The Korea Times, the Newsis News Agency - a privately owned news agency, and the KBS reported that the Vietnam - RoK Business Forum attracted about 530 participants including governments officials and representatives from ministries, localities and businesses from both countries, towards the goal of seeking measures to promote bilateral economic cooperation after the RoK and Vietnam upgraded their relations to a comprehensive strategic partnership on the occasion of the 30th anniversary of the establishment of their diplomatic relations in 2022.

At the forum, RoK Minister of Trade, Industry, and Energy Ahn Duk-geun highlighted measures to increase bilateral trade to 150 billion USD in 2030,and mentioned the potential for bilateral cooperation in clean energy and nuclear power.

Meanwhile, Prime Minister Pham Minh Chinh pledged to simplify administrative procedures and help investors reduce long-term costs through improving essential infrastructure, particular educational, transport and digital infrastructure.

The Korea Times affirmed that for the RoK, the strategic importance of Vietnam is rapidly increasing, as the Southeast Asian country has established itself as a significant production hub amid escalating trade tensions between the US and China.

The Yonhap News Agency, Hankuk Kyongjae, mk.co.kr and Chosun Ilbo newspaper said that recently, the Vietnamese Government has actively worked to attract investment in the semiconductor industry, noting that the Vietnam-RoK Business Forum witnessed the determination of the two countries’ leaders and businesses to together solve future challenges as well as their commitment to expanding investment and trade in areas such as digital transformation, supply chain, new and renewable energy and semiconductors.

The Business Korea said that the forum and the agreements signed on the occasion highlighted the potential for stronger economic cooperation and common growth between Vietnam and the RoK. The results of the forum are expected to pave the way for new business opportunities and promote stronger economic ties between the two countries.