myun - Counselor of the Korean Embassy in Vietnam, representatives of the Central Strategic Policy Committee, units of the Ministry of Foreign Affairs and the Korean Embassy in Vietnam.

In his opening speech, Permanent Deputy Minister Nguyen Minh Vu reviewed the development of the Vietnam-Korea Comprehensive Strategic Partnership in recent times, in which economic cooperation between the two countries has achieved many outstanding results. Korea maintains its position as Vietnam's leading economic partner, ranking first in foreign direct investment (FDI), second largest trading partner, and making great contributions to Vietnam's socio-economic development.

In the context of complex and unpredictable fluctuations in the world economy, to achieve the economic growth target by 2030 and 2045 and avoid the middle-income trap, Vietnam is promoting cooperation in industrial and scientific and technological development, considering this a strategic direction to accelerate the modernization process and enhance national competitiveness.

In that spirit, Permanent Deputy Minister Nguyen Minh Vu emphasized his hope that the Vietnamese Ministry of Foreign Affairs and the Korean Embassy would continue to promote their role as a bridge, deploy diverse economic diplomacy activities and coordinate substantive cooperation areas between the two countries. This seminar is an opportunity for the two sides to share Korea’s experience in economic development, especially in the areas of strategic industrial development, thereby drawing lessons for Vietnam.

Mr. Lee Jae Myun presented the content of the discussion at the Seminar. (Photo: Jackie Chan)

Presenting his speech at the Seminar, Mr. Lee Jae Myun introduced the economic development process of Korea from 1960 to 2025 and the policy of developing industries as the main driving force of the Korean economy. Originally a low-income country after the war, Korea has gradually become a leading industrial economy in Asia, through key policies such as: developing key industries such as chemicals, heavy industry, electronics, manufacturing; transforming into a model of strategic high-tech industries led by enterprises such as artificial intelligence, semiconductors, biotechnology, clean energy.

The “Miracle on the Han River” was created from the combination of government guidance and encouragement, the dynamism and autonomy of the private sector, and the capacity for international integration through the main driving forces of science and technology, research and development, product commercialization, and high-tech human resource development.

The seminar provided many policy suggestions for Vietnam in the process of shaping policies to develop strategic industries with an innovation ecosystem, creating incentives for the private sector through diverse forms such as venture capital funds, promoting technology transfer through attracting foreign direct investment.

Mr. Lee Jae Myun hopes to strengthen cooperation between Vietnam and Korea in many fields. (Photo: Jackie Chan)

At the seminar, the Counselor of the Korean Embassy in Vietnam also emphasized the important role of strengthening cooperation between the two countries in many fields, especially in trade and investment; affirmed that Korea will continue to accompany Vietnam in the process of economic development, always ready to share Korea's development policy experience, coordinate the organization of expert exchange programs, promote joint research cooperation, and enhance the added value of Vietnamese enterprises in the global supply chain.

In addition to the main presentation content, representatives of units in the Ministry of Foreign Affairs exchanged and discussed the division of roles among private sector entities, models and methods of operating venture capital funds to optimize efficiency, create momentum for private economic development, and make recommendations to Vietnam on core technology development strategies and applied technology to achieve growth targets suitable to the current conditions of the country.

In his concluding remarks, Permanent Deputy Minister Nguyen Minh Vu thanked and highly appreciated the presentation of Mr. Lee Jae Myun, affirming that the Seminar was successful and provided a lot of useful information and recommendations on key and urgent issues in the process of building development and international integration policies to serve Vietnam's development, thereby contributing to supporting the advisory work of the Ministry of Foreign Affairs and relevant agencies.

Permanent Deputy Minister Nguyen Minh Vu delivered a concluding speech at the seminar. (Photo: Thanh Long)

Source: https://baoquocte.vn/han-quoc-chia-se-kinh-nghiem-phat-trien-kinh-te-va-goi-y-chinh-sach-cho-viet-nam-315848.html