Stable legal framework provides confidence for investors, says KOCHAM Chairman

Speaking to the Viet Nam Government Portal (VGP) on the occasion of the upcoming nationwide elections for deputies to the National Assembly of Viet Nam (16th tenure) and local People's Councils for the 2026–2031 term, Ko said that the National Assembly plays a critical role in shaping Viet Nam's policy direction and legal framework as the country continues its economic transformation and global integration.

In the course of business operations, factors such as administrative efficiency, clarity of regulatory information, and consistency in policy interpretation can also influence the investment environment.

Continued efforts to strengthen the legal and institutional framework will further enhance Viet Nam's position as a reliable and attractive destination for global investors.

Investment decisions are made over the long term; therefore, a stable legal framework provides confidence for investors.

Strong synergy for the next stage of Viet Nam–Korea industrial development

Ko assessed that Viet Nam has achieved remarkable economic development since the Doi Moi reforms and has become an important part of global supply chains. Stable economic growth, an open investment policy, and its strategic location in Asia continue to make Viet Nam an attractive investment destination.

Currently, around 10,000 Korean companies are operating in Viet Nam, contributing significantly to industrial development, manufacturing growth, and export expansion.

In addition to investment, Korea and Viet Nam have also built a strong trade partnership. Bilateral trade between the two countries has reached approximately US$94.6 billion, reflecting the depth of economic cooperation between the two economies. Both countries are also working toward the goal of US$150 billion in bilateral trade by 2030, particularly in industries such as semiconductors, displays, sensors, and chemical products.

Viet Nam is entering a new stage of development. Beyond serving as a manufacturing base, the country is increasingly focusing on industrial upgrading, digital transformation, and innovation-driven growth.

The combination of Viet Nam's growth potential and the experience of Korean companies in manufacturing and technology can create strong synergy for the next stage of industrial development.

Under these conditions, Viet Nam is evolving beyond a production base into a strategic industrial partner in global supply chains, and cooperation between Korean and Vietnamese companies is expected to expand further in the coming years.

Moving toward higher value-added industries

Viet Nam has already played an important role in global supply chains, particularly in the manufacturing sector. As the economy continues to develop, the next stage will involve strengthening industrial competitiveness through innovation and technological advancement.

In this process, upgrading manufacturing capabilities through smart manufacturing and digital technologies will be an important step. Developing skilled industrial talent will also be essential to support the growth of advanced industries.

Another important factor is maintaining close communication between the government and the business community. When policies reflect the realities of industry, companies can invest with greater confidence and expand their activities.

Korean companies have accumulated significant experience in manufacturing, technology, and supply chain management, and there is strong potential for cooperation in areas such as smart manufacturing, digital technologies, energy transition, and industrial innovation.

Korea has long been one of Viet Nam's most important investment partners. Many Korean companies view Viet Nam not only as a manufacturing base but also as a long-term strategic investment destination.

In addition to attracting new investment, it is also important to create an environment where companies that have already invested in Viet Nam can continue to grow and upgrade their industries.

Chairman Ko said that from the perspective of companies operating on the ground, factors such as administrative efficiency, clarity of policy information, and the availability of a skilled workforce remain important considerations.

In some sectors, there are also expectations that tax administration and refund procedures could operate more smoothly.

Over the past three decades, Korean companies have played an important role in Viet Nam's industrial development, particularly in the manufacturing sector. Building on this experience, there is significant potential for deeper cooperation through knowledge sharing and industrial collaboration in emerging sectors such as high-tech industries, digital transformation, infrastructure, and energy.

Continued improvements in these areas will not only encourage further Korean investment but also help existing investors expand their operations and move toward higher value-added industries in Viet Nam./.