Huge economic cooperation potential for Viet Nam, South Korea
VGP - Minister of Finance Ho Duc Phoc had a working session with South Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok in Seoul, on March 8.
Minister of Finance Ho Duc Phoc (R) has a working session with South Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, Seoul, March 8, 2024 - Photo: VNA
At the meeting, the Vietnamese Minister said Viet Nam is a top priority partner in South Korea's official development assistance (ODA) policy and its loans for Viet Nam through the Economic Development Cooperation Fund (EDCF) and Economic Development Promotion Facility (EDPF) have constantly increased.
Both nations boast huge potential for economic and trade cooperation, especially after their ties were upgraded to a Comprehensive Strategic Partnership, he noted.
As both sides inked several framework agreements with total committed fund of up to US$4 billion USD from South Korea, Ho recommended the Korean side to join hands with the Vietnamese finance ministry and competent agencies to accelerate the implementation of new projects using the fund, especially the EDPF capital.
He expressed his wish to foster cooperation with South Korea, adding his ministry has worked to amend, supplement and issue new policies on finance and tax, particularly measures for the exemption and payment extension of taxes and fees, helping facilitate production and business, promote growth and carry out global integration commitments.
Viet Nam has imposed the global minimum tax rate since the beginning of 2024 and South Korea may enact the new tax rule this year. Therefore, the Southeast Asian country hopes that both sides will share and discuss the building and implementation of the policy, he added.
Choi, for his part, stressed that Viet Nam and South Korea are leading trade partners of each other, saying both nations should expand cooperation in the areas of trade, investment, development of supply chain, IT and human resources.
South Korea wants to step up the realization of an agreement of capital support through the EDCF and EDPF, he said, highlighting the two nations need to boost collaboration in the fields of Viet Nam's interests and South Korea's strengths.
The same day, Ho had a meeting with Chairman of the Financial Services Commission Kim Joo-hyun, during which both sides discussed trends in the financial sector as well as measures to enhance cooperation in the field, including capital market./.
