PM Pham Minh Chinh holds dialogue with RoK enterprises

Participants attend the conference in Bac Ninh’s venue.

Attending the conference were Mr. Park Noh-wan, Ambassador Extraordinary and Plenipotentiary of Korea in Vietnam; leaders of relevant ministries and branches; representative from Korean Business Association in Vietnam; Korea Trade - Investment Promotion Agency and Korean enterprises in Vietnam.

Chairwoman of the Provincial People’s Committee Nguyen Huong Giang and leaders of relevant departments and sectors attended the Conference at Bac Ninh’s venue.

The RoK, the largest FDI partner in Việt Nam at present, is investing in 9,383 projects worth over US$79.8 billion in 19 of the 21 economic sectors and 59 of the 63 localities nationwide. Việt Nam is also the RoK’s biggest economic partner in ASEAN, with 30 per cent of the RoK investment in the bloc channelled into Việt Nam.

Ambassador Park noted the dialogue last September has given more strength to companies which were struggling with the pandemic’s impacts then, and they have received practical assistance.

He cited some economists as predicting that Vietnam can easily attain a growth rate of at least 6% this year, sustain macro-economic and exchange rate stability, and boost export - import growth even amid global economic uncertainties and disrupted global supply chains. The diplomat attributed those achievements to the country’s stability and the Government’s effective governance, which is highly valued by the RoK Government and businesses.

Together with economic recovery, Vietnam’s trade and investment links with the RoK are also thriving, and if such recovery and growth trend is maintained, bilateral trade can reach 100 billion USD this year, ahead of the target of 2023, he added./.

Clarifying a number of issues related to the difficulties and problems of Korean enterprises investing in Tan Hong - Hoan Son industrial cluster and the adjacent area, the development zone of Que Vo Industrial Park, Chairwoman Nguyen Huong Giang said that the projects have been granted investment certificates, including records of enjoying investment incentives like investment projects in industrial zones. However, up to now, the establishment of the IZ has not been completed according to regulations, so there is no basis for enjoying incentives.

In the coming time, she affirmed that Bac Ninh province would continue to work with relevant ministries and branches to consider and report to competent authorities for settlement according to regulations.

Giang hoped that the Prime Minister, ministries and central branches would continue to pay attention and create conditions to remove difficulties and obstacles for Bac Ninh enterprises in general and Korean enterprises in Bac Ninh in particular with an aim to improving the investment environment, contributing to promoting socio-economic development of the locality.

PM Pham Minh Chinh voiced his hope that Korean businesses will strengthen connectivity with and help Vietnamese firms take part in supply chains to help Viet Nam soon become a hub in regional and global value chains.

Regarding trade, he asked for increasing policy dialogue under the Viet Nam - Korea Free Trade Agreement (VKFTA), resolving trade imbalance, and creating conditions for Viet Nam’s strong exports like agricultural and fishery products to enter the Korean market.

In terms of industrial development, the PM said a priority of Viet Nam is to develop industries with high technological content, especially key technologies of the Fourth Industrial Revolution, while attracting investment into the manufacturing sector so as to make a breakthrough in forming new production capacity linked with science - technology, innovation, and digital transformation, which are also the fields the RoK is strong in.

At the dialogue, he also recommended stronger cooperation in energy development, noting that Viet Nam is encouraging the development of clean and renewable energy to realise the commitments made at the 26th UN Climate Change Conference (COP26).