Speaking at the CICON Vietnam 2025 Economic Cooperation Conference on April 17, Park highlighted the increasingly close relationship between the two nations, with South Korea currently holding the position as Vietnam’s largest foreign investor.

As of 2024, data from the Foreign Investment Agency shows South Korea leads with 10,128 projects and a total registered capital of over USD 92 billion, accounting for 24.11% of the number of projects and 18.22% of total registered FDI in Vietnam.

“South Korea brings capital, technology, and valuable economic development experience, while Vietnam offers abundant resources, a skilled and cost-effective workforce, and a promising consumer market,” said Park.

During the conference, Choi Min Ho, Mayor of Sejong City, shared South Korea’s experiences in smart city development. He noted that Seoul has become overly congested, both in terms of population and economic activity, prompting the creation of Sejong as a national initiative to ease urban imbalance.

Established in 2012 with a population of 100,000, Sejong has since grown to 400,000 residents. The city has rapidly evolved into South Korea’s de facto administrative capital, hosting 45 central government agencies and 16 national research institutes.

Sejong will soon be home to a new National Assembly complex and the country’s second Presidential Office, both scheduled for completion by 2031.

Mayor Choi emphasized that these changes have helped relieve the burden on Seoul and support balanced national development. Sejong is now transforming into a futuristic tech-driven city, piloting innovations such as artificial intelligence (AI), drones, autonomous vehicles, and urban air mobility (UAM).

The city’s national pilot project, “Smart City Sejong,” aims to build AI-powered infrastructure and become a global testing ground for advanced technologies.

“A key highlight of Sejong’s planning is the integration of natural ecosystems from the beginning - rivers, parks, and public spaces are seamlessly connected, creating a modern and livable environment,” Choi said. He believes this is an inspiring model for Vietnamese cities undergoing redevelopment and expansion.

At the event, Pham Thi Thuy An, Head Representative of the CICON 2025 Vietnam Organizing Committee, stressed the challenges posed by global shifts, particularly due to U.S. tariff policies. She noted that Vietnam now faces a critical need for innovation, unity, and decisive action.

“We once envisioned a future filled with abundant FDI and economic prosperity, but today’s landscape demands more resilience and strategic collaboration,” An emphasized.

She also introduced the SmartCity Marketplace platform - a pioneering digital ecosystem where Vietnamese and Korean entrepreneurs can connect, collaborate, and thrive within a sustainable, smart city environment. Through CICON Vietnam 2025, the platform has already linked over 80 Korean and 100 Vietnamese business leaders.

“Right here at the conference, several Vietnamese and Korean businesses will formalize new partnerships, setting the stage for promising joint ventures,” An announced.

Hong Khanh