Promoting agricultural advantages between Vietnam and Korea

Today (March 18), the Ministry of Agriculture and Rural Development and the Korea International Cooperation Agency (Koica) held a workshop: "Vision of Vietnam - Korea cooperation in the field of agriculture and rural development 2024-2030".

Minister of Agriculture and Rural Development Le Minh Hoan speaks at the workshop - Photo: VGP/Do Huong

South Korea is one of Vietnam's important strategic partners, a trade partner and the third largest export market of Vietnam. Two-way trade turnover between Vietnam and South Korea has increased more than 150 times, from 0.5 billion USD in 1992 to 76 billion USD in 2023. South Korea is also the largest investor in Vietnam with total registered foreign direct investment (FDI) capital reaching 81.997 billion USD by the end of 2022, accounting for 18.24% of total FDI capital in Vietnam. In terms of official development assistance (ODA) capital, Vietnam is also one of the countries receiving the largest ODA capital from South Korea....

The presentations at the workshop discussed comparative advantages as well as diverse forms of cooperation and investment. In the field of agriculture , cooperation between the two countries focuses on technology transfer in the development of biofuel crops, high-quality vegetable varieties, edible mushroom and medicinal mushroom production technology, safe food production, temperate fruit tree development, agricultural extension development, application of Industry 4.0 in agriculture and promotion of agricultural trade, which are strengths of each country.

According to Minister of Agriculture and Rural Development Le Minh Hoan, agricultural cooperation between Vietnam and Korea still has a lot of room for development. Korea is a country with modern agriculture, rich crop varieties, and many advantages in applying high technology in agricultural production and processing that Vietnam wishes to cooperate with in the coming time. In addition, Vietnam is also one of the world's leading agricultural exporters with many outstanding products such as: rice, vegetables and fruits, seafood, industrial crops, etc.

Minister Le Minh Hoan affirmed: "The Vietnam - Korea cooperation vision in the field of agriculture and rural development 2024-2030" will contribute to promoting the growth of Vietnam's agricultural sector; promoting investment and trade cooperation between the two sides in a sustainable and inclusive manner; and strengthening the public-private partnership structure between the two countries.

"Vietnam - Korea cooperation vision in the field of agriculture and rural development in the period of 2024-2030" needs to focus on further promoting the potential and comparative advantages of the two sides - Photo: VGP/Do Huong

"In addition to traditional cooperation programs and projects, the "Vietnam - Korea Cooperation Vision in Agriculture and Rural Development for the 2024-2030 period" needs to focus on further promoting the potential and comparative advantages of the two sides. At the same time, diversifying cooperation forms from technical assistance, technology transfer to new forms of investment such as public-private partnerships, joint ventures, value chain linkages; encouraging and attracting investment in agriculture and improving the quality and value of agricultural, forestry and fishery trade between the two countries", Minister Le Minh Hoan emphasized.

Mr. Chang Won Sam, Chairman of the Korea International Cooperation Agency (KOICA), said that agriculture continues to be a key area of cooperation between the two sides and is supported according to a common and long-term strategy. In order to promote the attraction of foreign direct investment (FDI) projects in agriculture in the long term, it is necessary to study and propose solutions to effectively use ODA capital.

Mr. Chang Won Sam emphasized : "In an effort to bring a stable and prosperous life to the people, the Korea International Cooperation Agency (Koica) will support Vietnam's agricultural development through projects such as: improving value chains, promoting market linkages, enhancing climate change response capacity to improve production capacity, market capacity of agricultural, forestry and fishery products; sustainable rural development while supporting the construction of a production network that adapts to climate change and conserves natural resources".

According to Do Huong/ Chinhphu.vn

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