The high-ranking team of the Republic of Korea (RoK), led by President Yoon Suk Yeol, recently traveled to Vietnam, which is a neighboring country of Cambodia. President Yoon participated in a number of significant activities during the visit, including paying respects to the late Vietnamese President Ho Chi Minh at his mausoleum in Hanoi, paying a visit to Party General Secretary Nguyen Phu Trong, attending an official welcome ceremony with a 21-gun salute, speaking with President Thuong, attending a press conference with him, and witnessing the exchange of numerous cooperation documents.

Vietnam is seen as having a highly wise foreign policy because it is able to maintain cordial ties with all nations, including the US, Russia, Japan, the EU, Australia, and South Korea. The media frequently covers the tension between China and Vietnam related to the issues of the South China Sea, however, both nations assert that their relations are cordial and that there are many Chinese companies operating in Vietnam.

The primary foreign policy and strategies of Vietnam to entice South Korea (and other nations) to be partners can be summed up in the following eight points;

1. Business-friendly policies and regulations: Vietnam can continue to streamline its regulatory framework, making it more transparent and investor-friendly. Ensuring clear and efficient business processes, reducing bureaucracy, and simplifying administrative procedures can all contribute to creating a favorable investment environment.

2. Investment incentives: Offering attractive investment incentives can be a powerful motivating factor for South Korean companies to invest in Vietnam. Tax incentives, duty exemptions, and preferential treatment for specific industries or regions can encourage investment. Vietnam can also consider providing support in terms of land access, infrastructure development, and special economic zones.

3. Market access: Vietnam's growing middle class and expanding consumer market make it an appealing destination for South Korean businesses. Vietnam can highlight the access it provides to the ASEAN market, which encompasses a population of over 650 million people. By positioning itself as a gateway to Southeast Asia, Vietnam can attract South Korean companies seeking regional expansion opportunities.

4. Infrastructure development: Vietnam can invest in enhancing its infrastructure, such as roads, ports, airports, and digital connectivity. Efficient transportation networks and well-developed logistics capabilities are crucial factors for businesses considering investment. South Korean companies with expertise in infrastructure development can be encouraged to participate in these projects.

5. Skilled workforce and talent development: Vietnam can continue to invest in education and training programs to develop a skilled workforce. By focusing on vocational training, technical education, and language skills (including Korean language programs), Vietnam can offer a competitive advantage to South Korean companies looking for a capable workforce.

6. Technology transfer and innovation collaboration: Promoting technology transfer and collaboration between South Korean and Vietnamese companies can be mutually beneficial. Encouraging joint ventures, research collaborations, and knowledge-sharing initiatives can facilitate skills and technology transfer, enabling Vietnam to accelerate its industrial and innovation capabilities.

7. Networking and business matchmaking: Vietnam can organize trade fairs, exhibitions, and business matchmaking events to connect South Korean investors with local businesses and potential partners. Facilitating networking opportunities can foster relationships and build trust between Vietnamese and South Korean companies.

8. Promote success stories: Highlighting successful South Korean investments in Vietnam and their positive outcomes can showcase the country's potential and instill confidence in other South Korean investors. Sharing testimonials and success stories can help attract more interest and investment.

It's important for Vietnam to consistently promote its business advantages, actively engage with potential investors, and maintain a business-friendly environment to successfully attract South Korean investment.

If the Kingdom of Cambodia really want to become a good partner of South Korea, it can adopt several strategies, similar to what Vietnam has done. Here are some suggestions;

1. Enhance diplomatic relations: Cambodia could actively engage in diplomatic dialogue with South Korea, participating in regular meetings and discussions to strengthen bilateral ties. The countries can also exchange high-level visits by government officials to foster better understanding and cooperation.

2. Promote trade and investment: Cambodia can work on improving its business environment by streamlining regulations and offering favorable incentives to attract South Korean investors. By promoting trade fairs, exhibitions, and business matchmaking events, Cambodia can encourage South Korean businesses to explore opportunities and invest in various sectors in the country. All Cambodian diplomats abroad should be more active and exhibit the good things about Cambodia to attract more foreign investors to come to Cambodia.

3. Develop infrastructure: Cambodia could invest in developing its infrastructure, such as transportation networks, energy supply, and digital connectivity. This would improve the ease of doing business and facilitate trade between the two countries. South Korean companies, known for their expertise in infrastructure development, could be invited to participate in these projects.

4. Enhance educational and cultural exchanges: Cambodia can encourage student exchanges and collaboration between educational institutions in both countries. Establishing scholarships or joint research programs can provide opportunities for students and scholars to learn from each other. Cultural events, such as festivals, exhibitions, and performances, can foster mutual understanding and appreciation for each other's heritage.

5. Strengthen tourism cooperation: Cambodia could target South Korean tourists by showcasing its unique cultural and natural attractions. Promoting Cambodia's rich history, UNESCO World Heritage sites, and ecotourism destinations through targeted marketing campaigns can attract more South Korean visitors. Additionally, improving air connectivity and facilitating travel arrangements can make it easier for tourists to choose Cambodia as their preferred destination.

6. Collaborate in technology and innovation: Cambodia can seek partnerships with South Korean companies and institutions in areas like information technology, advanced manufacturing, and research and development. Encouraging technology transfer, joint ventures, and research collaborations can help Cambodia acquire technological expertise and boost its industrial and innovation capabilities.

Overall, by actively engaging in trade, investment, education, cultural exchanges, and infrastructure development, Cambodia can establish itself as a valuable partner to South Korea, similar to Vietnam. It's important to consistently promote mutual interests and showcase the benefits of collaboration in order to strengthen the bilateral relationship.

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Dr. Seun Sam is a Policy Analyst of the Royal Academy of Cambodia.