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Vietnamese Ambassador to Korea Nguyen Vu Tung addresses CEOs and visitors on the second version of the International Biz Discussion board on the Ambassador Lodge in Seoul, Might 25.(Jenny Sung)
Vietnam is making a enterprise setting for Korean firms to make long-term investments, mentioned Vietnamese Ambassador to Korea Nguyen Vu Tung on the second version of the International Biz Discussion board hosted by The Korea Herald in Seoul on Might 25.
“Vietnam will proceed to strengthen ties with Korean firms and solidify its place as a accountable and vital hub in regional and world worth chains,” mentioned Tung, stressing that Vietnam will implement options comparable to system and administrative enhancements to enhance the enterprise funding setting.
He famous that cooperation, belief and 30 years of pleasant Vietnam-Korea relations are the driving forces for reaching financial aims. He mentioned that these driving forces may resolve challenges in worth chains, alternate charges, rates of interest, inflation and geopolitical dangers.“Korea is Vietnam‘s third-largest financial accomplice after the US and China,” Tung mentioned, including that his nation can be Korea’s third-largest financial accomplice by way of funding, commerce and tourism.
In accordance with Tung, Korea’s funding in Vietnam has grown quickly within the final 30 years. Korea is now Vietnam’s largest overseas direct funding accomplice, with complete registered capital of $80 billion and over 10,000 funding initiatives.
Commerce quantity between the 2 nations in 2021 was $78.1 billion, and is predicted to hit $90 billion in 2022. This can be a very constructive indicator that foreshadows a brand new stage of bilateral financial relations, he mentioned.
The ambassador additionally laid out Vietnam’s goal of reaching 6 % to six.5 % gross home product development. It goals to achieve a median GDP of $3,900 per capita.
“We purpose to quickly develop manufacturing and enterprise actions,” Tung mentioned.
“Inexperienced development, a digital economic system, infrastructure improvement, industrialization and finance could be the driving drive for Vietnam’s economic system sooner or later,” mentioned Tung.
“It’s a possibility for Korean firms to develop funding and enterprise cooperation in Vietnam within the medium to long run,” he mentioned.
“We’re creating circumstances in Vietnam for Korean teams and corporations to make long-term investments in precedence areas based mostly on their governance capabilities and strengths in markets, capital and know-how,” Tung mentioned.
Tung listed a steady macroeconomy – with managed inflation and a pair of.58 % GDP development — the best vaccination price, progress in digital transformation and artistic innovation, and FDI inflows because the 4 main achievements of Vietnam in a altering world amid the COVID-19 pandemic.
“GDP development for 2021 as a complete remained at 2.58 %,” mentioned Tung, citing Vietnam as third within the Affiliation of Southeast Asian Nations and 14th amongst 50 Asian nations by way of its digital economic system scale.
Vietnam was chosen as one of many high 20 nations attracting most FDI on the earth for the primary time by the United Nations Convention on Commerce and Growth, Tung famous.
Discussing rising alternatives in Vietnam’s vitality sector, Tung mentioned Vietnam is selling the event of recent, renewable and clear vitality appropriate for the nation’s socio-economic improvement circumstances and objectives to satisfy the 2021 United Nations Local weather Change Convention, or COP26, pledge.
The ambassador added that Vietnam is creating a clear, aggressive and unified vitality market system with numerous enterprise strategies and possession kinds.
Vietnam’s Eighth Energy Growth Plan, set to be accepted in second quarter of 2022, would create alternatives and foundations for Korean firms investing in sustainable, clear and inexperienced vitality sectors.
In accordance with Tung, Vietnam is specializing in creating high-tech and core know-how industries for the Fourth Industrial Revolution. The nation can be encouraging investments for its manufacturing trade to safe manufacturing capabilities, mixed with digital transformation, artistic innovation and science and know-how.
The ambassador launched the three pillars of Vietnam’s Nationwide Digital Transformation Imaginative and prescient Programme — digital authorities, digital economic system and digital society – accepted in 2020. He mentioned that this system is a vital alternative for Korean companies to develop their cooperation with Vietnam.
Vietnamese Ambassador to Korea Nguyen Vu Tung introduces Vietnam’s enterprise potential on the second version of the International Biz Discussion board on the Ambassador Lodge in Seoul, Might 25. (Jenny Sung)
Tung highlighted the growth of regional multilateral financial cooperation by way of collaboration between Korea and Vietnam.
“New frameworks such because the Regional Complete Financial Partnership, Indo-Pacific Financial Framework and the Complete and Progressive Settlement for Trans-Pacific Partnership will carry new commerce and funding alternatives between Vietnam and Korea to advance right into a wider financial area,” he mentioned.
In accordance with Tung, RCEP is presently the world’s largest free commerce settlement, accounting for 25 % of worldwide commerce, round 29 % of worldwide GDP and a market dimension of two.3 billion individuals.
Tung mentioned that new quarantine guidelines within the post-COVID-19 period would make journey, commerce and tourism simpler.
From Might 15, Vietnam doesn’t require PCR check outcomes from inbound vacationers, Tung mentioned. He added that visa and quarantine guidelines that beforehand utilized to vacationers arriving for lower than 14 days for tourism functions have additionally been just lately lifted.
By Sanjay Kumar (sanjaykumar@heraldcorp.com)
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