Minister of Finance Ho Duc Phoc works with Korean Ambassador to Vietnam

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Minister of Finance Ho Duc Phuc speaks at the meeting.

Speaking at the meeting, Minister Ho Duc Phuc said Vietnam and South Korea have close ties for mutual development. Korea has been a large foreign investor in Vietnam. Korean official development assistance (ODA) projects in Vietnam have been very successful.

Vietnam has always created favorable conditions for foreign businesses, especially Korean investors. Many Korean investors have been very successful in Vietnam, such as Samsung. Hopefully, Korean enterprises will continue to invest in Vietnam. The Vietnamese Ministry of Finance and the Korean Ambassador to Vietnam are responsible for supporting enterprises.

Minister Ho Duc Phoc said the Covid-19 pandemic has had a severe impact on economic development since 2021. The Ministry of Finance has advised the Government and the National Assembly on many solutions, including fiscal policy packages to support extensions of payment deadlines, reduction of taxes and fees for enterprises and supporting people to ensure social security, especially solutions to have funds to spend on pandemic prevention and control.

The meeting

Informing the Korean Ambassador about Vietnam's economic development this year, the Minister said Vietnam's economy saw a 5.64% growth in the first half of 2021. However, due to the severe impact of the 4th outbreak of the Covid-19 pandemic, GDP in the third quarter recorded negative growth.

In the fourth quarter of 2021, the Government has carried out the dual goal of fighting the pandemic while developing the economy in a new normal state, so Vietnam's economic growth in the rest of the year is forecast to be better than the third quarter and the whole of 2021.

Speaking at the meeting, Ambassador Park Noh-wan highly appreciated the Vietnamese Government's implementation of the dual goals. He said the Korean Government and the Korean Embassy in Vietnam will work closely with the Vietnamese Government to support Vietnam to overcome this period and continue its economic development in the future.

He hoped that the cooperation relationship between the Ministry of Finance of Vietnam and the Korean Embassy in Vietnam will be further consolidated and strengthened and will jointly contribute to mutual benefits of the two sides

Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam Park Noh- Wan at the meeting

Nearly 900 Korean enterprises are investing in Vietnam. As reflected by Korean enterprises, they have received practical and timely support from the Vietnamese Government to overcome difficulties caused by the Covid-19 pandemic, thereby reducing their burden. It is hoped that the Vietnamese Government and the Ministry of Finance will continue to have policies to support Korean enterprises.

At the meeting, the Minister of Finance exchanged common views and recognized the contributions of Korean businesses in Vietnam to socio-economic development. He affirmed that the Vietnamese Government has always created favorable conditions for foreign-invested enterprises in general and Korean enterprises in Vietnam to operate within the framework of the law. The minister said that during the operation of Korean enterprises in Vietnam, for problems arising, the two parties should cooperate actively and creating open dialogue frameworks to remove problems on policies, solve difficulties for enterprises and promote the sustainable development of the Korean business community.

At the meeting, the two sides also discussed coordination in organizing a dialogue conference on tax and customs policies and procedures with Korean enterprises in 2021. The Ministry of Finance agreed with the proposal of the Korean Ambassador in holding offline and online conferences to attract more businesses to participate in this event.

At the same time, representatives of leaders of departments and competent units of the Ministry of Finance such as General Department of Taxation, General Department of Customs, Department of Debt Management and External Finance answered a number of questions related to Korean businesses.