Gunsan airport south korea

The Hanoitimes – Facilitating businesspeople is part of efforts to boost the economic relations amid global uncertainties.

Vietnam and South Korea continue cooperating in coronavirus response, including relaxing coronavirus quarantine, to enhance economic ties amid the severe global health crisis.

Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and South Korea’s Vice Foreign Minister Lee Tae-ho in Hanoi on December 4. Photo: Baoquocte

The two countries have facilitated business travelers to resume as much as possible economic activities in the course that huge investment and trade inflows from South Korea are coming to Vietnam.

As of end-2019, South Korea topped 132 countries and territories pouring money into Vietnam with US$66.6 billion.

In terms of trade, Vietnam is a major trading partner of South Korea. In 2019, the two-way trade recorded US$69.2 billion, up 15.9% on-year.

Since Hanoi took border control measures in March to stem the virus spread, the government of Vietnam has allowed about 18,000 business people from South Korea to enter the country via special flights approved by the Vietnamese authorities.

In September, the first commercial international flight to Vietnam was from South Korea after the country halted all international flights since March.

The flights were operated shortly after South Korea’s Foreign Minister Kang Kyung-wha visited Hanoi, making her the first foreign minister to visit Vietnam since the pandemic started earlier this year.

South Korean businesspeople support the Covid-19 battle in Vietnam. Photo: Daidoanket

In November, South Korea’s National Assembly Speaker Park Byeong-seug picked Vietnam for his first foreign trip since taking office in June, with a focus on economic relations.

In a latest move, Vietnam has decided to exempt coronavirus quarantine to business people and their families from South Korea.

South Korea is the second country benefiting special entry procedure system after Japan.

The exemption, which will take effect on January 1, 2021, was included in an agreement reached at a meeting in Hanoi last week between Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and South Korea’s Vice Foreign Minister Lee Tae-ho, according to South Korea’s Ministry of Foreign Affairs.

The exemption will be applied for business travelers in a less-than-14 day trip, Yonhap News Agency reported.

The visitors are required to submit negative Covid-19 test results certificates that were issued within five days before their departure, to undergo virus tests upon arrival in Vietnam, and to follow strict quarantine guidelines set by the Vietnamese authorities during their stay.

The Hanoitimes – South Korea is one of the most important economic partners of Vietnam.

Vietnam is the first country in Asia that South Korea’s National Assembly Speaker Park Byeong-seug has visited in his four-day trip beginning from October 31 since taking office in June, with a focus on economic relations.

South Korea’s Parliamentary Speaker Park Byeong-seug (left) and Vietnam’s Prime Minister Nguyen Xuan Phuc in Hanoi on November 2. Photo: VGP

At the meetings between Mr. Park Byeong-seug with Secretary General of the Communist Party of Vietnam and State President Nguyen Phu Trong, Prime Minister Nguyen Xuan Phuc, and National Assembly Chairwoman Nguyen Thi Kim Ngan, both sides highlighted economic ties in the bilateral relationship which was upgraded to strategic cooperative partnership in 2009.

They reaffirmed the target to soon raise bilateral trade to US$100 billion from US$68 billion in 2019.

Mr. Park Byeong-seug affirmed that Vietnam is a key partner in South Korea’s New Southern Policy (NSP) that has put heavy emphasis on co-existence with ASEAN as a partner of mutual prosperity.

At present, South Korea is Vietnam’s biggest investor with US$70.38 billion in nearly 9,000 projects, the second biggest donor of official development assistance (ODA), and largest recipient of Vietnamese workers.

Dr. Duong Quang Thong from the University of Economics Ho Chi Minh City attributed the rising inflows of South Korean investment to their acknowledgment and understanding of Vietnam’s business environment, better than those of other countries.

South Korea’s Parliamentary Speaker Park Byeong-seug (left) and Vietnam’s National Assembly Chairwoman Nguyen Thi Kim Ngan. Photo: VGP

Another issue discussed during the visit was the relaxation of entry restrictions for South Korean citizens. Mr. Park took note of Vietnam’s economic growth, success in the Covid-19 fight and the huge potential for further bilateral cooperation.

Vietnamese Prime Minister Phuc reportedly said that he would order government agencies to actively consider streamlining entry procedures, ensuring that South Korea will be the first country to benefit from the simplified procedures.

On Monday, Mr. Park visited a Samsung Electronics plant in northern Vietnam and said the South Korean tech giant has become a symbol of the two countries’ economic cooperation.

