Vietnam, RoK boast huge economic cooperation potential: Minister

Vietnam and the Republic of Korea (RoK) boast huge potential for economic and trade cooperation, especially after their ties were upgraded to a Comprehensive Strategic Partnership, Minister of Finance Ho Duc Phoc said on March 8, 2024.
Vietnam, RoK hold huge economic cooperation potential: Minister
Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok (L) receives Vietnamese Minister of Finance Ho Duc Phoc on March 8 (Source: VNA)

At a working session with Korean Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok in Seoul, Minister Phoc stressed that Vietnam is a top priority partner in the RoK’s official development assistance (ODA) supply while the RoK’s loans for Vietnam through the Economic Development Cooperation Fund (EDCF) and Economic Development Promotion Facility (EDPF) have been constantly expanded.

As both sides inked several framework agreements with total committed fund of up to 4 billion USD from the RoK, Phoc recommended the Korean side to join hands with the Vietnamese finance ministry and competent agencies to accelerate the implementation of new projects using the fund, especially the EDPF capital.

He expressed his wish to foster cooperation with the RoK, adding his ministry has worked to amend, supplement and issue new policies on finance and tax, particularly measures for the exemption and payment extension of taxes and fees, helping facilitate production and business, promote growth and carry out global integration commitments.

Vietnam has imposed the global minimum tax rate since the beginning of 2024 and the RoK may enact the new tax rule this year. Therefore, Vietnam hopes that both sides will share and discuss the building and implementation of the policy, he added.

Deputy Prime Minister Choi, for his part, stressed that Vietnam and the RoK are leading trade partners of each other, saying both nations should expand cooperation in the areas of trade, investment, development of supply chain, IT and human resources.

The RoK wants to step up the realisation of an agreement of capital support through the EDCF and EDPF, he said, highlighting the two nations need to boost collaboration in the fields of Vietnam’s interests and the RoK’s strengths.

He recommended Vietnam create a favourable business climate for Korean enterprises so that they can run effective, successful and sustainable business in the country.

The same day, Minister Phoc had a meeting with Chairman of the Financial Services Commission Kim Joo-hyun, during which both sides discussed trends in the financial sector as well as measures to enhance cooperation in the field, including capital market.

While in the RoK, Phoc also had working sessions with the Financial Supervisory Service, Korea Exchange, Hana Financial Group and Export-Import Bank of Korea.

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(Source: VNA)