Adding momentum to cooperation
Affirming that economic cooperation is an important pillar contributing to promoting the substantial development of bilateral relations, Prime Minister Pham Minh Chinh and Prime Minister Han Duck Soo agreed to closely cooperate to effectively implement bilateral and multilateral economic cooperation mechanisms such as the Vietnam-Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership (RCEP), the Indo-Pacific Economic Framework (IPEF), including the early signing of the Mutual Recognition Agreement (MRA) on the Priority Enterprise (AEO) Program in 2024.
The two Prime Ministers also agreed to promote cooperation in the fields of agriculture, forestry and fisheries such as smart farms, agricultural equipment, sustainable forest management, sustainable fisheries, irrigation modernization, and new rural development. Affirming the desire to promote trade in agricultural, livestock and fishery products, the two sides agreed to open the door for Vietnamese grapefruit and Korean melon to enter each other's markets.
Facilitating favorable investment conditions is necessary for sustainable trade and investment expansion, enhancing cooperation in the field of future industries, and start-up cooperation between small and medium-sized enterprises of the two countries.
The two Prime Ministers agreed to encourage Korean enterprises to expand investment in Vietnam, in key industries and future industries such as digital transformation, green economy, circular economy, semiconductors, environmentally friendly energy, biotechnology, 5G network, smart cities, etc.
At the same time, expand exchanges in the field of small and medium enterprises and startups; implement human resource training projects in the fields of high technology and digital transformation such as artificial intelligence (AI). In addition, strengthen cooperation and promote investment by Korean enterprises to build a stable core mineral supply chain.
Prime Minister Pham Minh Chinh and Prime Minister Han Duck Soo witnessed the exchange of a Memorandum of Understanding on orientations for building an Action Plan to realize the bilateral trade turnover target of 150 billion USD in a more balanced direction between the Vietnamese Ministry of Industry and Trade and the Korean Ministry of Trade, Industry and Energy. (Photo: VNA)
Prime Minister Pham Minh Chinh and Prime Minister Han Duck Soo witnessed the exchange of a Memorandum of Understanding on orientations for building an Action Plan to realize the bilateral trade turnover target of 150 billion USD in a more balanced direction between the Vietnamese Ministry of Industry and Trade and the Korean Ministry of Trade, Industry and Energy. (Photo: VNA)
Prime Minister Pham Minh Chinh affirmed that the Government will make efforts to create an open and transparent investment environment; create favorable conditions for foreign enterprises, including Korean enterprises, to invest stably and long-term in Vietnam. Emphasizing that Korea continues to consider Vietnam an important strategic partner in development cooperation, Prime Minister Han Duck Soo affirmed his desire to support Vietnamese enterprises to participate more deeply in the production supply chain led by Korean enterprises in Vietnam.
In addition, the two sides assessed that labor cooperation has been making great contributions to the mutually beneficial development between the two countries. The two Prime Ministers welcomed Korean agencies and organizations to support industrial human resource training in Vietnam, and agreed to make efforts to expand the scale and industries receiving Vietnamese workers to work in Korea under the Korean Employment Permit System (EPS). In particular, continuing to expand the scale of receiving technical and professional workers in the fields of shipbuilding, information technology, services, etc.
To achieve these successes, in addition to the fundamental factor of the long-standing good friendship between the two countries and peoples, the support and attention of the two governments, it is necessary to mention the contribution and consensus of the business communities on both sides.
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