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Vietnamese FM urges business community to grow with Vietnam-Korea ties

June 7, 2024 - 11:34 By Sanjay Kumar
Vietnamese Foreign Minister Bui Thanh Son delivers remarks at the kick-off ceremony for Vietnamese Business in Seoul (BAViK) at Glad Hotel Yeouido in Yeongdeungpo-gu, Seoul on Thursday. (Sanjay Kumar/The Korea Herald)

Vietnamese Foreign Minister Bui Thanh Son urged the Vietnamese community in South Korea to capitalize on growing Vietnam-Korea ties, as he recently attended the kick-off ceremony of the Business Association of Vietnamese in Korea (BAViK).

"Currently, the relationship between Vietnam and Korea is at the highest stage of development, and despite the challenging global and Korean economic situations, there are ample opportunities for growth and collaboration," Bui said on May 30, addressing a group of Vietnamese and Korean business community members at the ceremony for Vietnamese Business in Yeouido, Seoul.

The BAViK launched with 40 members of Vietnamese business entities based in Seoul.

Bui reassured continued support for the Vietnamese business community by the Community Party of Vietnam and the government, referring to initiatives such as the 41-NQ/TW resolution that underscore the crucial role of companies in Vietnam’s industrialization and modernization efforts.

Resolution 41-NQ/TW, dated October 10, 2023, outlines solutions to meet the aspirations of Vietnamese entrepreneurs, considering them a "core force" in advancing the nation's economic independence and ensuring national defense and security.

"The establishment of BAViK is a significant milestone symbolizing the growth of the Vietnamese entrepreneur community in Korea," Bui said.

Vietnamese Foreign Minister Bui Thanh Son (fifth from right) and Business Association of Vietnamese in Korea (BAViK) Chair Dao Tuan Hung (sixth from right) attend the BAViK launch ceremony at Glad Hotel Yeouido in Yeongdeungpo District, Seoul on May 30. (Sanjay Kumar/ The Korea Herald)

Currently, 421 FDI projects of 32 countries and regions are operating in Vietnam, with a total registered capital of more than $1.72 billion. Of this, Vietnamese residents in Korea have invested $29.2 million in 29 projects, Bui noted.

"Korea ranks first in investment (with accumulated FDI of $86 billion by the end of 2023), second in development cooperation and third in labor cooperation and trade," Bui said.

The trade volume between the two countries reached $76 billion in 2023, he added.

"The global and Korean international economic situation is very difficult and unstable, and major changes are ahead," Bui noted, emphasizing the need for quick and efficient decision-making to propel Vietnam into an advanced, modern, industrialized and high-income country by 2045.

"“I believe that with the spirit of unity, accumulated experience, diligence and creativity of the Vietnamese people, we will succeed," he said.

The event was attended by some 200 Vietnamese and Korean entrepreneurs, as well as representatives from Vietnam's Ministry of Foreign Affairs and South Korea's Ministry of SMEs and Startups.