Home Society Vietnam, S.Korea to strive for $100bn bilateral trade

Vietnam, S.Korea to strive for $100bn bilateral trade

Vietnam, S.Korea to strive for $100bn bilateral trade

Vietnamese Prime Minister Nguyen Xuan Phuc (L) and South Korean President Moon Jae In in Seoul, South Korea on November 27. 2019. Photo: Vietnam News Agency

Vietnamese Prime Minister Nguyen Xuan Phuc and South Korean President Moon Jae In agreed to raise the two countries’ trade turnover to US$100 billion during their talks in Seoul on Wednesday.

The talks were part of PM Phuc’s official visit to the Republic of Korea (ROK), the formal name of South Korea, on November 27 and 28.

It took place after his attendance at the ASEAN-ROK Commemorative Summit held in Busan on November 25-26, according to the Vietnam News Agency.

During their conversation, the two leaders consented on enhancing mutual understanding and trust, conducting regular delegation exchanges and meetings between leaders at both central and local levels, and effectively maintaining ministry-level dialogue mechanisms in diplomacy and national security and defense.

Considering economic cooperation the pillar and momentum of the bilateral relationship, they reiterated the common goal of balancing the two-way trade, and vowed to raise the bilateral trade revenue to $100 billion in the years to come.

PM Phuc called on the South Korean government to create favorable conditions for Vietnam to increase its exports, especially farm produce and seafood, to the East Asian country.

He also called on Korean firms to pour more investments into such areas as high-tech, support and auto industries.

Both sides agreed to increase cooperation and mutual support at international forums like the United Nations and the Association of Southeast Asian Nations (ASEAN), stressing the importance of ensuring peace in the East Vietnam Sea in line with international law.

Following the talks, the two leaders witnessed the signing of important cooperation documents, namely a protocol amending the double taxation avoidance agreement, a memorandum of understanding (MoU) on cooperation in navigation and crew training, and an MoU on cooperation between the Vietnam Trade Promotion Agency (Vietrade) and the Korea Trade Promotion Agency (KOITRA).


Please enter your comment!
Please enter your name here

Must Read

Da Nang tops Google’s list of trending destinations in 2020

A bird's eye view of the Golden Bridge in Da Nang, Vietnam. Photo: Tuoi Tre Da Nang, a coastal city in the central region of...

Tet Viet Festival ongoing in Ho Chi Minh City

A group of artists take a selfie on the golden apricot blossom road at the Tet Viet Festival at the Youth Culture House in...

Ho Chi Minh City to launch hop on-hop off bus service next week

An open-top double-decker bus in downtown Ho Chi Minh City. Photo: Nguyen Cong Thanh / Tuoi Tre Open-top double-decker buses will start taking visitors to...

American producers pay Vietnamese musician for song in ‘Vietnam War’ docu-series after free ride

A poster of 2017 American documentary series ‘The Vietnam War’ Producers of an American docu-series on the American war in Vietnam have agreed to pay...

Cruise ship arrivals to Vietnam pick up in 2020

Passengers disembark from the Quantum of the Seas cruise ship at Phu My Port in Ho Chi Minh City on January 14, 2020. Photo:...