Vietnam and the Republic of Korea seek stronger investment and innovation partnership | Company

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Vice Minister of Planning and Investment Tran Duy Dong addresses the event (Photo: VNA)

City of HCM (VNA) – Vietnam and Republic of Korea (RoK) discussed ways to improve the effectiveness of their investment and innovation partnership at a conference in Ho Chi Minh City on June 17.

According Deputy Minister of Planning and Investment Tran Duy DongDespite a complicated global situation, Vietnam still experienced good socio-economic results in the first five months of this year.

In particular, during the period, 7.7 billion dollars of foreign investment was disbursed, up 7.8% year on year, which shows the strong demand from foreign investors for business expansion in the Vietnam, he said. Meanwhile, bright signs were seen in commercial and manufacturing activities as well as in industrial production, he added.

He attributed the results to Vietnam’s improved investment environment and the country’s advantages in many fields, as well as the stable socio-political and macro-economic situation, with an average annual growth of 6 7% over the past two decades.

Dong pointed out that Vietnam sees science, technology and innovation as a motivation for economic growth towards the goal of a high-income country in 2045.

Vietnam calls for foreign-funded high-tech and innovation projects, which can help domestic enterprises engage more deeply in value chains, helping to promote Vietnam’s digital transformation and sustainable development, a- he pointed out.

The official added that Vietnam also encourages foreign investors and financial institutions to carry out projects to develop the infrastructure system through the public-private partnership (PPP) format.

The Republic of Korea is currently Vietnam’s largest investor with 9,288 ongoing projects worth over $79 billion, accounting for 18.5% of total FDI in Vietnam. Korean investors are present in 59 of Vietnam’s 63 localities, focusing on processing, manufacturing, electronics, high-tech, logistics and construction.

Vice Minister Dong said Vietnam is working hard to reform administrative procedures to facilitate investment activities, while preparing for innovation investments from outside, especially the ROK.

The Ministry of Planning and Investment will continue to accompany investors and localities throughout the process, he promised.

Lim Hankyu, vice president of the Korea Overseas Infrastructure and Urban Development Corporation (KINDLY), an organization specializing in supporting overseas PPP projects, said Vietnam and the Republic of Korea see great potential in promoting PPPs in transport infrastructure projects.

He suggested that Vietnam optimize ODA-funded programs and PPP projects through government-to-government (G2G) partnership, making full use of ODA to strengthen infrastructure connection and using part of the infrastructure system to increase the feasibility of large-scale projects.

At the conference, representatives from some localities also presented their investment potential to foreign investors, including those from the Republic of Korea./.

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