HÀ NỘI, Vietnam — On November 21, 2024, Deputy Prime Minister Nguyễn Hòa Bình announced at the Việt Nam-Korea Investment Cooperation Forum 2024 that Vietnam will facilitate South Korean investments, particularly in renewable energy and high-tech sectors.
The Deputy PM urged Korean firms to assist Vietnamese enterprises in integrating into their value chains and to consider establishing research and development centers in Vietnam.
He highlighted the shift from simple processing to high-tech industries and energy projects, which presents new opportunities for collaboration. South Korea's expertise in developing small and medium-sized enterprises (SMEs) was acknowledged, as many have matured into significant corporations.
Vietnamese SMEs are actively adopting technology and innovation, with strengths in sectors like manufacturing, agriculture, and IT. The forum resulted in five memorandums of understanding (MoUs) aimed at enhancing cooperation in smart technology, production, and human resource training.
In the first half of 2024, South Korean investors contributed $1.4 billion to Vietnam, marking a 16% increase year-on-year. As of June 2024, total Korean investment reached nearly $87.5 billion across over 10,000 projects, representing 25% of all foreign projects in Vietnam.
The Foreign Investment Agency anticipates a significant influx of South Korean investment in the coming years, potentially amounting to tens of billions of dollars.
Additionally, South Korea is a major contributor to Vietnam's official development assistance, accounting for 20% of its total ODA, primarily funding projects in clean energy and urban infrastructure.