The special relationship between Vietnam and Korea: Abundant Potential for economic cooperation and Investment

DNHN - Vietnam and Korea have developed a unique trading relationship, and Vietnam is Korea's third largest trading partner after the United States and China.

Vietnam and Korea have developed a unique trading relationship, and Vietnam is Korea's third largest trading partner after the United States and China. This made a profound impression and demonstrated that the relationship between these two nations is strong and has great potential. In an interview with Tuoi Tre, Mr Hong Sun, president of the Korean Chamber of Commerce in Vietnam (KOCHAM), evaluated this relationship.

According to Mr Hong Sun, Korean businesses view Vietnam as a favourable market for business and production. These two nations share numerous cultural traditions and values, such as worldview, customs, religion, and cuisine. This similarity has forged a bond and a sense of proximity between the two nations.

According to KOCHAM's statistics, there are approximately 10,000 member companies; this is an impressive number that demonstrates the participation and interest of the Korean business community in Vietnam. This also demonstrates the confidence and stability of the business climate in Vietnam, which supports the economic growth and investment of the two nations.

During this visit, the Korean business delegation hopes to create numerous new opportunities for cooperation in Vietnam. Large renewable energy projects in Long An and Quang Tri provinces have attracted the attention of Korean businesses. This interest demonstrates the strengthening of bilateral cooperation in this crucial area and provides long-term benefits for both nations.

Vietnam and Korea are experiencing significant growth in their trade and investment ties, and they continue to expand their cooperation in multiple fields. This unique relationship not only provides economic benefits but also fosters cooperation and cultural exchange between the two nations, establishing a solid foundation for the partnership's future.

Vietnam and Korea's recent upgrade to a comprehensive strategic partnership has created significant opportunities for cooperation. According to Dr Tran Hai Linh, chairman of the Vietnam - Korea Business and Investment Association (VKBIA) and member of the Central Committee of the Vietnam Fatherland Front, this represents a new milestone for businesses.

Since travel between Vietnam and Korea was "normalised," VKBIA has continued to develop bilateral cooperation programmes. Specifically, VKBIA has promoted Korean investment in Vietnam through a combination of international investment fund programmes and powerful Korean financial groups. This facilitates small-scale cooperative projects and small and medium-sized businesses (SMEs), which contribute significantly to the economic development of both nations.

Not only does economic cooperation between Vietnam and Korea generate new opportunities, but it also promotes development and innovation in a variety of fields. Vietnamese businesses can learn and implement advanced technology and management processes from Korean businesses, while Korean businesses can benefit from Vietnamese human resources and market potential. regarding Vietnam.

Additionally, the trade relationship between Vietnam and Korea has the potential to expand into new fields, such as renewable energy, information technology, healthcare, tourism, and education. In addition to economic benefits, the interest and investment of Korean businesses in these fields contribute to the improvement of the quality of life and sustainable development in both countries.

Based on cooperation potentials and consensus, the special relationship between Vietnam and Korea continues to demonstrate strength and potential, creating a promising future for this partnership.

Hoai Chung