Vice Chairman of VCCI Nguyen Quang Vinh and Mr. Choi Bun Do, Chairman of KOCHAM at the meeting

On February 21, Vice Chairman of VCCI Nguyen Quang Vinh had a meeting with the delegation of the Korean Chamber of Commerce and Industry in Ho Chi Minh City (KOCHAM) led by Mr. Choi Bun Do, Chairman of KOCHAM. In particular, the two sides discussed and exchanged some problems of Korean enterprises in Vietnam as well as new directions in the future to further strengthen cooperation in many fields between the two countries.

VCCI Vice Chairman Nguyen Quang Vinh emphasized that the Vietnam - Korea relations have always developed well over the past 30 years in all fields, from economy to politics and diplomacy.

In the 90s, Korea was one of the leading countries in investment and development in Vietnam, gradually helping Vietnam to recover and grow. Up to now, there have been about 3000 Korean enterprises operating in Vietnam. Korea has become one of the largest partners of Vietnam, the relationship between the two nations is increasingly warm and cohesive. In that success, VCCI is very proud to be a part of the impressive development progress in the bilateral relations.

Chairman of KORCHAM expressed his pleasure to meet the leaders of VCCI, thereby expecting the relationship between the two units to develop more and more deeply to further promote the investment of Korean enterprises in Vietnam.

At the meeting, Mr. Choi Bun Do also raised some problems that Korean businesses in Vietnam are facing, thereby requesting VCCI and relevant government agencies to answer and solve.

Firstly, the Korean side is very interested in Vietnam's roadmap and plan to increase the regional minimum wage. Mr. Choi said that after the Covid-19 period, Korean businesses in Vietnam have just started to recover but very slowly due to many macro factors. Besides, Korea is also a country that uses a lot of Vietnamese workers in the garment, leather and footwear industries... Therefore, the change in the regional minimum wage will have a great impact on business operations. 

Secondly, the representative of KORCHAM also wanted VCCI to propose to the Vietnamese government to speed up the granting of visas and work permits for foreigners so that Korean businesses can ensure progress in the business process.

Thirdly, KORCHAM wants the Vietnamese side to speed up the process of issuing the APEC business card (ABTC).

Vice Chairman Nguyen Quang Vinh highly appreciated the information provided by the Korean side, considering it as a basis for VCCI to advise government agencies and agencies to further improve the business environment in Vietnam. Answering the Korean side, Mr. Vinh emphasized that the VCCI will coordinate with the Ministry of Labour, Invalids and Social Affairs and the Vietnam General Confederation of Labor to propose a regional minimum wage that is most harmonious in terms of benefits for both parties. employers and employees.

Regarding the issue of visas and work permits, VCCI leaders said that they will propose to the competent authorities to have a reasonable plan, and also expect Korea to create more conditions for qualified personnel. 

The two sides look forward to deepening cooperation to strengthen investment cooperation between Vietnam and Korea

In particular, at the meeting, the Vice Chairman of VCCI emphasized the role of ESG standards (Environment - Society - Governance) in business development in Vietnam, thereby wishing the Korean side to pay attention for further promote this issue in Vietnam. Responding to the call of the United Nations, VCCI has built a set of sustainability indicators for businesses since 2018 - considered one of the first tools in Vietnam in this regard. This will be a key factor to evaluate businesses in the Vietnamese market in the future.

KORCHAM's side expressed interest in this set of indicators and wished to reach out to members in Vietnam. Thereby, the two sides expect this will be one of the priorities of cooperation between the two units in the future to promote a sustainable business that benefits both Vietnam and Korea.