Vietnamese President Nguyen Xuan Phuc, fourth from left, and Deputy Prime Minister of Economy and Finance Choo Kyung-ho, fifth from left, among other businessmen enter the Korea-Vietnam Business Forum held at the Lotte Hotel in Seoul, Tuesday. Courtesy of KCCI

By Kim Hyun-bin

Business people from Korea and Vietnam gathered Tuesday to strengthen future cooperation between the two countries to commemorate the 30th anniversary of economic ties, according to the Korea Chamber of Commerce and Industry (KCCI).

The KCCI held the Korea-Vietnam Business Forum at Lotte Hotel in Seoul, Tuesday, with around 300 businesspeople from both countries in attendance, including Vietnamese President Nguyen Xuan Phuc and Deputy Prime Minister, and Minister of Strategy and Finance Choo Kyung-ho.

The event was held under the theme, "The 30th Anniversary of Korea-Vietnam Diplomatic Relations, New Business Opportunities and Paradigm Change," and the two countries discussed ways to cooperate in the digital and green energy fields, as well as sustainable future cooperation.

"The trade volume between the two countries exceeded $80 billion last year, and Korea is Vietnam's third-largest trading partner and largest investor. Amidst this deepening economic crisis, close joint efforts between the two countries are needed." Joo Si-bo, CEO of POSCO International and chairman of the Korea-Vietnam Economic Cooperation, said in his opening remarks.

"In order to turn a crisis into an opportunity in the midst of a paradigm shift in the world economy and open up a sustainable future, the two countries must pool their wisdom and passion together," Joo added.

A business agreement ceremony was also held at the forum to strengthen trade cooperation between companies and the governments of the two countries as well as collaboration in digital and green businesses.

"It is true that Vietnam, which is growing mainly in the manufacturing industry, is struggling to achieve carbon reduction measures," said Jung In-sup, CEO of Hanwha Energy. "Korea's energy industry has experience in infrastructure investments and construction, financial investment capacity using pension funds, and solutions for various energy sources such as LNG, solar power, hydrogen, and Energy Storage System (ESS) to contribute to Vietnam's energy transition."

Fourteen individual memorandums of understanding (MOUs) have been signed, including an MOU between Korean Air and Vietnam Airlines on air route cooperation.

"Vietnam is an important business partner that accompanies economic and industrial development and is a partner that will accompany us in the future in a global transition period, including not only economic cooperation, but also a joint response to climate change, cultural and human exchanges," KCCI Vice Chairman Woo Tae-hee said.

"I hope that we can prepare together for the next 30 years across all industries, including digital and green energy, based on solid economic cooperation centered on the manufacturing industry," Woo added.