General Secretary of the Communist Party of Vietnam Nguyen Phu Trong left Hanoi on Wednesday for a visit to the Republic of Korea to intensify trust between the two countries and boost ties.
During the four-day visit, which is made at the invitation of President Park Geun-hye, Trong and his host will discuss measures to strengthen political understanding and trust between the two countries’ high-ranking leaders and promote cooperation between the two ruling parties, the Vietnam News Agency reported.
The relations between Vietnam and the RoK have been continuously developing since they set up diplomatic ties in 1992, especially after the bilateral ties were upgraded to a strategic cooperative partnership in 2009.
As of June this year, with 3,687 projects worth US$31.2 billion invested in Vietnam, the RoK ranked first in terms of the number of projects and second in terms of registered capital among foreign investors in Vietnam.
Regarding trade, the two countries have determined to raise two-way trade to $70 billion by 2020.
Last year, the RoK ranked third among Vietnam’s largest trade partners with two-way trade amounting to $27.5 billion, four times higher than the 2007 level.
The two countries are now trying to finalize negotiations towards the early signing of a bilateral Free Trade Agreement (FTA).
In respect of official development assistance (ODA), the RoK is the second largest donor to Vietnam, after Japan, with a committed amount of $1.2 billion for the 2012-2015 period.