Tuesday , July 16 2024

Việt Nam, RoK strengthen economic cooperation with crucial bilateral partnership

Both sides continue to aim for $150 billion in trade turnover by 2030 in a balanced and sustainable manner.

The two Prime Ministers witness the signing of a Memorandum of Understanding on the orientation for developing an Action Plan to achieve a bilateral trade target of US$150 billion between Việt Nam’s Ministry of Industry and Trade and South Korea’s Ministry of Trade Industry and Energy. VNA/VNS Photo Dương Giang

HÀ NỘI – Việt Nam and the Republic of Korea agreed that the economy is a crucial pillar in bilateral cooperation, emphasising the need to closely coordinate and implement practical measures to achieve the goal of raising bilateral trade turnover to US$100 billion by 2025, which will be the tenth anniversary of the Việt Nam-South Korea Free Trade Agreement (VKFTA).

This was highlighted during talks between Prime Minister Phạm Minh Chính and Republic of Korean Prime Minister Han Duck-soo on Tuesday, during PM Chính’s working visit to the country.

Both sides continue to aim for $150 billion by 2030, in a balanced and sustainable manner.

The RoK PM affirmed that Việt Nam had been a key partner in implementing foreign policies in the region, including the Indo-Pacific Strategy and the Korea-ASEAN Solidarity Initiative (KASI). He noted that Việt Nam was South Korea’s largest development cooperation partner, the third-largest trading partner and the largest investment partner in ASEAN.

PM affirmed that Việt Nam supported South Korea’s policies and development goals, including the ‘Global Pivotal State’ policy, aiming to develop a substantial, effective and long-term Comprehensive Strategic Partnership between the two countries.

During their talks, the two leaders reviewed the achievements in bilateral relations since upgrading to a Comprehensive Strategic Partnership in December 2022.

PM Chính emphasised eight areas of progress since the relationship upgrade: political trust, trade, investment, tourism, people-to-people exchanges, scientific and technological cooperation, labour, local cooperation and cooperation on regional and international issues.

Both sides agreed to closely cooperate in promoting delegation exchanges, high-level contacts and interactions, at all levels. They also agreed to coordinate in implementing cooperation agreements between the two countries, effectively executing the action programme for implementing the Việt Nam-South Korea Comprehensive Strategic Partnership.

RoK PM Han stated that facilitating investment was essential for sustainable trade and expanding investment, as well as enhancing cooperation in future industries and start-up collaboration between small and medium-sized enterprises from both countries. He urged Việt Nam to actively support resolving issues faced by South Korean businesses in Việt Nam and affirmed South Korea’s commitment to helping Vietnamese businesses integrate more deeply into the supply chains led by South Korean companies in Việt Nam.

He also suggested that both countries strengthen cooperation to promote South Korean business investments in building stable core mineral supply chains.

The RoK PM highlighted South Korea’s priority in supporting Việt Nam’s workforce training in industrial sectors through KOICA’s grant aid. He committed to further expanding grant aid for areas such as public administration development, e-government, education and research and development. He also announced an increase in the quota for Vietnamese labourers and support for Phase 2 of the Việt Nam-Korea Institute of Science and Technology (VKIST) project.

PM Chính proposed that South Korea further open its market to key Vietnamese products such as processed foods, agricultural and aquatic products and seasonal fruits. He encouraged South Korean businesses to expand their investments in Việt Nam, especially in areas such as liquefied natural gas (LNG), the digital economy, the green economy, the circular economy, semiconductors, renewable energy, biotechnology and artificial intelligence. He also advocated for the establishment of more research and development centres in Việt Nam.

Both sides agreed to direct their respective ministries and agencies to expedite procedures to open their markets to Vietnamese pomelos and South Korean melons in 2024.

PM Chính requested that the South Korean Government support the early opening of the Vietnamese Consulate General in Busan in 2024 and the establishment of the Việt Nam Cultural Centre in South Korea.

He also called for simplified visa procedures and the eventual waiver of visas for Vietnamese citizens entering South Korea to boost tourism cooperation. Furthermore, he sought increased local cooperation, more scholarships for Vietnamese students to study in South Korea and greater support and facilitation for the Vietnamese community in South Korea.

Expressing gratitude for PM Chính’s invitation to visit Việt Nam and attend the Partnering for Green Growth and the Global Goals 2030 (P4G) Summit in April 2025, PM Han confirmed South Korea’s support for Việt Nam in successfully organising this summit.

During their talks, the two Prime Ministers also exchanged views on international and regional issues of mutual concern and agreed to cooperate closely in multilateral forums such as the United Nations and ASEAN.

The leaders shared a common vision for ensuring security, safety and freedom of navigation and flying over the East Sea (internationally known as the South China Sea). PM Chính reaffirmed Việt Nam’s consistent support for denuclearisation, promoting dialogue, peace, stability, cooperation and development on the Korean Peninsula.

Following their talks, the two Prime Ministers issued a joint press release on the outcomes of their meeting and witnessed the signing of nine cooperation documents between the ministries, agencies and organisations of both countries in the fields of economy, trade, investment, education, development cooperation, start-up ecosystem exchange, competition and consumer protection. – VNS

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