Entrepreneurs of Vietnam and the Republic of Korea (RoK) have defined information technology and semiconductors as the most promising areas for future economic cooperation between the two countries, according to a recent survey conducted by the Korea Chamber of Commerce and Industry (KCCI).

The survey results were released to business leaders on August 1. The survey was carried out directly at the RoK - Vietnam Business Forum held on July 1 as part of Vietnamese Prime Minister Pham Minh Chinh’s visit to the RoK.

Accordingly, following IT and semiconductors, 22.3% of Korean firms selected green energy as the second most promising area, while 20.4% of Vietnamese respondents chose finance and fintech.

Regarding sectors offering the highest value in the current bilateral economic cooperation, 45.5% of Korean and 42.6% of Vietnamese businesses defined “electrical and electronics” as the leading field.

The RoK side also ranked distribution-logistics, apparel-textiles, and automotive-steel-metals at 11.6%, 11.1%, 10.6%, respectively. Meanwhile, machinery and equipment were selected by 17.6% of participating Vietnamese companies, followed by apparel-textiles, with 16.2%.

The survey also showed that 42.3% and 29.1% of Korean companies saw the expansion of investment, trade, and supply chain stability as positive impacts of the Vietnam-RoK economic cooperation on their national economies. Meanwhile, 41.2% of Vietnamese firms chose job creation and 27.9% mentioned industrial restructuring.

When asked about the benefits of the collaboration for their companies, the RoK side selected reduced production costs (39.7%), supply chain stability (25.9%), and new business opportunities and market expansion (21.2%). Meanwhile, 35.3% of Vietnamese groups highlighted technology development as the greatest benefit.

The KCCI noted that Korean companies invest in Vietnam to reduce costs and stabilise their supply chains, with expectations to further expand investment and trade at the national level. On the other hand, Vietnamese firms hope to enhance domestic industrial structure by improving technological capabilities and exploring new business activities through collaboration with Korean partners.

Regarding the governments' focus for broadening economic cooperation, Korean businesses expressed a desire for the Vietnamese government to expand investment incentives (39.2%) and ease restrictive regulations (32.8%). Vietnamese enterprises, meanwhile, suggested that the Korean government should widen opportunities for finding business partners (44.1%) and expand investment incentives (22.1%).

KCCI Vice Chairman Park Il-joon stated that based on more detailed results of future surveys, the chamber plans to connect with its office in Vietnam and relevant agencies to explore specific projects aimed at stepping up economic engagement between the two countries./.VNA