PM Phuc pledged to consider Mr. Park’s proposal that the two nations upgrade their current strategic cooperative partnership to comprehensive strategic cooperative partnership.

Of the huge two-way trade, Vietnam currently incurs a trade deficit with South Korea. At the meeting with Mr. Park, Mr. Phuc expects more shipments of Vietnamese farm produce and home appliances to the Northeast Asian country and removal of conditions for soft loans and non-refundable loans for Vietnam.

The Vietnamese PM also proposed the entry facilitation of Vietnamese workers, better support to Vietnamese brides and interracial families in South Korea.

In September, South Korea’s Foreign Minister Kang Kyung-wha visited Vietnam, proposing the creation of an expedited entry system for essential travelers, such as businesspeople, to facilitate their overseas work amid the pandemic.

The Hanoitimes – The two countries seek ways to balance trade that records Vietnam’s widening trade deficit over the past years.

Vietnam and South Korea have agreed to boost the two-way trade to US$100 billion by 2023 with three main pillars namely energy, industry and trade.

Vietnam’s Minister of Industry and Trade Tran Tuan Anh and South Korea’s Minister of Trade, Industry and Energy Sung Yun-mo. Photo: Baocongthuong

The target was reached at the 10th Meeting of Vietnam-Korea Joint Committee on Energy, Industry and Trade Cooperation held in Hanoi on December 10-11 co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and South Korean Minister of Trade, Industry and Energy Sung Yun-mo.

The two sides discussed measures for commercial balance that records Vietnam’s widening trade deficit for the past years.

In 2019, the two-way trade hit US$69.2 billion, of which Vietnam incurred a trade deficit of US$23.02 billion.

At the meeting, the two ministers agreed with an Action Plan to put forward the trade target set for 2023.

Trade between Vietnam and South Korea. Source: Korea International Trade Association

In terms of energy , the two sides vowed to promote South Korean investment in developing liquefied natural gas (LNG)-to-power plants and renewable energy projects.

Joint efforts in scientific research and energy efficiency were also included in the discussions.

Regarding industry , they reached consensus on advancing technology transfer, improving human resources, and promoting investment and trade, mostly in auto industry, mechanics, electronics, and garment and textile.

The moves will enable Vietnamese businesses to improve productivity and become more engaged in the supply chain in South Korea and globally.

The engagement will also enable them to take advantages brought by the bilateral free trade agreement (VKFTA).

For bilateral trade , measures to boost trade turnover included tackling technical barriers in the import and export activities, creating more room for farm produce, minimizing trade remedies, protecting intellectual property, and developing logistics and distribution systems.

To achieve the targets, the two sides agreed to proceed four key measures , including boosting South Korean investment into Vietnam, facilitating South Korea’s firms operating in Vietnam; supporting Vietnamese exporters of garment and textile, footwear, woodwork, agro-fisheries and processed food to South Korea; enhancing technology transfer in automobile industry, garment and textile, chemicals, mechanics, and spare part manufacturing for better export to South Korea and other countries.

On this occasion, the two leaders also discussed measures relating to customs and certificates of origin, and the building of the Electronic Origin Data Exchange System (EODES).

The Hanoitimes – Vietnam and South Korea are planning for the resumption of air routes.

South Korea’s Foreign Minister Kang Kyung-wha will start a visit to Vietnam today [September 17] to boost cooperation in coronavirus response and ways to promote bilateral issues.

South Korea’s Foreign Minister Kang Kyung-wha. Photo: Yonhap

Kang will is expected to propose the creation of an expedited entry system for essential travelers, such as businesspeople, to facilitate their overseas work amid the pandemic, at talks with his Vietnamese counterpart Pham Binh Minh on Friday, according to the South Korean Ministry of Foreign Affairs.

She will also pay a courtesy call on Prime Minister Nguyen Xuan Phuc.

Since the Covid-19 outbreak, about 9,000 South Koreans, mostly businesspeople, have been allowed to enter Vietnam in exception to entry curbs since the virus outbreak took place, according to the ministry.

Seoul has been trying to persuade other countries to establish entry exceptions for South Korean businesspeople.

China, the United Arab Emirates, Indonesia, and Singapore have so far created “fast-track” entry programs for them.

Kang is the first foreign minister to visit Vietnam since the pandemic started earlier this year.

