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News Visit to the Central Party Economic Committee and the Vietnam Academy Of Social Sciences (VASS)

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Visit to the Central Party Economic Committee and the Vietnam Academy Of Social Sciences (VASS)

Visit to the Central Party Economic Committee and the Vietnam Academy of Social Sciences (VASS)

President Cho Dong-chul visited to the Vietnam Academy Of Social Sciences (VASS) and the Central Party Economic Committee on April 16th. The two organizations are important ones that conduct research and analyze Vietnam's economic policies. To establish a benchmark for Korea's case and acquire a deeper understanding of the country's development experience, they requested a meeting with KDI.



 (President Dong-chul Cho speaking at the Vietnam Academy Of Social Sciences (VASS))

"As the conflict between the United States and China, two countries that trade heavily with Korea, intensifies, Korea's diplomatic space is contracting," said President Cho. "Vietnam is emerging as a necessary alternative in the midst of the G2 conflict." "With the strengthening of economic ties between Vietnam and Korea, we anticipate future mutual development," he added.

"Vietnam has experienced substantial development in the past thirty years; nevertheless, it confronts many challenges such as urban-rural inequalities, climate change, and poverty," said Phan Chi Hieu, President of the Vietnam Academy of Social Sciences (VASS). "The past growth model has become outdated, so we are currently working on creating new policies to respond to economic change and overcome these limitations." he explained. Vietnam aims to achieve middle-income level by 2030 and high-income status by 2040. 

President Cho Dong-chul expressed his hope for the representative research institutes of both Korea and Vietnam to make contributions across multiple domains as part of the broader framework of economic cooperation between the two countries.



 (Director Dong-cheol Cho, Vice-Chairman Nguyen Hong Son, etc.)

He then visited the Central Party Economic Committee and exchanged pleasantries.  Vice president Nguyen Hong Son extended a warm welcome to the delegation, remarking, "In the implementation of economic policies, knowledge from advanced countries is essential, and I believe Korea is the country from which we can gain the most valuable experience and practical insight."

When asked for his opinion on the experience of Korea's economic development, President Cho stated, "It is important to establish a system in which people who work hard can be rewarded." He further stated that this principle has been consistently upheld since President Park Chung-hee.

Vice President Nguyen Hong Son said, "Vietnam has been pursuing industrialization since the 1960s, but there is still a long way to go." In response, President Cho said, "Companies will inevitably need to grow in size in order to increase productivity." "During the industrialization process, the Park Chung-hee administration chose which companies should be supported by government by export performance," he explained. This means that to receive government subsidies, companies must prove themselves through export volume in the global market, rather than by lobbying politicians.

 Vice Chairman Nguyen Hong Son said the principle that “Victory doesn't come from being chosen; being chosen comes from victory.” is interesting. Companies were able to receive government support only when they proved their performance.

In addition, President Cho emphasized the importance of a rule-based economic system, human resource investment, and a culture that fosters innovative thinking. He also explained the dark side of the Korean economy, such as lax management of Chaebol and the subsequent economic crises."

Lastly, Vice Chairman Nguyen Hong Son said that Vietnam is currently very interested in digitalization, green economy, and the establishment of a think tank system, and that he expects to discuss these topics with KDI.
 

Written by:
Bojeon Kim, Research Associate at the President Office,  044-550-4003, kbj@kdi.re.kr

 

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