News Briefing
Korea’s Deputy Prime Minister meets with Vietnam’s Finance Minister
Apr 2024
Korea’s Deputy Prime Minister Choi Sang-mok held a meeting with Ho Duc Phoc, the Finance Minister of Vietnam on March 8.
With the goal of promoting greater investment between the two countries, the meeting mainly focused on
supporting development cooperation and addressing investment-related challenges faced by Korean
companies in Vietnam.
At the meeting, the two countries reaffirmed their support for advancing the Korea-Vietnam Financial Cooperation Framework agreed upon during the 2022 Korea-Vietnam Summit. Under the agreement, Korea and Vietnam will seek to cooperate and financially support the development of high-value-added, large-scale infrastructure projects such as high-speed rail, light rail transit, and metro systems.
Deputy Prime Minister Choi reiterated the Korean government’s plan to expeditiously provide support under the $4 billion Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF) signed in June of last year.
They also discussed measures to improve the investment environment in Vietnam for Korean companies. In this regard, Deputy Prime Minister Choi sought the Vietnam government’s active policy support in strengthening investment incentives and addressing the issue of double taxation for Korean companies. Minister Phoc responded by stating that the Vietnamese government would actively consider the issues raised by the Korean government.
The governments of both countries reiterated their commitment to continue fostering a strong and cooperative relationship going forward.
With the goal of promoting greater investment between the two countries, the meeting mainly focused on
supporting development cooperation and addressing investment-related challenges faced by Korean
companies in Vietnam.
At the meeting, the two countries reaffirmed their support for advancing the Korea-Vietnam Financial Cooperation Framework agreed upon during the 2022 Korea-Vietnam Summit. Under the agreement, Korea and Vietnam will seek to cooperate and financially support the development of high-value-added, large-scale infrastructure projects such as high-speed rail, light rail transit, and metro systems.
Deputy Prime Minister Choi reiterated the Korean government’s plan to expeditiously provide support under the $4 billion Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF) signed in June of last year.
They also discussed measures to improve the investment environment in Vietnam for Korean companies. In this regard, Deputy Prime Minister Choi sought the Vietnam government’s active policy support in strengthening investment incentives and addressing the issue of double taxation for Korean companies. Minister Phoc responded by stating that the Vietnamese government would actively consider the issues raised by the Korean government.
The governments of both countries reiterated their commitment to continue fostering a strong and cooperative relationship going forward.
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