Vietnam and South Korea enjoy the advancement in the strategic cooperative partnership and look forward to upgrading the relation status.

South Korea topped 132 countries and territories pouring money into Vietnam with US$66.6 billion as of end-2019.

The capital flows are mainly from big corporations like Samsung, LG, Lotte, CJ, KB Financial Group (KBFG), Shinhan Financial Group, among others.

Consul General of Korea in Ho Chi Minh City Lim Jae Hoon said Vietnam is a strategic country in South Korea’s New Southern Policy (NSP) and the economic relations have been at the peak.

Dr. Duong Quang Thong from University of Economics Ho Chi Minh City attributed the rising inflows of South Korean investment to their acknowledgment and understanding of Vietnam’s business mechanism and environment, better than those from other countries.

The Hanoitimes – Demand for flying from South Korea to Vietnam is enormous due to the huge investment and trade inflows in the country.

Vietnam will resume the first international flight from South Korea to the country on September 25 after months of travel restrictions due to Covid-19.

Vietnam Airlines is allowed to resume international flights. Photo: VNA

Vietnam Airlines, the national flag carrier, will operate the Seoul-Hanoi route with Airbus A350 that is able to carry more than 300 passengers.

Vietnam Airlines said tickets are not sold via its website but through agents in Vietnam and South Korea.

It will be the first commercial international flight to Vietnam approved by the Civil Aviation Authority of Vietnam (CAA) after the country halted all international flights from March 25 due to the pandemic.

To make this air route possible, on September 17-18, South Korean Foreign Minister Kang Kyung-wha visited Vietnam and resumption of air services was one of issues during talks with her Vietnamese counterpart Pham Binh Minh.

Since the Covid-19 outbreak, about 9,000 South Koreans, mostly businesspeople, have been allowed to enter Vietnam in exception to entry curbs since the pandemic broke out, according to South Korea’s foreign ministry.

Vietnam resumed international air routes on September 18 with a flight from Hanoi to Tokyo to fly nearly 60 passengers who are Vietnamese students and workers and Japanese nationals.

The CAA will license commercial flights to Vietnam from six countries and one territory namely South Korea, Japan, Taiwan, China, Laos, Cambodia, and Thailand.

Passengers in such flights are (1) foreign holders of diplomatic passports and their relatives; (2) foreign experts, investors, managers, high-skilled workers and their relatives, foreign students, and foreigners who are Vietnamese people’s relatives; (3) Vietnamese people returning to the country.

The passengers come on conditions of showing coronavirus-free certificates within three days before the departure; confirmation of a quarantine facility in Vietnam; installing apps for contact tracing; and making health declaration.

Time for quarantine might be less than five day for passengers from selected routes and 14 days for those from a third country.

The Hanoitimes – The Vietnam Technology Advice and Solutions from Korea Center (VITASK) is expected to help Vietnamese automotive and electrical-electronic enterprises improve their capacity and deeply participate in the global supply chain.

The Vietnam Technology Advice and Solutions from Korea Center (VITASK), a cooperation project between the South Korean Ministry of Trade, Industry and Energy and the Vietnamese Ministry of Industry and Trade, was officially launched on December 11 in Hanoi.

Delegates of South Korea and Vietnam attend the ceremony of the VITASK on December 11. Photo: baophunuthudo.com.vn

The VITASK is an international cooperation official development assistance (ODA) project with the goal of helping Vietnamese businesses in the automotive and electrical-electronic industries participate in the global value chain. Then, local enterprises can build up the foundation for sustainable development in the future.

The center is expected to promote a technical assistance program with South Korean consultants to help Vietnamese businesses solve technical problems at the production site; engineer training courses for students; supporting product performance assessment, error analysis; promoting technical exchanges between Vietnamese and South Korean businesses.

Speaking at the event, the Vietnamese Minister of Industry and Trade Tran Tuan Anh said the inauguration of the VITASK is an important milestone to address the needs of technology transfer, human resource training, application and innovation of production management, connection and market development for Vietnamese businesses.

“I hope VITASK will effectively support Vietnamese enterprises improve their capacity to deeply participate in the global supply chain,” Mr. Anh said.

Mr. Sung Yun Mo, the South Korean Minister of Trade, Industry and Energy, said that Vietnam will need technical assistance centers like VITASK to promote the development of supporting and processing and manufacturing industries. South Korea will always accompany with Vietnam to operate the VITASK effectively, bringing high value to the business community of the two countries.