Deputy Minister Truong Thanh Hoai received the Minister of Land, Infrastructure and Transport of Korea

Attending the working session on the Korean side were representatives of the Korean Embassy in Vietnam, representatives of the Korea Railway Corporation and a number of large Korean corporations and construction companies. Participants from the Ministry of Industry and Trade included leaders of the following units: Asia-Africa Market Department, Department of Industry.

At the meeting, Minister Park Sang Woo thanked Deputy Minister Truong Thanh Hoai and officials of the Ministry of Industry and Trade for taking the time to work with the delegation. Minister Park Sang Woo shared that the delegation's activities during the visit and work in Vietnam focused on promoting cooperation with Vietnam in developing housing, smart cities, industrial park infrastructure, highways, etc. and wished to cooperate with the Ministry of Industry and Trade in developing an industrial ecosystem supporting the Vietnamese railway industry.

Thanking the proposals from the Korean side, Deputy Minister Truong Thanh Hoai affirmed that with the Comprehensive Strategic Partnership, the two sides still have a lot of room for cooperation. The Deputy Minister highly appreciated the contribution of investment capital from Korea to the economic and social development in Vietnam in general and the development of the industrial sector in particular, and welcomed the working trip to Vietnam this time of the MOLIT delegation with many cooperative activities that promise to contribute to promoting the development of urban infrastructure and industrial park infrastructure in Vietnam.

Deputy Minister Truong Thanh Hoai affirmed that the Ministry of Industry and Trade always encourages Korean enterprises to increase investment in the supporting industry sector to serve the development of the railway industry in Vietnam. On that basis, the Deputy Minister proposed that the Korean side provide capital support as well as training programs for high-quality human resources in the railway industry; promote technology transfer to Vietnamese enterprises through various forms such as joint ventures and partnerships, creating conditions for Vietnamese enterprises to produce high-tech products with high added value such as electronic equipment and key mechanical products to serve the development of the railway industry.

In response to Minister Park Sang Woo's interest in the North-South high-speed railway project, Deputy Minister Truong Thanh Hoai also provided general information on the implementation status and suggested contacting the focal agency, the Ministry of Transport, to discuss specifically the cooperation needs of the Korean side.

At the end of the working session, Deputy Minister Truong Thanh Hoai expressed his belief that with the support of the Korean Government, the effective coordination of the Ministry of MOLIT, the Korean Embassy in Vietnam and major Korean construction companies in the next stages will contribute to helping Vietnam improve its capacity in infrastructure and urban development, especially the supporting industry for urban railways in particular and the railway industry in general.

In 2023, Vietnam's trade turnover with South Korea will reach 76 billion USD, down 12.2% compared to 2022 and accounting for 11.2% of Vietnam's total import-export turnover with the world. Of which, Vietnam's exports to South Korea will be 23.5 billion USD, down 3.3% and imports from South Korea will be 52.5 billion USD, down 15.6%.

In the first 6 months of 2024, Vietnam - Korea bilateral trade turnover reached 38.6 billion USD, up 9.9% over the same period in 2023; of which Vietnam's exports to Korea reached 12.2 billion USD, up 10.2%; Vietnam's imports from Korea reached 26.8 billion USD, up 9.7%.

Source: https://moit.gov.vn/tin-tuc/hoat-dong/thu-truong-truong-thanh-hoai-tiep-bo-truong-bo-dat-dai-co-so-ha-tang-va-giao-thong-van-tai-han-quoc.html