Vietnam and South Korea seek solutions to promote comprehensive cooperation

Photo caption — Deputy Minister of Finance Tran Quoc Phuong and Deputy Minister of Foreign Affairs of the Republic of Korea Kim Hee Sang co-chaired the meeting.

According to a VNA reporter in Seoul, the meeting was co-chaired by Vietnamese Deputy Minister of Finance Tran Quoc Phuong and Korean Deputy Minister of Foreign Affairs Kim Hee Sang to review the cooperation situation between the two countries in various fields since the 19th meeting held in 2022, and to outline cooperation directions in the coming time.

At the meeting, the two sides discussed the situation and solutions to promote cooperation in areas such as trade, investment, development cooperation, labor, economic security, energy, infrastructure, banking, science and technology, climate change and a number of other areas. The two sides also emphasized the achievements that the two countries' cooperation has achieved in recent times in all areas, especially since the two countries upgraded their diplomatic relations to Comprehensive Strategic Partnership in 2022. The cooperation between the two countries has developed remarkably, bringing benefits and deep understanding and trust to both sides.

In terms of trade, in 2024, South Korea will be Vietnam's third largest trading partner (after China and the US), the third largest export market and the second largest import market of Vietnam, with Vietnam's export turnover to South Korea reaching 25.6 billion USD and import turnover reaching 55.9 billion USD. In the first eight months of this year, trade turnover between the two countries reached 57.7 billion USD, up 7.3% over the same period last year, of which exports reached 18.7 billion USD (up 10.6%) and imports reached 39 billion USD (down 5.8%).

Regarding foreign direct investment, as of the end of September, Korea had 10,301 valid projects with a total registered investment capital of about 94.2 billion USD, ranking first in terms of total registered investment capital and total number of investment projects in Vietnam out of 154 countries/territories with investment projects in Vietnam.

Korean enterprises continue to be an important part of the Vietnamese economy, contributing about 30% of the country's total export value. Vietnam currently has 114 investment projects in Korea with a total investment capital of 37.7 million USD. These projects are mainly in the fields of science and technology, mining, processing industry, manufacturing, and repair of automobiles, motorbikes and other motor vehicles.

Regarding official development assistance (ODA), in recent years, Vietnam continues to be the top priority partner to which Korea provides capital with a commitment of about 200 million USD in non-refundable aid and 4 billion USD from loan capital (2 billion USD from the Economic Development Cooperation Fund/EDCF and 2 billion USD from the Economic Development Promotion Fund/EDCF).

Regarding labor cooperation, there are currently more than 43,000 Vietnamese workers working under the Employment Permit System for Foreign Workers in Korea (EPS Program), mainly in the manufacturing, agriculture, fisheries, construction, shipbuilding, and forestry sectors, leading in the number of EPS workers working in Korea.

The EPS program has been effectively implemented in the period of 2023 - 2025 with many specific results such as successfully organizing Korean language exams for about 90,000 foreign workers, of which about 26,000 workers passed the exam and went to Korea to work. The rate of EPS workers residing and working illegally in Korea has decreased sharply, accounting for 19% and exceeding the target set by both sides.

In addition, other labor supply programs (such as E7, E8 and E10 visas) all show high demand from Korea and good supply capacity of service enterprises and related localities in Vietnam. Vietnam is also the leading country in the number of skilled workers working in Korea with nearly 14,000 workers.

Regarding science and technology and digital transformation, Vietnam and Korea discussed and agreed to strengthen cooperation in the fields of semiconductors, telecommunications, artificial intelligence (AI), quantum, new energy, biology, and nano; build joint research and development programs; promote technology transfer between enterprises, research institutes, and universities; develop research and development centers, train high-tech engineers; learn from the model of developing a startup ecosystem and innovative startups; and support policies for small and medium-sized enterprises in technological innovation.

In addition to the above main areas, Korea and Vietnam also cooperate to resolve difficulties and promote cooperation in many fields such as energy, infrastructure, climate change, and Korean foreign direct investment in Vietnam. In the coming time, the two sides agreed to continue to strengthen the exchange, cooperation, and sharing of information and experience in areas of mutual interest. Korea's experience, capacity, and qualifications are strengths that Vietnam can access, exploit, and mobilize.

Vietnam proposed that Korea closely coordinate to promote the implementation of tasks and activities in the Action Plan to realize the target of bilateral trade turnover of 150 billion USD towards a more balanced direction by 2030, which was signed by the two sides in April 2025, and requested Korea to facilitate and quickly resolve import procedures for some agricultural and food products of Vietnam.

In the context of Vietnam's economy entering a new development stage, with the aspiration to become a high-income developed country by 2045, the Vietnamese Government proposed that the Korean Government encourage large corporations of this country to invest in priority areas such as infrastructure development, production of high-tech electronic equipment, semiconductors, artificial intelligence (AI), renewable energy, smart cities, and construction of specialized industrial production complexes along the value chain, especially projects of large corporations such as Samsung, Hyosung, LG, SK.

During the 2026 - 2030 period, the two sides aim to focus on high-priority projects in areas such as investment in developing transport infrastructure, urban areas, high-tech infrastructure, higher education and closely coordinate to successfully implement new projects proposed to use capital from the non-refundable aid commitment of 200 million USD and 2 framework agreements from the EDCF and EDPF Funds mentioned above.

Vietnam also requested that Korea continue to pay attention and allocate non-refundable ODA capital to Vietnam to implement the Vietnam Research and Development Innovation Project (VKIST Project Phase 2).

Source: https://baotintuc.vn/thoi-su/viet-nam-va-han-quoc-tim-kiem-giai-phap-thuc-day-hop-tac-toan-dien-20251114135315044.htm