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Vietnam, S.Korea aim to boost bilateral trade to $100bn this year

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Vietnam and South Korea have agreed to promote two-way trade to US$100 billion within this year and $150 billion by 2030 in a more sustainable and balanced manner by making the best use of existing bilateral and multilateral trade deals.

The agreement was reached on Tuesday during the talks between Vietnamese Prime Minister Pham Minh Chinh and South Korean Speaker Kim Jin-pyo, who is on a visit to Vietnam at the invitation of Vietnam’s National Assembly Chairman Vuong Dinh Hue, the Vietnam Government Portal reported.

The two sides expressed their pleasure that the two countries’ relations have fruitfully developed in all fields after 30 years of establishing diplomatic relations.

In the context of rapid and complicated changes in the world and regional situation, including the impact of the COVID-19 pandemic, the relationship between the two countries continues to maintain a stable development momentum, and the mutual political trust has been continuously strengthened.

Currently, South Korea holds the number-one position in foreign direct investment in Vietnam with a total capital of US$80.5 billion, with about 8,000 enterprises doing business in the Southeast Asia nation.

The Northeast Asian country also ranks second in development, tourism, and labor cooperation, and third in terms of trade cooperation with Vietnam, with a trade value of $88 billion in 2022.

Despite the heavy impacts of the COVID-19 pandemic, both countries gained a two-way trade turnover of $80.6 billion in 2021, much higher than the $500 million recorded 30 years ago, South Korean Consul General in Da Nang Ahn Min Sik said at a seminar last year.

Based on such a good outcome, the host and guest agreed to boost two-way trade to $100 billion this year and $150 billion seven years later, in a balanced and sustainable way, based on the effective implementation of the Vietnam – Korea Bilateral Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP).

PM Chinh asked the South Korean government to streamline the entry of Vietnamese agricultural and aquatic products, seafood, and seasonal fruits into the South Korean market.

He also proposed the two sides strengthen stable, long-term, and sustainable goods exchange, and strive to balance their trade because currently South Korea has a trade surplus. 

The Vietnamese government chief affirmed that Vietnam welcomes South Korean businesses to expand their investment in Vietnam, especially in science, technology, innovation, green economy, digital economy, digital transformation, clean energy, smart city, and ecological urbanism.

Vietnam always considers South Korea an important and long-term strategic partner for the common interests of the two countries and peoples and for stability and peace in the region and the world, PM Chinh told his guest.

A meeting between the two delegations of South Korea and Vietnam led by South Korean Speaker Kim Jin-pyo and Vietnamese Prime Minister Pham Minh Chinh, respectively, in Hanoi on January 17, 2023. Photo: Vietnam Government Portal

A meeting between the two delegations of South Korea and Vietnam led by South Korean Speaker Kim Jin-pyo and Vietnamese Prime Minister Pham Minh Chinh, respectively, in Hanoi on January 17, 2023. Photo: Vietnam Government Portal

The host congratulated South Korea on its achievements in national construction and development and extended his thanks to its state, National Assembly, and people for always giving valuable, practical, and effective support to Vietnam in the past time.

Speaker Kim praised Vietnam for continuing to have high and solid economic growth in difficult conditions and wished Vietnam to achieve its goal of becoming a developing country with modern industry and a high average income by 2030.

The guest thanked the Vietnamese government for always paying attention to the development of the South Korean business community in Vietnam.

He said that PM Chinh previously had two dialogues with South Korean businesses to listen to their opinions and remove obstacles facing them in Vietnam.

Kim wished that the Vietnamese government would support South Korea to host the 2030 World Expo (World Expo 2030) in Busan, continue to create favorable conditions for Korean enterprises to operate effectively in Vietnam and for South Korean citizens to travel, do business, and live in the Southeast Asian country.

He also proposed that Hanoi cooperate with Seoul in rare earth production, and support the expansion of South Korean educational institutions in Vietnam.

PM Chinh wished South Korea would continue to provide ODA for Vietnam, expand the admission of Vietnamese workers in nursing, information technology, healthcare, and soon implement the Social Insurance Agreement between Vietnam and South Korea, contributing to ensuring the rights of workers in each country.

Vietnam will create all favorable conditions for the South Korean community to live, study, and work stably in Vietnam, PM Chinh said, adding he hoped the South Korean government would continue to support and protect the legitimate interests of Vietnamese nationals who are living and doing business in South Korea.

The Vietnamese government chief suggested the two sides promote effective cooperation in all fields within the framework of their ‘Comprehensive Strategic Partnership’ announced in December last year, including South Korea’s assistance for Vietnam to improve the capability of its law enforcement at sea. 

