Vietnamese FM urges firms to grow with bilateral ties
The Vietnamese community in South Korea should capitalize on growing Vietnam-Korea ties, Vietnamese Foreign Minister Bui Thanh Son said while attending the launch 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.
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 Oct. 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.
Korea was the top investor to Vietnam with an accumulated FDI of $86 billion by the end of 2023, the second in development cooperation and the third in labor cooperation and trade, Bui said.
The trade volume between the two countries reached $76 billion in 2023, he added.
Despite the slowdown of the global economy, Bui said Vietnam needs quick and efficient decision-making to achieve its goal of becoming a 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.