Korea continues to support Vietnam's agricultural development through many projects such as improving value chains, promoting market linkages, enhancing climate change response capacity, and promoting agricultural trade.
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| Mr. Chang Won Sam - Chairman of the Korea International Cooperation Agency (KOICA) said that KOICA will continue to support Vietnam's agricultural development. |
On March 18, the Ministry of Agriculture and Rural Development coordinated with the Korea International Cooperation Agency (KOICA) to organize the Vietnam - Korea Cooperation Vision Workshop in the field of agriculture for the period 2024-2030.
Mr. Nguyen Anh Phong - Deputy Director of the Institute of Policy and Strategy for Agricultural and Rural Development (IPSARD) said that cooperation between Vietnam and Korea in the field of agriculture and rural development in recent years has achieved impressive results.
South Korea is an important export market for Vietnamese agricultural products. The export value of Vietnamese agricultural, forestry and fishery products to South Korea tripled from 2010 to 2023. In 2022, South Korea imported 51.57 billion USD of NLTS products, Vietnam was the 5th largest supplier, accounting for about 5% of the total import value of NLTS products of this country.
Vietnam - Korea cooperation in the agricultural sector mainly focuses on technology transfer in developing biofuel crops, high-quality vegetable varieties, edible and medicinal mushroom production technology, safe food production, and promoting trade in agricultural products of the two countries' strengths.
However, according to Mr. Nguyen Anh Phong, agricultural trade between Vietnam and Korea still has some limitations such as Vietnam's agricultural exports to Korea still account for a modest proportion, mainly raw and pre-processed products, so the value is still low.
As of 2022, Korean FDI investment in agriculture in Vietnam is still quite modest, accounting for only 0.42% of the total number of FDI projects and 0.17% of the total FDI capital of Korea in Vietnam (39 valid projects, total registered capital of 134.05 million USD).
Korean FDI projects investing in the agricultural sector in Vietnam only focus on a number of sub-sectors such as cultivation, livestock, forestry... lacking technology transfer activities and joint venture investment forms.
Mr. Chang Won Sam - Chairman of the Korea International Cooperation Agency (KOICA) said that agriculture continues to be a key area of cooperation between the two sides, supported according to medium and long-term strategies.
Although the proportion of FDI in foreign investment is still low, the scale of ODA is continuously increasing. However, it is expected that by 2030, Vietnam will join the list of upper middle-income countries, so it is inevitable that the scale of ODA projects will be reduced.
"To promote attracting foreign investment projects in agriculture, in the long term, it is necessary to research and propose solutions to use ODA capital effectively," Mr. Chang Won Sam shared.
According to Mr. Chang Won Sam, KOICA will continue to support the development of Vietnamese agriculture through many projects such as improving value chains, promoting market linkages, enhancing capacity to respond to climate change, digitalization, innovation, etc. Thereby helping to increase income for Vietnamese farmers, ensuring the sustainable development of Vietnamese agriculture.
Ms. Lee Hye Jin - Konkuk University (Korea) said that the policy and economic environment in Vietnam and the world are changing, thus requiring a new cooperation strategy. Priority areas in Vietnam - Korea agricultural cooperation according to the vision include agricultural value chains, rural development, climate change response and green transformation in agriculture, agricultural trade, capacity building for farmers and stakeholders in the value chain.
Speaking at the workshop, Mr. Le Minh Hoan - Minister of Agriculture and Rural Development said that in recent years, Vietnam and Korea have raised their relationship to the level of strategic partnership and have made remarkable progress in many areas such as trade, investment, culture, education, agriculture and rural development.
However, bilateral agricultural cooperation is still quite modest and there is still much room for development. The Covid-19 pandemic has changed the strategies of countries to ensure food security, diversify agricultural supply markets, and take advantage of new market opportunities. This is a good opportunity for Vietnam and Korea to review and evaluate, propose cooperation strategies in research and development, attract investment, and promote agricultural trade between the two countries.
Minister Le Minh Hoan suggested that, in addition to traditional cooperation programs and projects, the "Vietnam - Korea Cooperation Vision in Agriculture and Rural Development for the 2024 - 2030 period" should focus on further promoting the potential and comparative advantages of the two sides, diversifying cooperation forms from technical assistance, technology transfer to new forms of investment such as public-private partnerships, joint ventures, value chain linkages, encouraging and attracting investment in agriculture.
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