Within the framework of the State visit to Vietnam by the President of the Republic of Korea, Lee Jae Myung, and his spouse, on the afternoon of April 23 in Hanoi, the Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Ministry of Finance co-chaired and organized the Vietnam - Korea Economic Forum under the theme of "Advancing Industry, Investment, and Science Technology Partnership between the two countries."
Within the framework of the State visit to Vietnam by the President of the Republic of Korea, Lee Jae Myung, and his spouse, on the afternoon of April 23 in Hanoi, the Korea Chamber of Commerce and Industry (KCCI) and the Vietnamese Ministry of Finance co-chaired and organized the Vietnam - Korea Economic Forum under the theme of "Advancing Industry, Investment, and Science Technology Partnership between the two countries."
The Forum was attended by the South Korean President, the Vietnamese Prime Minister, relevant ministries from both countries, and top executives from leading Vietnamese and South Korean enterprises in sectors where both nations are promoting cooperation and development.
Speaking at the event, Vietnamese Prime Minister Le Minh Hung stated that the Forum is of special significance, affirming the cooperative achievements of the two countries over the past 30 years. Simultaneously, the event sets the direction for a new phase of deeper, more effective, and highly strategic cooperation. South Korea has become Vietnam's largest foreign investor and third-largest trading partner, with nearly 10,500 active projects and a total registered capital reaching nearly $100 billion; creating nearly 1 million jobs and contributing over 30% to Vietnam's total export turnover.
Vietnamese Prime Minister Le Minh Hung speaking at the event
Subsequently, South Korean President Lee Jae Myung expressed delight at witnessing firsthand the dynamic transformation of Vietnam - an “economic heart” of ASEAN; believing that the two countries' businesses will play an important role in creating even more brilliant achievements for the development of the two countries. The South Korean President emphasized that Vietnam's future is also South Korea's future. And therefore, in the new context, the two countries need to aim towards three focal points of cooperation. Along with the electrical, electronic, and automotive industries, ... both sides need to jointly sow the seeds for future spearhead industries, especially in the fields of artificial intelligence, semiconductors, and digital technology. Both sides must consolidate the foundation for energy cooperation and supply chains, with strategic cooperative projects on renewable energy, nuclear energy, petroleum, and rare earths. Along with that, the two sides prepare for the future through scientific and technological cooperation, via the “Korea-Vietnam Master Plan Framework for Science and Technology Innovation” to usher in a new era of scientific collaboration.
South Korean President Lee Jae Myung speaking at the event.
At the Forum, enterprises from both countries signed and exchanged 73 Memorandums of Understanding (MOUs) across various sectors such as energy, finance, technology, electronics, telecommunications, processing, manufacturing, mechanics, construction, infrastructure, commerce, tourism, and aviation.
Kinh Bac City Development Holding Corporation (KBC) participated in the Vietnam - Korea Economic Forum with specific plans to promote and attract investments from South Korean enterprises into KBC's industrial park projects. Specifically, Ms. Nguyen Thi Thu Huong – CEO of KBC, along with two South Korean enterprises, signed and exchanged land sub-lease agreements and MOUs on investment cooperation at the Forum, witnessed by Vietnam's Minister of Finance and South Korea's Minister of Trade, Industry and Energy.
Ms. Nguyen Thi Thu Huong (fourth from the right) and South Korean partners exchanging Land Lease Agreements and MOUs at the Forum event
The enterprise signing the contract with KBC was Soosan Vina Motor Co., Ltd., to sub-lease land for a manufacturing investment project at Nam Son - Hap Linh Industrial Park, Bac Ninh province. At the Forum, the investor Soosan was awarded the Investment Registration Certificate by the Bac Ninh Provincial People's Committee and signed a land sub-lease agreement with KBC to implement a project for manufacturing and fabricating mechanical products including manufacturing automobiles and motor vehicles (such as semi-trailers, specialized vehicles, cranes, and crane trucks), manufacturing bodies for motor vehicles, and manufacturing trailers and semi-trailers, with a total investment capital of 1,000 billion VND, equivalent to 37.91 million USD.
The South Korean enterprise exchanging the Memorandum of Understanding with KBC is Rsquare Vietnam Co., Ltd. – this is a leading South Korean consulting firm in the field of industrial real estate and investment promotion in Vietnam. The company supports FDI enterprises, especially South Korean businesses, in seeking suitable locations for investment and production development in a fast and effective manner. With a team of experienced experts and an extensive partner network, RSQUARE brings optimal solutions to investors. The cooperation between KBC and Rsquare is an important milestone promoting the attraction of investment from the South Korean market into KBC’s industrial parks in Vietnam. Both sides jointly signed the Memorandum of Understanding with a scope of cooperation including: Investment promotion support; Industrial real estate solution development; Provision of investment support services; Trade promotion and marketing cooperation.
The South Korean market plays an important role in KBC's investment attraction strategy, consistently ranking among the large and stable FDI investor groups. South Korean enterprises bring quality capital, high technology, and advanced management standards, contributing to enhancing the value of KBC’s industrial parks. Simultaneously, the presence of South Korean projects also creates a spillover effect, attracting more satellite investors and forming a sustainable manufacturing ecosystem.