Korea, Vietnam discuss trade at economic forum in Seoul

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Korea, Vietnam discuss trade at economic forum in Seoul

Published: 25 Sep. 2023, 17:55 Updated: 25 Sep. 2023, 18:36

Korea Enterprises Federation Chairman Sohn Kyung-shik, right, presents a gift to Phan Van Mai, chairman of the municipal People's Committee of Ho Chi Minh City, during a Korea-Vietnam business forum held at Lotte Hotel in central Seoul on Monday. [KOREA ENTERPRISES FEDERATION]

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik and Ho Chi Minh City People's Committee Chairman Phan Van Mai discussed measures to boost Korea-Vietnam economic ties at an economic forum held at Lotte Hotel in central Seoul on Monday.

Monday’s event, co-hosted by KEF, Ho Chi Minh City and the Vietnamese Embassy in Seoul, was held in celebration of the Phan’s visit to Korea.

Vietnam gets taste of K-culture at Lotte’s Hanoi mall

Twenty-four Vietnamese guests including Phan and Nguyen Vu Tung, Vietnam’s top envoy to Korea, attended the event.

Korean participants included Sohn, Fashion Group Hyungji Chairman Choi Byung-oh, Hyundai Motor Vice President Chung Sang-bin, LX Pantos CEO Choi Won-hyok, Incheon Enterprises Federation Chairman Kang Kook-chang, KEF Vice Chairman Lee Dong-geun and 26 officials from major businesses.

“Vietnam has become one of Korea’s key partners in terms of not only trade and investment but also human exchange,” Sohn said.

“The amount of trade between the two countries that celebrated the 30th anniversary of establishing diplomatic ties last year rose by 175 times since 1992 and Korea has become the largest investor in Vietnam.”

The Korea-Vietnam trade volume stood at $87.7 billion last year, up from $500 million won in 1992.

As of 2021, Korea has invested a total of $73.7 billion in Vietnam, outpacing Japan and Singapore, both at $64.4 billion.

“Our two governments have agreed to bolster economic cooperation to meet the goal of $150 billion annual trade volume in 2030,” Sohn added, citing 8,800 Korean businesses in Vietnam specializing in multiple service sectors as the engine fueling Korea-Vietnam economic ties.

The KEF Chairman also asked the people of Ho Chi Minh City to lend support to Busan’s bid to host the 2030 World Expo.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]