Prime Minister Nguyen Tan Dung has said that the current level of investments from the Republic of Korea has not yet caught up with the expectations of both Governments.
The Vietnamese Government leader made the appeal at a business forum in Seoul on May 29 on the second day of his official visit to the Republic of Korea, shortly after witnessing the signing of minutes of contracts worth billions of USD between the business communities of both countries.
Among the major accords were a 620 million USD project between the Vietnam Steel Corporation and the RoK’s Posco Specialty Steel Group to build a steel mill with an annual output of 1 million tonnes and a 1.2 billion USD project between the Vietnam Oil and Gas Construction and Assembly Corporation and the Huyndai Group to build a thermo-electric power plant in Thai Binh province. Also agreed was a 600 million USD deal to set up an investment joint venture between the Ngoc Phuc Trade and Construction Company and the Daegun Company from the RoK.
The Prime Minister said he expected more RoK businesses to follow, although the East Asian country is now among the leading investors in Vietnam with almost 19 billion USD registered for 2,150 foreign direct investment projects.
He added that his visit is aimed at boosting comprehensive cooperation with the RoK ranging from investment to trade, tourism, labour, science-technology, culture-education, credit sources and official development assistance.
He invited more businesses from the Asian economic power to step up investments in traffic infrastructure, ports, energy projects, hi-tech, agriculture and urban and rural development.
“The Vietnamese Government will continue to introduce comprehensive measures to improve the investment climate and focus on upgrading the infrastructure, developing human resources, improving the country’s legal system and further streamlining administrative procedures to attract foreign investors,” pledged the Government leader.
His presence at the Vietnam-RoK business forum was his second appointment of the day that focused on economic relations, after earlier meeting with executives of the RoK’s leading consortiums.
At the meeting, Dung reiterated the Vietnamese Government’s commitments to providing the best available conditions for foreign investors, especially those from the RoK, to operate efficiently in Vietnam.
“The RoK has been a leading partner of Vietnam for years and a number of major businesses have been investing in key industries and contributing to Vietnam’s socio-economic development ,” he said.
“The two countries have enjoyed major progress in bilateral relations over the past 16 years, especially since the two countries decided to upgrade their relationship to ‘a comprehensive partnership in the 21st century’ in 2001,” concluded the Prime Minister.
Vietnam, RoK aim for strategic partnership
Vietnam and the Republic of Korea (RoK) need to work to lift their “comprehensive relationship in the 21st century” to a “Strategic Cooperative Partnership” for the prosperity of both country’s and peace and stability in the region.
This view was shared by Prime Minister Nguyen Tan Dung and his RoK counterpart, Han Seung-soo, during their talks in Seoul on May 29.
|Prime Minister Nguyen Tan Dung ( L) and his RoK counterpart, Han Seung-soo in Seoul on May 29|
The two PMs also expressed their delight with the dynamic developments in the two countries’ political, economic, social and cultural ties in the spirit of mutual trust that they agreed to in 1992 when they established diplomatic ties.
They reached a mutual understanding on the need to further broaden bilateral cooperation in politics by continuing with visits from senior leaders, and increasing cooperation and dialogue in the fields of diplomacy, security and defence.
They also agreed to accelerate cooperation in trade, investment, ODA, labour and tourism, by encouraging RoK businesses to expand their investment in industrial projects, energy, infrastructure, transport, construction and urban planning.
Both PMs pointed out their increased collaboration in the transfer of technologies, protecting the environment, dealing with climate change and preventing outbreaks of diseases and the unceasing expansion of cultural and educational cooperation.
They agreed to pay more attention to protecting the legitimate interests of Vietnamese people living in the RoK and RoK citizens living and working in Vietnam and will make a concerted effort to address arising problems relating to citizenship.
The RoK’s PM vowed to share his country’s experience of development with Vietnam and continue to increase ODA to Vietnam.
The two PMs also reached a consensus on the reinforcement of bilateral cooperation in regional and international forums for the sake of peace, stability and development in Asia in particular and the world in general.
At the end of their talks, they witnessed the signing of an agreement on the exchange of prisoners, a framework agreement (revised) on non-refundable aid, and a cooperative deal on food safety.
They also saw the signing of a cooperation agreement between the Vietnamese Ministry of Labour, War Invalids and Social Affairs and the RoK Labour Ministry and another on the development of an online Vietnamese government database between the Vietnamese Government Office and the RoK Ministry for Administration and Public Security.
The same day, PM Nguyen Tan Dung sent his condolences to Kwon Yang Sook, the wife of former RoK President Roh Moo-hyun, over his death.
In his message, PM Dung spoke highly of the deceased President’s sentiments towards the Vietnamese people as well as his positive contributions to the two countries’ friendly ties and cooperation.