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Vietnam and South Korea have agreed to promote two-way trade to US$100 billion within this year and $150 billion by 2030 in a more sustainable and balanced manner by making the best use of existing bilateral and multilateral trade deals.

The agreement was reached on Tuesday during the talks between Vietnamese Prime Minister Pham Minh Chinh and South Korean Speaker Kim Jin-pyo, who is on a visit to Vietnam at the invitation of Vietnam’s National Assembly Chairman Vuong Dinh Hue, the Vietnam Government Portal reported.

The two sides expressed their pleasure that the two countries’ relations have fruitfully developed in all fields after 30 years of establishing diplomatic relations.

In the context of rapid and complicated changes in the world and regional situation, including the impact of the COVID-19 pandemic, the relationship between the two countries continues to maintain a stable development momentum, and the mutual political trust has been continuously strengthened.

Currently, South Korea holds the number-one position in foreign direct investment in Vietnam with a total capital of US$80.5 billion, with about 8,000 enterprises doing business in the Southeast Asia nation.

The Northeast Asian country also ranks second in development, tourism, and labor cooperation, and third in terms of trade cooperation with Vietnam, with a trade value of $88 billion in 2022.

Despite the heavy impacts of the COVID-19 pandemic, both countries gained a two-way trade turnover of $80.6 billion in 2021, much higher than the $500 million recorded 30 years ago, South Korean Consul General in Da Nang Ahn Min Sik said at a seminar last year.

Based on such a good outcome, the host and guest agreed to boost two-way trade to $100 billion this year and $150 billion seven years later, in a balanced and sustainable way, based on the effective implementation of the Vietnam – Korea Bilateral Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP).

PM Chinh asked the South Korean government to streamline the entry of Vietnamese agricultural and aquatic products, seafood, and seasonal fruits into the South Korean market.

He also proposed the two sides strengthen stable, long-term, and sustainable goods exchange, and strive to balance their trade because currently South Korea has a trade surplus. 

The Vietnamese government chief affirmed that Vietnam welcomes South Korean businesses to expand their investment in Vietnam, especially in science, technology, innovation, green economy, digital economy, digital transformation, clean energy, smart city, and ecological urbanism.

Vietnam always considers South Korea an important and long-term strategic partner for the common interests of the two countries and peoples and for stability and peace in the region and the world, PM Chinh told his guest.

A meeting between the two delegations of South Korea and Vietnam led by South Korean Speaker Kim Jin-pyo and Vietnamese Prime Minister Pham Minh Chinh, respectively, in Hanoi on January 17, 2023. Photo: Vietnam Government Portal

A meeting between the two delegations of South Korea and Vietnam led by South Korean Speaker Kim Jin-pyo and Vietnamese Prime Minister Pham Minh Chinh, respectively, in Hanoi on January 17, 2023. Photo: Vietnam Government Portal

The host congratulated South Korea on its achievements in national construction and development and extended his thanks to its state, National Assembly, and people for always giving valuable, practical, and effective support to Vietnam in the past time.

Speaker Kim praised Vietnam for continuing to have high and solid economic growth in difficult conditions and wished Vietnam to achieve its goal of becoming a developing country with modern industry and a high average income by 2030.

The guest thanked the Vietnamese government for always paying attention to the development of the South Korean business community in Vietnam.

He said that PM Chinh previously had two dialogues with South Korean businesses to listen to their opinions and remove obstacles facing them in Vietnam.

Kim wished that the Vietnamese government would support South Korea to host the 2030 World Expo (World Expo 2030) in Busan, continue to create favorable conditions for Korean enterprises to operate effectively in Vietnam and for South Korean citizens to travel, do business, and live in the Southeast Asian country.

He also proposed that Hanoi cooperate with Seoul in rare earth production, and support the expansion of South Korean educational institutions in Vietnam.

PM Chinh wished South Korea would continue to provide ODA for Vietnam, expand the admission of Vietnamese workers in nursing, information technology, healthcare, and soon implement the Social Insurance Agreement between Vietnam and South Korea, contributing to ensuring the rights of workers in each country.

Vietnam will create all favorable conditions for the South Korean community to live, study, and work stably in Vietnam, PM Chinh said, adding he hoped the South Korean government would continue to support and protect the legitimate interests of Vietnamese nationals who are living and doing business in South Korea.

The Vietnamese government chief suggested the two sides promote effective cooperation in all fields within the framework of their ‘Comprehensive Strategic Partnership’ announced in December last year, including South Korea’s assistance for Vietnam to improve the capability of its law enforcement at sea. 

