RoK Minister of Trade, Industry and Energy Lee Chang-yang (left) welcomes Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên. — VNA/VNS Photo Anh Nguyên

SEOUL — The Republic of Korea (RoK) wishes to collaborate with Việt Nam in high-quality human resources training, technology transfer as well as in mineral exploitation and processing, said RoK Minister of Trade, Industry and Energy Lee Chang-yang during talks with visiting Vietnamese Minister of Industry and Trade Nguyễn Hồng Diên in Seoul on August 2.

The two ministers agreed that the cooperation between the two sides should be based on the foundation of mutual benefits toward a balance in bilateral trade turnover as soon as possible. Not only trade and industry, but the bilateral collaboration should also expand to human resources training and technology transfer.

Diên reviewed the performance of tasks agreed by the two sides at the 11th meeting of the Korea-Việt Nam Joint Committee on Energy, Industry and Trade Cooperation, emphasising the determination to realise the trade turnover target of US$100 billion by late 2023 set by their leaders.

He suggested the relevant RoK ministries and agencies create favourable conditions for Vietnamese goods, especially agricultural products, to enter the Korean market and support Việt Nam in carrying out trade promotion activities to access major Korean distribution channels such as Lotte Mart, E-Mart and Home Plus.

He also proposed that the RoK continue to assist the Vietnamese Ministry of Industry and Trade in organising human resources training programmes in the fields of trade, distribution and logistics in the future.

The official said that the Vietnamese Government, ministries and agencies always support foreign businesses, including those from the RoK, to invest in Việt Nam. The Prime Minister and members of the Government have met with Korean businesses in the country twice in the past year, he said, adding that 25 out of 29 proposals by Korean enterprises had been resolved.

The two ministers agreed to co-chair the 12th meeting of the Korea-Việt Nam Joint Committee on Energy, Industry and Trade Cooperation and the 6th Joint Committee for the Implementation of the Korea – Việt Nam Free Trade Agreement at the end of this year in Việt Nam, to foster the fulfilment of the trade turnover target of $100 billion by late 2023.

On Wednesday, an online workshop held by the Việt Nam Academy of Social Sciences (VASS) in Hà Nội on RoK-Việt Nam bilateral ties.

Associate Prof., Dr. Nguyễn Huy Hoàng, director of the Institute for Southeast Asian Studies at the VASS, said the two countries have established a strategic partnership and are working towards a comprehensive strategic partnership. After 30 years of the establishment of the bilateral diplomatic ties, cooperation between Việt Nam and the RoK has been thriving across spheres, he noted.

Two-way trade revenue also increased 160 folds, from $500 million in 1992 to $80 billion last year, he said, adding that the RoK is among the biggest investors in Việt Nam.

He suggested the two countries strengthen cooperation in security with other nations in and outside the region, towards economic development, stability and peace in the region.

Dr. Choi In-a, from the Korea Institute for International Economic Policy (KIEP), said Việt Nam and the RoK should deal with trade imbalance by improving Việt Nam's capacity for intermediate goods supply, and forge cooperation in building a stable supply chain network in Indo-Pacific.

Participants also looked into collaboration in multilateral economic platforms like the Regional Comprehensive Economic Partnership (RCEP) and the Indo-Pacific Economic Framework for Prosperity (IPEF). — VNS