Numerous networking and trade exchange sessions took place between enterprises of the two localities during the official visit of the high-level delegation of Ho Chi Minh City to Busan (Republic of Korea) in 2025. - Photo: Government Electronic Newspaper
Busan stands as a premier port megacity in Northeast Asia, with a population of approximately 3.3 million and a per capita GDP of nearly USD 33,900. The city’s economy demonstrates solid global competitiveness, underpinned by a resilient technical-technological service structure. Notably, the Trade & Transportation sector and Modern Manufacturing serve as core economic pillars, accounting for 28.8% and 23.6% of the workforce respectively, thereby laying a robust foundation for the advancement of advanced maritime logistics and world-leading shipbuilding industries. Moving into the new era, Busan aims to dynamically transform itself into a global knowledge hub by spearheading smart city initiatives, artificial intelligence (AI) applications, comprehensive digital transformation, high-tech healthcare, and eco-friendly circular economy models.
Over the past three decades, the cooperative ties between the two localities have achieved substantive and profound milestones across various fields, including economics, trade, urban management, cinema, and education. The bilateral trade corridor has been increasingly strengthened since the inauguration of the Busan Trade Office in Ho Chi Minh City in 2008. On a national scale, South Korea consistently maintains its position as the 4th largest investor in Ho Chi Minh City, with over 3,000 active projects and a total FDI stock exceeding USD 5.5 billion. This partnership has recently recorded significant milestones, most notably the establishment of the Consulate General of Vietnam in Busan (July 2025) and the signing of strategic Memorandums of Understanding (MOUs) at the Business Forum in August 2025, focusing on smart factory and smart city development, AI integration in medical screening, and premium eldercare infrastructure.
Looking toward the future, particularly within the framework of the 3rd Ho Chi Minh City Friendship Dialogue in 2026 (FD 2026), the City is widening its corridors to attract direct investment and foster strategic alliances with partners from Busan in five key sectors:
1. High-Tech Industries and Semiconductors: Promoting collaborative research and technology transfer, while welcoming Busan enterprises to invest in the design, fabrication, testing of semiconductor chips, and the deployment of core technologies.
2. Logistics and Port Infrastructure: Optimizing international maritime transport infrastructure, transferring smart port management solutions, and enhancing cross-border logistics supply chain capabilities.
3. Finance and Commercial Services: Jointly implementing the scheme for the Ho Chi Minh City International Financial Center, attracting major investment funds and financial conglomerates, and cultivating the financial technology (fintech) ecosystem.
4. Healthcare, Education, and High-Quality Tourism: Expanding the scale of joint training initiatives for high-quality human resources, developing MICE tourism models, advanced medical screening hubs, and high-tech điều dưỡng complexes.
5. Smart Cities and Green Economy: Partnering in the transfer of digital urban governance systems, sustainable solutions for renewable energy development, carbon emission reduction, and the application of viable circular economy initiatives.