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Source: https://tuoitrenews.vn/news/politics/20230119/vietnam-skorea-aim-to-boost-bilateral-trade-to-100bn-this-year/71047.html

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UK willing to help Ho Chi Minh City turn into regional financial hub: ambassador

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The UK is willing to share its experience to help Ho Chi Minh City develop into a financial hub in the Southeast Asian region, UK Ambassador to Vietnam Iain Frew said during a meeting with Ho Chi Minh City chairman Phan Van Mai on Tuesday.

He expected that 2023, which marks the 50th anniversary of the diplomatic relations between Vietnam and the UK, will witness the strong development of cooperation between the two countries in many sectors.

He shared that the UK will focus on cooperating with Ho Chi Minh City in three key aspects this year, including trade, education, and sustainable development.

As for trade, the UK ambassador said the two sides have a solid cooperation foundation with their bilateral free trade agreement.

The UK is also completing procedures to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to which Vietnam is party.

Some UK delegations will visit Ho Chi Minh City and Vietnam to boost their cooperation in the coming time.

In addition, the UK hoped to foster the collaboration with Vietnam and Ho Chi Minh City in particular in education.

Regarding sustainable development, Frew said the UK will work with Vietnam in energy transition to head toward clean, green development and carbon neutrality.

In response, Ho Chi Minh City chairman Mai said that the city is building a plan to turn into a financial center and it is in need of the support of other countries, such as the UK.

The city always welcomes and creates favorable conditions for foreign citizens to live and work here.

Moreover, the city pays a lot of attention to further cooperation with the UK in education and sustainable development.

Ambassador Frew also shared a plan to celebrate the two countries’ diplomatic ties in September this year.

Mai affirmed that Ho Chi Minh City is willing to participate in events held by the UK Embassy in Vietnam.

On the same day, patrol vessel HMS Spey of the British Royal Navy arrived in Ho Chi Minh City, commencing a five-day friendship visit to the city.

Frew said the visit proved the cooperation commitment between the two countries in national defense, marine security, and the East Vietnam Sea.

Chairman Mai said the visit by HMS Spey is a milestone to celebrate the 50th anniversary of the bilateral ties between Vietnam and the UK.

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The UK is willing to share its experience to help Ho Chi Minh City develop into a financial hub in the Southeast Asian region, UK Ambassador to Vietnam Iain Frew said during a meeting with Ho Chi Minh City chairman Phan Van Mai on Tuesday.

He expected that 2023, which marks the 50th anniversary of the diplomatic relations between Vietnam and the UK, will witness the strong development of cooperation between the two countries in many sectors.

He shared that the UK will focus on cooperating with Ho Chi Minh City in three key aspects this year, including trade, education, and sustainable development.

As for trade, the UK ambassador said the two sides have a solid cooperation foundation with their bilateral free trade agreement.

The UK is also completing procedures to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to which Vietnam is party.

Some UK delegations will visit Ho Chi Minh City and Vietnam to boost their cooperation in the coming time.

In addition, the UK hoped to foster the collaboration with Vietnam and Ho Chi Minh City in particular in education.

Regarding sustainable development, Frew said the UK will work with Vietnam in energy transition to head toward clean, green development and carbon neutrality.

In response, Ho Chi Minh City chairman Mai said that the city is building a plan to turn into a financial center and it is in need of the support of other countries, such as the UK.

The city always welcomes and creates favorable conditions for foreign citizens to live and work here.

Moreover, the city pays a lot of attention to further cooperation with the UK in education and sustainable development.

Ambassador Frew also shared a plan to celebrate the two countries’ diplomatic ties in September this year.

Mai affirmed that Ho Chi Minh City is willing to participate in events held by the UK Embassy in Vietnam.

On the same day, patrol vessel HMS Spey of the British Royal Navy arrived in Ho Chi Minh City, commencing a five-day friendship visit to the city.

Frew said the visit proved the cooperation commitment between the two countries in national defense, marine security, and the East Vietnam Sea.

Chairman Mai said the visit by HMS Spey is a milestone to celebrate the 50th anniversary of the bilateral ties between Vietnam and the UK.

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Source: https://tuoitrenews.vn/news/politics/20230208/uk-willing-to-help-ho-chi-minh-city-turn-into-regional-financial-hub-ambassador/71404.html

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UK naval vessel begins 5-day visit to Ho Chi Minh City

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Patrol vessel HMS Spey of the British Royal Navy arrived in Ho Chi Minh City on Tuesday, commencing a five-day friendship visit to the city on the occasion of the 50th anniversary of diplomatic relations between Vietnam and the UK.

