Vietnam, Korea Promote Business Ties in Emerging Sectors

Delegates at the business networking event to promote Korean investment in Vietnam pose for a group photo

Mr. Kang Myung-Soo, Vice Chairman in charge of membership, emphasized the growing interest of Korean businesses in the Vietnamese market. Previously, investments focused mainly on textiles, but they have now expanded to sectors like steel, automotive, electronics, pharmaceuticals and IT.

Major Korean companies like Samsung, LG, Posco, Kia Motors and Hyundai Motors have supported Vietnam’s industrial development, especially in electronics, mechanical engineering and automotive sectors. Kang expressed hope for expanded cooperation in areas such as semiconductors, artificial intelligence and advanced technologies. He also expected VCCI to facilitate Korean businesses in Vietnam.

Tran Thi Lan Anh, Secretary General of VCCI, highly appreciated the cooperation between VCCI and KCCI over the past years, particularly in connecting businesses from both countries and promoting investment projects.

VCCI has received many delegations of Korean enterprises from Seoul, Busan and provinces like Jeon and Chungcheongnam to Vietnam to explore opportunities. Ms. Lan Anh hoped both sides will continue developing new cooperation programs and expanding investments in potential sectors to strengthen bilateral economic relations.

“VCCI is always ready to support KCCI and Korean businesses in connecting with partners and exploring cooperation opportunities in Vietnam,” said Lan Anh.

Korea is currently Vietnam’s third-largest trading partner, following China and the United States, with a trade turnover of US$76 billion in 2023. It is also the largest foreign investor in Vietnam, with 9,863 projects and total investment capital of US85.8 billion, accounting for 18.3% of the country’s total foreign investment.

Recently, Korean investments have expanded into such sectors as construction, real estate, retail, hospitality and healthcare services. Major financial groups like Shinhan, KB and Woori have also established a presence in Vietnam, contributing to the diversification of the market.

VCCI has also collaborated with KCCI, KOTRA and KOCHAM to host many forums and bilateral dialogues, creating new cooperation opportunities and accelerating the implementation of investment projects across various provinces and cities in the country.

Moreover, Vietnam is becoming an attractive destination for indirect capital flows from Korean investors, particularly in finance and securities. Efforts to improve the investment environment and upgrade Vietnam's stock market classification are expected to attract more new capital in the near future.

With significant potential for economic cooperation, both countries are aiming to raise bilateral trade turnover to US$150 billion by 2030, while also promoting investment in innovation and high-tech industries. This will not only enhance Vietnam’s production capabilities but also create more opportunities for local businesses to integrate more deeply into global value chains.