South Korea’s investment in Viet Nam hits US$92 bln

The above fiture was highlighted by Deputy Prime Minister, Foreign Minister Bui Thanh Son in the event "Meet Korea 2025" jointly organized by the Ministry of Foreign Affairs, northern province of Hung Yen, and Korean Embassy in Ha Noi, on May 14.

South Korea is the second largest ODA, labor, and tourism partner and and the third largest trading partner of Viet Nam, said Bui.

Viet Nam is South Korea's biggest economic partner in ASEAN, accounting for 50 percent of the total trade turnover between South Korea and the bloc.

The two countries are set to increase their bilateral trade turnover to US$100 billion by the end of this year and US$150 billion by 2030, towards a balanced and sustainable manner.

The Vietnamese Government highly values the business activities and contributions of South Korean enterprises in the country, especially the strong shift from simple processing industries to high-tech industries, energy projects, finance and banking, and high-quality services, noted the Deputy Prime Minister.

He emphasized that the participation and support of South Korean partners is a crucial factor contributing to Viet Nam's industrialization and modernization process both in the past and going forward.

He called on localities and businesses from both sides to proactively and actively seize opportunities in innovation, creativity, and the application of high technology and concentrate on building sustainable value chains, with a focus on shifting to new industries such as digital transformation, green economy, circular economy, semiconductors, environmentally friendly energy, biotechnology, and smart cities.

"Meet Korea 2025" drew the participation of leaders from 21 northern localities, and representatives of 150 Vietnamese and South Korean enterprises./.