South Korea to approve projects supporting Vietnam’s agricultural development

DNHN - Minister of Agriculture and Rural Development Le Minh Hoan emphasised that the agricultural cooperation between Vietnam and South Korea will boost the growth of Vietnam’s agricultural sector, sustainably promoting investment and trade cooperation.

On March 18, the Ministry of Agriculture and Rural Development and the Korea International Cooperation Agency (KOICA) held a workshop on the “Vision for Vietnam-Korea Cooperation in Agriculture and Rural Development from 2024 to 2030”.

South Korea is considered one of Vietnam’s important strategic partners and is the country’s third-largest export market. From 1992 to the present, the trade turnover between the two countries has increased more than 150 times, from 0.5 billion USD to 76 billion USD in 2023. South Korea is also the largest investor in Vietnam, with total Foreign Direct Investment (FDI) reaching 81.997 billion USD by the end of 2022, accounting for 18.24% of total FDI in Vietnam. In addition, Vietnam is also one of the countries receiving the largest amount of Official Development Assistance (ODA) from South Korea.

At the workshop, the discussions focused on comparing advantages and diversifying the types of cooperation and investment between the two countries. In the field of agriculture, cooperation will focus on technology transfer for the development of biofuel crops, high-quality vegetable varieties, production technology for edible mushrooms and medicinal mushrooms, production of safe food, development of temperate fruit trees, agricultural extension, and application of Industry 4.0 in agriculture, as well as promoting agricultural trade.

According to Minister of Agriculture and Rural Development Le Minh Hoan, there is much potential for developing agricultural cooperation between the two countries. South Korea has a modern and diverse agricultural sector and the ability to apply high technology in agricultural production and processing. In addition, Vietnam is also one of the world’s leading agricultural exporters, with many prominent products such as rice, vegetables, fruits, and seafood.

Minister Le Minh Hoan emphasised that the vision for agricultural cooperation between Vietnam and South Korea will contribute to boosting the growth of Vietnam’s agricultural sector, sustainably promoting investment and trade cooperation, and strengthening the public-private partnership mechanism between the two countries.

Mr Chang Won Sam, President of the Korea International Cooperation Agency (KOICA), said that agriculture is a key area of cooperation between the two sides and is supported by a common and long-term strategy. To attract foreign investment projects in agriculture, it is necessary to study and propose solutions for using ODA capital effectively.

Mr Chang Won Sam also emphasised that KOICA will continue to support the development of Vietnamese agriculture through projects such as improving value chains, strengthening market linkages, enhancing capacity to respond to climate change, and developing sustainable rural areas.

PV