Korea, Vietnam bolster economic cooperation, sign 22 MOUs at business forum

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Korea, Vietnam bolster economic cooperation, sign 22 MOUs at business forum

Published: 01 Jul. 2024, 10:00 Updated: 01 Jul. 2024, 11:18

LEE JAE-LIM
lee.jaelim@joongang.co.kr

Vietnam's Prime Minister Pham Minh Chinh, front, participate at the Korea-Vietnam business forum held in Lotte Hotel in central Seoul on Monday. [YONHAP]

A total of 22 memorandums of understanding (MOU) were signed between Korea and Vietnam in the sectors of energy, biotechnology, semiconductors, AI, education and health care to enhance economic cooperation between the two countries.

The nonbinding agreements were signed at a business forum at Lotte Hotel in central Seoul on Monday, co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and Vietnam’s Ministry of Planning and Investment.

The forum was attended by some 500 government officials and corporate executives from both countries, including Vietnam’s Prime Minister Pham Minh Chinh, Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun, Vietnam’s Minister-Chairman of the Government Office Tran Van Son, Hyosung Group Vice Chairman Cho Hyun-sang and SK Supex Council Chairman Chey Chang-won.

The event, hosted in Hanoi last year, was held in Korea this year to further bolster economic partnership between the two countries.

Minister Ahn suggested directions for economic cooperation, including expanding trade and investment, strengthening supply chain cooperation and enhancing energy cooperation.

The Korean government also plans to support domestic companies’ business activities in Vietnam by utilizing various government channels, such as through the Korea-Vietnam joint committee on free trade agreements.

Vietnam’s Prime Minister will stay in Korea through Wednesday to meet with other conglomerate executives and discuss possible business cooperation. Local media reports speculated that he is to meet with executives from Samsung, SK, Lotte and Posco.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]