Captained by Commander Michael Proudman, this is the fourth British Royal Navy ship sent to Vietnam in the past five years.

The visit is an opportunity for the Royal Navy to strengthen its cooperation with Vietnamese partners and underlines the UK’s unwavering commitment to promoting global stability and security in the Indo-Pacific region, Proudman stated.

UK Ambassador to Vietnam Iain Frew affirmed that defense and security cooperation between Hanoi and London is developing strongly, adding that the Southeast Asian country plays an important role in regional security.

The visit reaffirms the fact that the UK is one of Vietnam’s most reliable and long-term partners in maritime security.

UK Ambassador to Vietnam Iain Frew (L) on the HMS Spey in Ho Chi Minh City, February 7, 2023. Photo: Tran Phuong / Tuoi Tre

UK Ambassador to Vietnam Iain Frew (L) on the HMS Spey in Ho Chi Minh City, February 7, 2023. Photo: Tran Phuong / Tuoi Tre

It takes place on the occasion of the 50th anniversary of the two countries’ diplomatic relations, Frew continued, adding that the milestone marks half a century of good friendship and effective cooperation, including ties in defense and security.

The East Vietnam Sea is very important to global security as well as trade and supply chains, so the UK and other countries need to be concerned about what is happening here, the ambassador stressed.

During their stay, officers of the HMS Spey are expected to pay a courtesy visit to the leaders of the Ho Chi Minh City People’s Committee, the 7th Military Region Command, and the 2nd Naval Command.

They will also participate in many activities including professional exchanges, friendly football matches, and cultural exchanges.

The crew will welcome students in STEM subjects (science, technology, engineering, and math) from British International School in Ho Chi Minh City onto their ship.

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Patrol vessel HMS Spey of the British Royal Navy arrived in Ho Chi Minh City on Tuesday, commencing a five-day friendship visit to the city on the occasion of the 50th anniversary of diplomatic relations between Vietnam and the UK.

Captained by Commander Michael Proudman, this is the fourth British Royal Navy ship sent to Vietnam in the past five years.

The visit is an opportunity for the Royal Navy to strengthen its cooperation with Vietnamese partners and underlines the UK’s unwavering commitment to promoting global stability and security in the Indo-Pacific region, Proudman stated.

UK Ambassador to Vietnam Iain Frew affirmed that defense and security cooperation between Hanoi and London is developing strongly, adding that the Southeast Asian country plays an important role in regional security.

The visit reaffirms the fact that the UK is one of Vietnam’s most reliable and long-term partners in maritime security.

UK Ambassador to Vietnam Iain Frew (L) on the HMS Spey in Ho Chi Minh City, February 7, 2023. Photo: Tran Phuong / Tuoi Tre

UK Ambassador to Vietnam Iain Frew (L) on the HMS Spey in Ho Chi Minh City, February 7, 2023. Photo: Tran Phuong / Tuoi Tre

It takes place on the occasion of the 50th anniversary of the two countries’ diplomatic relations, Frew continued, adding that the milestone marks half a century of good friendship and effective cooperation, including ties in defense and security.

The East Vietnam Sea is very important to global security as well as trade and supply chains, so the UK and other countries need to be concerned about what is happening here, the ambassador stressed.

During their stay, officers of the HMS Spey are expected to pay a courtesy visit to the leaders of the Ho Chi Minh City People’s Committee, the 7th Military Region Command, and the 2nd Naval Command.

They will also participate in many activities including professional exchanges, friendly football matches, and cultural exchanges.

The crew will welcome students in STEM subjects (science, technology, engineering, and math) from British International School in Ho Chi Minh City onto their ship.

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Source: https://tuoitrenews.vn/news/politics/20230208/uk-naval-vessel-begins-5day-visit-to-ho-chi-minh-city/71394.html

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Vietnamese PM to pay official visits to Singapore, Brunei

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Vietnamese Prime Minister Pham Minh Chinh, his spouse, and a high-ranking Vietnamese delegation will pay official visits to Singapore and Brunei Darussalam from February 8 to 11, the Ministry of Foreign Affairs announced on Sunday.

The visits will be made at the invitations of Singaporean Prime Minister Lee Hsien Loong and Brunei Darussalam Sultan Haji Hassanal Bolkiah, respectively.

This will be PM Chinh’s first visits to these two countries after assuming his prime minister position, and a visit by a Vietnamese prime minister to Singapore after five years and to Brunei Darussalam after 15 years.

The visit to Singapore will be paid on the occasion of the 50th anniversary of the diplomatic relations between the two countries and the 10th anniversary of their strategic partnership.

