South Korea is Hanoi’s traditional and important partner

South Korea is one of Hanoi’s traditional and leading partners with cooperation in various fields, as evidenced by the increasing investment and visitors from the Republic of Korea.

Secretary of the Hanoi Party Committee Dinh Tien Dung (R) meets South Korean Ambassador to Vietnam Choi Youngsam on Oct 27. Photos: Thanh Hai/The Hanoi Times

Secretary of the Hanoi Party Committee Dinh Tien Dung said at the meeting with South Korean newly accredited ambassador to Vietnam Choi Youngsam on October 27.

He pointed out that South Korea is a key partner of Vietnam with multisectoral relationships, especially economic ties. The relations have been developed with growing political trust, the foundation for broad cooperation ranging from politics, foreign policies, and defense-security, to culture.

Over time, Hanoi has witnessed the inauguration of some major South Korean projects, namely Samsung Research and Development Center, and Lotte Mall Ho Tay.

Since 2017, Hanoi, in cooperation with the Korean Embassy, has organized a series of cultural and art programs to promote people-to-people exchanges. As a result, South Korea is one of Hanoi’s main sources of tourists.

Secretary Dinh Tien Dung, second from left, at the meeting.

Additionally, Hanoi has cooperated with various South Korean localities, including Seoul and Busan, with regular high-ranking visits and partnerships in various sectors. The tightened cooperation has partly resulted in an increase in investment and business expansion by South Korean companies in Vietnam and in Hanoi in particular.

Regarding foreign investment, Hanoi has paid attention to some sectors, including agriculture, tourism, education, and health, while having long-term strategies for ancillary industries, biotechnology, hi-tech agriculture, and clean energy.

For infrastructure and facilities in the city, Secretary Dung highlighted the importance of the Hoa Lac Hi-tech Park – a large zone on the outskirts of Hanoi offering preferential policies for domestic and foreign investors, including South Koreans. The park is home to five South Korean projects worth US$277 million. 

Ambassador Choi Youngsam at the meeting.

Ambassador Choi Youngsam said Hanoi and Seoul share similarities and strengths for further cooperation. Meanwhile, the fields of deeper cooperation between Hanoi and South Korea are construction and investment. He cited some major South Korea-invested real estate projects (Starlake West Lake, Lotte Mall Ho Tay) as examples of the tightened partnership and Hanoi’s support. 

He said that the close ties have resulted in an increasing number of South Koreans coming to Hanoi and considering Hanoi as their second home.

Youngsam said as proof of the cooperation, a South Korean International School in Mai Dich, Hanoi is the biggest of its kind. With the rising number of Koreans living in Hanoi, the school needs to be expanded and Hanoi would facilitate the expansion.

Dung pledged to proceed with the request and expected further cooperation between Hanoi and South Korean localities during the ambassador’s term. He said Hanoi would work closely with the embassy to make the partnership more substantial. 

Participants at the meeting.