April 27, 2024

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South Korean Finance Minister Choi Sang-mok meets his Vietnamese counterpart, Ho Duc Phoc. (Yonhap)

South Korean Finance Minister Choi Sang-mok held talks with his Vietnamese counterpart Friday and asked the Southeast Asian government to further improve the business environment to seek closer ties.

Choi met his Vietnamese counterpart, Ho Duc Phoc, in Seoul to discuss ways to further bolster bilateral economic cooperation, according to the Ministry of Finance and Economy.

During the meeting, Choi said the government will make efforts to smoothly implement the pledge made in June to offer $4 billion worth of low-interest loans through the Economic Development Cooperation Fund and the Economic Development Promotion Facility to Vietnam.

The two sides also shared ideas on improving the business environment for South Korean firms operating in Vietnam.

Choi especially requested Vietnamese authorities to provide incentives for companies investing in Vietnam and make efforts to avoid double taxation.

"South Korea holds the position as the top foreign direct investor in Vietnam, making the nation a key economic partner in Southeast Asia," the ministry said in a statement. (Yonhap)