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|MPI Minister Nguyen Chi Dung and head of Presidential Committee for Balanced National Development of South Korea Song Jae-ho|
Minister of Planning and Investment Nguyen Chi Dung and head of the Presidential Committee on Balanced National Development of the Republic of Korea Song Jae-ho signed a memorandum of understanding (MoU) for the years 2019 through 2024.
The MoU sets the foundation for the relationship between the Ministry of Planning and Investment (MPI) and the Presidential Committee for Balanced National Development to strengthen information exchange about the successful policies of the two governments and their implications, as well as organise conferences and forums for sharing experiences related to policymaking.
Minister Dung confirmed that Vietnam always strives to ensure balanced national development to better people's lives, narrow the gap between urban and rural regions, and improve the local economy by developing human resources and deploying technology.
The MoU will make great contributions to the international co-operation activities of Vietnam. As the country is striving to restructure its economy and widen integration, implementing its UN Sustainable Development Goals is a key task for the government and the MPI.
After 27 years of establishing diplomatic relations, the ties between Vietnam and South Korea have been developing rapidly along with high performance in various sectors of politics, economy, investment, culture, and security, especially since the relations were upgraded to a strategic partnership.
South Korea is now the leading foreign investor in Vietnam with annual trade revenue of about $66 billion. Currently, 7,000 Korean firms are operating in Vietnam, while nearly 50,000 Vietnamese nationals are working in the RoK.