Việt Nam, South Korea agree to boost bilateral trade, investment

July, 05/2022 - 20:37
Prime Minister Phạm Minh Chính and his South Korean counterpart Han Duck-soo on Tuesday agreed to increase bilateral trade turnover to US$100 billion next year.
Prime Minister Phạm Minh Chính and his South Korean counterpart Han Duck-soo spoke over the phone on Tuesday. VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính and his South Korean counterpart Han Duck-soo on Tuesday agreed to increase bilateral trade turnover to US$100 billion next year.

They also committed to raising it to $150 billion by 2030 and resolving the trade imbalance between the two countries, as well as increasing South Korea’s investment activities in Việt Nam.

The goals were set during a phone call between the two PMs. It was the first phone conversation between Han and a foreign leader since he took office in May.

The two Government leaders discussed measures to strengthen collaboration in the future as the two countries will celebrate the 30th anniversary of their diplomatic relations this year.

PM Chính congratulated Han on being elected as South Korean prime minister and stressed that Việt Nam always considered South Korea an important and long-term strategic partner. Việt Nam would like to deepen the relationship with South Korea for the benefit of the people and regional development, he said.

Han praised Việt Nam’s efforts and achievements in controlling the COVID-19 pandemic and reviving the economy and stressed that South Korea always considered Việt Nam a leading partner.

He thanked the Vietnamese Government for supporting South Korean businesses and citizens in the country, especially for the incentives to stabilise production activities during COVID-19.

The two PMs also discussed specific actions to realise the commitments made by Party General Secretary Nguyễn Phú Trọng and President Yoon Suk-yeol during their phone conversation on June 8.

One of them is to utilise bilateral and multilateral cooperation mechanisms, such as the Việt Nam–Korea Bilateral Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership Agreement (RCEP), to improve trade between the two countries.

PM Chính speaks to South Korean PM Han Duck-soo from Hà Nội

They will also facilitate the import of Vietnamese agricultural produce, fruits and seafood to South Korea, and push for more South Korean investments in Việt Nam in the fields of digital technology, electronics, renewable energy and infrastructure development.

The two sides also agreed to continue to maintain and develop effective official development aid (ODA) cooperation mechanisms and expand the scale of ODA supply to Việt Nam.

They will also promote cooperation in labour, tourism, entertainment and culture, creating opportunities for people-to-people exchanges and ensuring the rights, benefits and safety of Vietnamese women who get married and reside in South Korea.

In terms of regional and international issues of mutual concern, the two leaders agreed to continue strengthening cooperation on international issues and at different forums.

Regarding the issues in the South China Sea (known as the East Sea in Việt Nam), the two sides agreed that they share a common vision of maintaining peace and stability, ensuring security, safety and freedom of navigation in this sea area.

Sea disputes should be settled by peaceful means, they said, to ensure the legitimate rights and interests of countries under international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). VNS

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