Ahead of G20 Summit in Seoul, Korea, on the morning of November 11th, Prime Minister Nguyen Tan Dung and Vietnamese high-level delegation attended the Vietnam - Korea economic cooperation seminar, held by the Ministry of Foreign Affairs in coordination with Korean authorities.

Vietnam calls upon South Korean firms to continue expanding business investment, especially in the development of economic and social infrastructure.

Prime Minister affirmed: “Vietnam highly appreciates potential and technologies of South Korean businesses and calls upon South Korean businesses to continue expanding investment in Vietnam, especially in the fields of economic  - social infrastructure development, new energy and  material production, high technology product manufacturing, support industry, human resource and health development, and agriculture, forestry and fishery development.”

The seminar had the attendance of more than 100 delegates who are leaders of South Korean economic organizations and representatives of leading economic groups and enterprises in South Korea and Vietnam in the fields of high technology, energy, infrastructure, communications, transport ...

The cooperation between Vietnam and South Korea is growing rapidly, especially in the fields of trade, investment, labor, culture and education. South Korea has become the leading trade and investment partner of Vietnam. Two-way trade turnover in 2010 could reach $11 billion, 30% higher than 2009. Up to now, South Korea has invested in more than 2,600 projects in Vietnam with the total registered capital of about $ 23 billion. This country is also a large provider of ODA to Vietnam ...

Deputy Minister of Knowledge Economy Park Jun Yong stressed: “Currently, the whole world is interested in the development potential of Vietnam, especially when Vietnam has achieved high economic growth in the context of world economic downturn."

Mr Park Yong Jun said: "With abundant natural resources like oil, minerals and abundant, excellent and hard working workforce, combined with strong economic development policies of the Government, Vietnam has achieved great development which amazed the whole world. In the future, the potential for cooperation with Vietnam is very high, especially cooperation in energy, green growth, transport infrastructure and key technology sectors".

Speaking at the seminar, Prime Minister Nguyen Tan Dung said: “Vietnam is building development strategies for the next 10 years, striving to basically become an industrialized country towards modernity in 2020. Demand for development capital of Vietnam in the next 5 years is forecast to be about $250 billion, only the development of infrastructure system needs $25 billion per year. Along with the active mobilization and effective use of resources in the country, Vietnam continues to promote international economic integration, attract capital, advanced technologies and management skills from outside and expand market.

Prime Minister stressed that Vietnam highly appreciated potential and technologies of South Korean businesses and called upon them to continue expanding investment in Vietnam, especially in the areas which have very high potential, such as: investment in economic  - social infrastructure development in the form of BOT, BTO, BT or public - private partnership mechanism, new energy and material production, high-tech product manufacturing, support industry,  human resource and health development, and agriculture, forestry and fishery development.

Prime Minister affirmed: “The Government of Vietnam will create favorable conditions for foreign enterprises, including South Korean ones, to do long-term business and succeed in Vietnam to bring benefits to the two parties. The Government of Vietnam has been actively reviewing to continue creating a propitious business and investment environment and more favorable conditions for investors.

Also at the seminar, Prime Minister Nguyen Tan Dung listened to and directly answered many questions of South Korean economic organizations, businesses and investors related to expanding investment in and developing trade with Vietnam.

The Prime Minister also witnessed Vietnam National Oil and Gas Group sign series of agreements and memoranda of cooperation with South Korean Groups related to the projects of Thai Binh 2 coal-fired Thermal Power Plant, Vung Tau gas power plant, LNG underground storage and NCS2 gas pipeline.

By Minh Duc