2022/12/16 | Business activity

CONINCO attended Korea - Vietnam Economic Cooperation Forum 2022

Towards the 30th anniversary of the establishment of diplomatic relations between Vietnam and Korea, on the afternoon of December 16th, in Hanoi, the "Korea - Vietnam Economic Cooperation Forum 2022" was organized by the Korea International Trade Association (KITA), Vietnam Chamber of Commerce and Industry (VCCI) and Korea - Vietnam Friendship Association (VIKOFA). With the theme "Standing together towards 100 years of prosperity", the forum was organized to open up opportunities to connect, cooperate and promote relations in the economic field between Vietnam and Korea in the coming time, create favorable conditions for enterprises as well as localities of the two countries to cooperate more effectively. More than 400 delegates who are senior leaders and economic experts, businesses and politicians from the two countries shared their experiences in contributing to the development of Vietnam-Korea relations. General Director Phan Ngoc Cuong and Deputy General Director Tran Thanh Hai represented CONINCO to attend the forum.

Since establishing diplomatic relations in December 1992, Korea and Vietnam have built a strong partnership in the field of trade and investment. After 30 years, the diplomatic relations between Vietnam and the Korea have had a remarkable development, economic cooperation has been increasingly consolidated, becoming one of the important links in the global value chain, especially when the two countries have just upgraded their relations to a "Comprehensive Strategic Partnership" after the State visit to Korea in early December by Vietnam’s President Nguyen Xuan Phuc. This is a significant milestone opening a new era in the Korea - Vietnam cooperation relationship, bringing special opportunities for businesses of the two countries.

Currently, Korea is the foreign investor holding the No. 1 position out of 141 countries and territories investing in Vietnam, with a total investment capital of more than 80 billion USD. Korea is also the second largest ODA for Vietnam. In the first 11 months of 2022, Korean investment in Vietnam still achieved positive results with about 4.1 billion USD, accounting for 16.4% of total FDI capital into Vietnam. The two countries have set a target to increase bilateral trade to 100 billion USD next year and towards 150 billion USD by 2030.

Ủy viên Trung ương Đảng, Phó Chủ tịch Quốc hội Nguyễn Đức Hải phát biểu tại diễn đàn
Member of the Party Central Committee, Vice Chairman of the National Assembly Nguyen Duc Hai spoke at the forum

Korea is the leading large economy in Asia, while Vietnam is the most dynamic and potential economy in ASEAN. Therefore, upgrading the relationship to a "Comprehensive Strategic Partnership" will continue to expand and strengthen economic, trade, investment, development cooperation, bring the bilateral trade turnover to a stable growth in the direction of balance, maintaining the position as each other's largest trading partners.

Grasping the development trend of the world economy, CONINCO determines that international cooperation becomes an indispensable direction, a condition to promote the development of the economy in general as well as the construction industry in particular. The path of economic cooperation between Vietnam and Korea has been confirmed by high-quality investment projects and extensive participation in the global supply chain. CONINCO is proud to be a strategic partner of successful cooperation with Korean corporations and enterprises such as: Daewoo E&C, Samsung, Samyang, Heerim, Hanmi Global, Sejong E&C...

Ông Phan Ngọc Cương – Tổng Giám đốc CONINCO (bên trái) tham dự diễn đàn
Mr. Phan Ngoc Cuong – General Director of CONINCO (in the left) attended the forum

In the future, with the support of the two governments, it is hoped that Korean and Vietnamese enterprises will effectively connect, seize business and investment opportunities, and build strategic cooperation in business, together for sustainable development. CONINCO is a leading construction consulting enterprise ready to accompany the development of Korean enterprises in Vietnam, contribute to promoting bilateral economic - trade relations.

The successful Korea - Vietnam Economic Cooperation Forum "is a valuable opportunity for the business communities of the two countries to enhance understanding, build trust, agree on measures to promote economic cooperation, contribute to further strengthening the comprehensive cooperation relationship between Vietnam and Korea”.