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

PhD students to connect with industries, boost economic growth

Hoàng Xuân Hiệp, Rector of Hà Nội Textile and Garment Industry University, shares the connection between his students and the industry in a...

Việt Nam and Japan agree to boost tourism co-operation

Deputy Prime Minister Vương Đình Huệ speaks at the Việt Nam-Japan Exchange in Culture, Economy and Tourism – an event during the visit of...

GDP growth forecast robust for 2020

Goods loaded at a seaport in Đà Nẵng. Efforts to keep inflation down and the forex rate in check will play a key...

Ministry of Industry and Trade issues action programmes for 2020

Minister of Industry and Trade Trần Tuấn Anh. — Photo soha.vn HÀ NỘI – Minister of Industry and Trade Trần Tuấn Anh has asked agencies...

MIC gearing up for 2.6 Ghz auction

HÀ NỘI — Minister of Information and Communications Nguyễn Mạnh Hùng has urged the Authority of Radio Frequency Management to auction off space on...