Tuesday, May 21, 2024

Bolstering Trade and Investment: Ho Chi Minh City and RoK’s Chungcheongbuk-do Province Strengthen Economic Links

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In a significant move to bolster investment and trade relations, Ho Chi Minh City and the Chungcheongbuk-do province of the Republic of Korea (RoK) have recently taken a step forward. The two sides convened at the Ho Chi Minh City – Chungcheongbuk Trade and Investment Cooperation Forum held in the RoK province, underscoring a mutual commitment to deepening their economic partnership.

Vo Van Hoan, the Deputy Chairman of Ho Chi Minh City People’s Committee, highlighted the city’s focus on digital and green transformation in line with achieving sustainable development goals. He pointed out that sectors such as high technology, supporting industries, electronic circuit technology, semiconductors, banking, finance, information technology, and logistics are being prioritized for their growth potential and impact on the city’s economy.

Tran Phu Lu, the Director of the HCM City’s Investment and Trade Promotion Centre, provided an insight into the city’s investment climate, incentive policies, and the significant aspects of Resolution 98, which is aimed at fostering the city’s development through specific mechanisms and policies. He emphasized the city’s competitive advantages and its efforts towards administrative reforms to cultivate an open investment environment and address investor concerns proactively.

On the other side, Kim Myung Kyoo, the Deputy Governor of Chungcheongbuk-do Province, shared the successes of his province, particularly in high technology and green technology fields. He detailed the province’s progress in key industries such as solar energy and new energy, semiconductors, biotechnology, and IT, affirming Chungcheongbuk-do’s readiness to partner with Ho Chi Minh City towards achieving shared development objectives.

The forum was marked by the signing of Memorandums of Understanding (MoUs) and contracts across various sectors including airport development, logistics, trade promotion, food, and healthcare. These agreements signify the potential for increased cooperation and collaboration between the two regions.

Highlighting the strong bilateral relations, Hoan recalled the establishment of diplomatic ties in 1992 and the elevation to a comprehensive strategic partnership in 2022 between Vietnam and the RoK. The partnership between Ho Chi Minh City and the RoK has notably flourished over the years, with robust growth in economics, investment, trade, and tourism sectors. The RoK stands as the fourth largest investor in the city, with the trade volume reaching an impressive US$4.3 billion last year.

This recent forum not only illustrates the commitment of both regions to enhance their economic and trade relations but also paves the way for future collaborations, fostering a mutually beneficial partnership for Ho Chi Minh City and Chungcheongbuk-do Province.

Alexandra Bennett
Alexandra Bennetthttps://www.businessorbital.com/
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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