The two sides had many high-ranking delegation exchange activities last year, including Vietnamese State President Nguyen Xuan Phuc’s visit to Singapore in February and Singaporean President Halimah Yacob’s visit to Vietnam in October.

Singapore is currently an important economic partner of Vietnam.

The bilateral trade between the two countries reached some US$9 billion in 2022, up 10.1 percent over 2021.

Singapore is also Vietnam’s biggest investor in ASEAN and ranks second among the 141 countries and territories worldwide investing in Vietnam.

It has had more than 3,000 projects with total registered capital of nearly $70.4 billion in Vietnam.

Vietnam-Singapore Industrial Park (VSIP) is a symbol of the economic cooperation between the two countries. There have been 12 VSIPs in nine cities and provinces in Vietnam with an occupancy rate of over 83 percent.

These industrial parks have attracted investment totaling $17.6 billion and created nearly 300,000 jobs.

As for Brunei Darussalam, the visit by PM Chinh will be made after the two countries celebrated the 30th anniversary of their diplomatic ties in 2022.

The two countries met the target of reaching the two-way trade value of over $500 million before 2023.

As of October last year, their bilateral trade amounted to $638.5 million, surging 141.1 percent year on year.

Brunei Darussalam currently ranks 26th out of the 141 countries and territories investing in Vietnam with total registered capital of $971 million.

According to the Ministry of Foreign Affairs, in the framework of the visit to Singapore, PM Chinh will hold talks with his counterpart Lee Hsien Loong and witness the signing of some cooperation agreements.

He will also meet with Singaporean President Halimah Yacob, leaders of the Singaporean Parliament, Deputy Prime Minister and Minister of Finance Lawrence Wong, and some other leaders.

In Brunei Darussalam, the Vietnamese government leader will hold talks with Sultan Haji Hassanal Bolkiah, visit some enterprises, and attend a workshop between enterprises of the two countries.

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Vietnamese Prime Minister Pham Minh Chinh, his spouse, and a high-ranking Vietnamese delegation will pay official visits to Singapore and Brunei Darussalam from February 8 to 11, the Ministry of Foreign Affairs announced on Sunday.

The visits will be made at the invitations of Singaporean Prime Minister Lee Hsien Loong and Brunei Darussalam Sultan Haji Hassanal Bolkiah, respectively.

This will be PM Chinh’s first visits to these two countries after assuming his prime minister position, and a visit by a Vietnamese prime minister to Singapore after five years and to Brunei Darussalam after 15 years.

The visit to Singapore will be paid on the occasion of the 50th anniversary of the diplomatic relations between the two countries and the 10th anniversary of their strategic partnership.

The two sides had many high-ranking delegation exchange activities last year, including Vietnamese State President Nguyen Xuan Phuc’s visit to Singapore in February and Singaporean President Halimah Yacob’s visit to Vietnam in October.

Singapore is currently an important economic partner of Vietnam.

The bilateral trade between the two countries reached some US$9 billion in 2022, up 10.1 percent over 2021.

Singapore is also Vietnam’s biggest investor in ASEAN and ranks second among the 141 countries and territories worldwide investing in Vietnam.

It has had more than 3,000 projects with total registered capital of nearly $70.4 billion in Vietnam.

Vietnam-Singapore Industrial Park (VSIP) is a symbol of the economic cooperation between the two countries. There have been 12 VSIPs in nine cities and provinces in Vietnam with an occupancy rate of over 83 percent.

These industrial parks have attracted investment totaling $17.6 billion and created nearly 300,000 jobs.

As for Brunei Darussalam, the visit by PM Chinh will be made after the two countries celebrated the 30th anniversary of their diplomatic ties in 2022.

The two countries met the target of reaching the two-way trade value of over $500 million before 2023.

As of October last year, their bilateral trade amounted to $638.5 million, surging 141.1 percent year on year.

Brunei Darussalam currently ranks 26th out of the 141 countries and territories investing in Vietnam with total registered capital of $971 million.

According to the Ministry of Foreign Affairs, in the framework of the visit to Singapore, PM Chinh will hold talks with his counterpart Lee Hsien Loong and witness the signing of some cooperation agreements.

He will also meet with Singaporean President Halimah Yacob, leaders of the Singaporean Parliament, Deputy Prime Minister and Minister of Finance Lawrence Wong, and some other leaders.

In Brunei Darussalam, the Vietnamese government leader will hold talks with Sultan Haji Hassanal Bolkiah, visit some enterprises, and attend a workshop between enterprises of the two countries.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/politics/20230206/vietnamese-pm-to-pay-official-visits-to-singapore-brunei/71346.html

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