Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE, Minister Kim Jung-kwan) announced that it held virtual meetings with Vietnam’s Ministry of Finance on Friday, September 12, and with the Ministry of Industry and Trade on Monday, September 15. The discussions focused on implementing the outcomes of the Korea-Vietnam summit in August, held during General Secretary To Lam’s state visit to Korea, and on follow-up measures.

 

The first director-level meeting between MOTIE and Vietnam’s Ministry of Finance on September 12 was co-chaired by Kim Jong-chul, Director General for International Trade Relations, and Do Van Su, Director General of the Foreign Investment Agency. Participants included representatives from the Korean Embassy in Vietnam, the Vietnamese Embassy in Korea, and related organizations such as the Korea Electric Power Corporation (KEPCO), the Korea Institute for Advancement of Technology, and the Korea Federation of Textile Industries.

Discussions addressed key business challenges, including: (1) prompt resolution of delayed VAT refunds for Korean textile companies operating in Vietnam, (2) succession of special incentives following HD Korea Shipbuilding & Offshore Engineering’s acquisition of Doosan Vina, and (3) timely support for the implementation of the global minimum tax. The two sides also reviewed proposals from the Vietnamese Ministry of Finance on cooperation in supply chains, energy, infrastructure development, and collaboration between public enterprises under both ministries.

While the two ministries have previously co-hosted the Korea-Vietnam Business Forum, this meeting marked the establishment of their first regular consultation mechanism. Both sides agreed to use this meeting as a starting point for continued cooperation in foreign investment, corporate support, and infrastructure development, including nuclear power and supply chains.

The Vietnamese Ministry of Finance noted that although VAT refunds and incentive succession fall under local government jurisdiction, it is also conducting direct consultations at the ministry level. The ministry added that it will actively support Korean companies on other challenges such as stable power supply and infrastructure expansion.

On September 15, the fourth Korea-Vietnam Plus Joint Working Group meeting was held, co-chaired by Kim Jong-chul and Do Quoc Hung, Deputy Director General for Foreign Market Development at Vietnam’s Ministry of Industry and Trade. Participants included officials from both embassies, the Korea Trade-Investment Promotion Agency, GS1 Korea, KEPCO, and other relevant organizations.

Launched in September 2023, the Joint Working Group serves as a director-level hotline platform for discussing trade and investment promotion measures toward the shared goal of expanding bilateral trade to USD 150 billion by 2030. In addition to trade and investment cooperation, the platform also addresses challenges faced by Korean companies operating in Vietnam.

At the meeting, the two sides reviewed the status of bilateral trade and investment and discussed action plans to achieve the USD 150 billion trade target by 2030. They also examined follow-up measures from the summit, including plans for an MOU on nuclear energy workforce development.

The Korean side requested support to address challenges facing Korean renewable energy investors in Vietnam, particularly regarding electricity sales, as well as improvements to the regulatory framework for participation in LNG power projects. The Vietnamese side responded that it is actively seeking solutions with relevant ministries and agencies and will share the results promptly.

MOTIE stated that it will continue to actively support Korean investors in Vietnam by operating multilayered consultation channels such as the ministerial-level Korea-Vietnam Joint Industrial Committee and the Korea-Vietnam FTA Joint Committee, enabling Korean businesses to operate with greater predictability in the Vietnamese market.