Vietnam-RoK Eye Qualitative Growth via Enhanced SME Cooperation

Vietnamese National Assembly Chairman Tran Thanh Man met with KOVECA Vice Chairman Kwon Sung Taek, who suggested that stronger cooperation between Small and Medium Enterprises (SMEs) could become a main pillar in shifting Vietnam-RoK relations from quantitative growth towards qualitative development. Lauding the friendship and sound cooperation between the Communist Party of Vietnam and the DPK in recent years, NA President Tran Thanh Man called on both sides to continue effectively following their 2019 cooperation agreement, and foster political trust and mutual understanding by maintaining all-level delegation exchanges and meetings. NA President Man urged the RoK legislature to encourage Korean companies to expand investment in Vietnam in priority areas, including infrastructure, semiconductors, large-scale AI data centres, energy and seaports; create favourable conditions for Vietnamese enterprises to engage more deeply in the RoK’s manufacturing supply chains. This meeting reflects Vietnam's intention to deepen its relationship with its strategic partner, South Korea, moving beyond mere expansion of trade and investment volume to collaboration in more advanced technology and high value-added fields, as Vietnam aims for qualitative improvement in its economic growth. Vietnam particularly welcomes investment from South Korea in infrastructure development and advanced technology sectors, aligning with its national strategy for industrial structure upgrading and enhancement of international competitiveness. Furthermore, the integration of Vietnamese enterprises into South Korea's supply chains could lead to improvements in domestic industry technological capabilities and expanded access to international business networks. Under Vietnam's one-party system, the nation's economic development strategy is guided by the Party Central Committee and the government, with long-term policy decisions. Chairman Man's outreach to the South Korean side is part of this national strategy, aiming to strengthen economic ties with the international community and pursue technology transfer and knowledge acquisition. Amidst complex relations with China, Vietnam is diversifying its economy, and strengthening cooperation with South Korea is one of its key pillars.