No obstacles can impede development of Vietnam RoK relations PM

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No obstacles can impede development of Vietnam-RoK relations: PM

Tuesday 03/04/2025 - 16:24

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No obstacles can hinder collaboration between Vietnam and the Republic of Korea , Prime Minister Pham Minh Chinh affirmed at a meeting on March 4 with leaders of 35 Korean enterprises that are doing business and invest in the Southeast Asian country.

Prime Minister Pham Minh Chinh poses for a photo with Vietnamese officials and leaders of Korean enterprises.__Photo: VNANo obstacles can hinder collaboration between Vietnam and the Republic of Korea , Prime Minister Pham Minh Chinh affirmed at a meeting on March 4 with leaders of 35 Korean enterprises that are doing business and invest in the Southeast Asian country.PM Chinh stated that the bilateral relationship, through its ups and downs and breakthroughs, has developed increasingly better, more comprehensively, and positively.Currently, there are over 200,000 Vietnamese people in the RoK, and about 200,000 Koreans in Vietnam. The number of Korean businesses operating in Vietnam is growing, with their scales and fields of operations expanding. In the context of a global decline in total investment, the East Asian nation’s investment in Vietnam has continued to rise.Sharing the positive results of Vietnam's socio-economic development in 2024, he mentioned that its investment and business environment has continued to improve, receiving positive assessments from the international community and investors. The country's economy is currently ranked 33rd or 34th in the world, and many major international organizations have upgraded its competitiveness rankings and rated its creditworthiness as "stable."Additionally, Vietnam is stepping up the development of strategic infrastructure, including transport, logistics, energy, and electricity, to meet the requirements of economic growth. It is also focusing on digital infrastructure, as well as social, cultural, healthcare, and education infrastructure, with an emphasis on sustainability and climate change adaptation, while developing key industries such as basic industries, cultural industries, and the entertainment industry.Efforts are also made to step up administrative reform, smart governance, and organizational restructuring. This includes reducing intermediaries, eliminating the "asking-giving" mechanism, and promoting decentralization and delegation of authority in a streamlined, efficient, and effective manner. These efforts aim to reduce red tape and harassment, and cut down costs and time for both citizens and businesses, PM Chinh said.For rapid and sustainable development, the Government leader emphasized that Vietnam is continuing to build and implement policies to promote the digital economy, green economy, circular economy, sharing economy, and creative economy. The country is also developing tax policies that conform with current conditions and harmonize the interests of all parties, along with policies on localization, reducing trade defense measures, and encouraging and providing investment incentives.The ultimate goal is to uphold the nation's independence and sovereignty, ensure that the people become increasingly prosperous and happy, and create the best environment for foreign investors, including those from the RoK, to operate effectively and sustainably, he added.PM Chinh suggested Korean businesses continue providing advice to help Vietnam achieve rapid and sustainable development, and create a more open and favorable institutional framework to benefit citizens and businesses. He urged them to expand investment and business operations in Vietnam, and recognize it as a development hub and a key link in their production and business processes, and supply chains.

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