VN and RoK target $100 billion in two-way trade in 2023

October 19, 2022 - 10:09
Minister of Foreign Affairs of the RoK Park Jin is on an official visit to Việt Nam for the 30th anniversary of the diplomatic ties between the two countries.


Minister of Foreign Affairs Bùi Thanh Sơn (right) welcomes his RoK counterpart Park Jin in Hà Nội on Tuesday. — VNA/VNS Photo 

HÀ NỘI — Vietnamese Minister of Foreign Affairs Bùi Thanh Sơn proposed Việt Nam and the Republic of Korea (RoK) strive towards raising two-way trade turnover to US$100 billion by 2023 and $150 billion by 2030, during talks with his RoK counterpart Park Jin in Hà Nội on Tuesday.

Minister of Foreign Affairs of the RoK Park Jin is on an official visit to Việt Nam for the 30th anniversary of the diplomatic ties between the two countries.

Minister Sơn said that the RoK minister's visit holds particular significance as the two countries are celebrating their 30th anniversary of diplomatic ties this year. It also provides an opportunity for the two sides to discuss orientations to deepen bilateral relations in the future.

The two ministers reviewed outstanding achievements in the development of the bilateral ties over the past 30 years and agreed to take measures to continue boosting the relations in the future. 

They agreed to coordinate closely to promote exchanges of delegations at all levels and pay more attention to enhancing cooperation in diplomacy, national defence and security, and upholding dialogue and cooperation mechanisms.

Minister Sơn spoke highly of the two countries' efforts to maintain economic cooperation, particularly in investment and commerce, amid the great impacts of the COVID-19 pandemic.

He suggested the two countries continue to strive to increase the two-way trade turnover to $100 billion by 2023 and $150 billion by 2030 via bilateral and multilateral cooperation mechanisms such as the Vietnam-RoK Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP); and to increase the export of Vietnamese products to the RoK.

Sơn said that the Vietnamese Government always encourages RoK businesses to invest in the country, prioritising digital technology, renewable energy, infrastructure development, construction of specialised technological complexes and industrial and hi-end agricultural zones.

He proposed the Korean Government increase Official Development Assistance (ODA) for Việt Nam. He improved the efficiency of cooperation in science, technology, healthcare, labour, culture, education and people-to-people exchanges.

RoK Minister Park Jin spoke highly of Việt Nam's achievements in COVID-19 prevention and control and socio-economic development.

He affirmed that the RoK Government attaches great importance to the position and role of Việt Nam in the region and wishes to develop the relations and multifaceted cooperation with Việt Nam further.

He proposed the Vietnamese Government create conditions for RoK businesses in Việt Nam to help stabilise the supply chain after the COVID-19 pandemic.

He confirmed that the Ministry of Foreign Affairs of the RoK would continue coordinating closely with the Vietnamese Foreign Ministry and relevant agencies of the two countries to develop bilateral relations and cooperation in the future.

The two ministers also discussed regional and international issues of common concern. Minister Sơn said Việt Nam is concerned about the recent situation in the Korean Peninsula and hopes that parties involved will exercise restraint, refrain from activities that would escalate tension and promote dialogues, taking into account mutual, regional and international interests and contribute to maintaining peace and stability in the Korean Peninsula, region and the world.

Việt Nam is willing to contribute to promoting dialogues, cooperation and denuclearisation on the Korean Peninsula, he said.

Minister Sơn proposed that the RoK continue supporting and sharing the common vision about ensuring security, safety, and maritime and aviation freedom in the East Sea.

Minister Park Jin affirmed that maritime security in the East Sea is very important to peace and development in the region and voiced support to maintain peace, stability, maritime and aviation freedom and orders, as well as settle disputes by peaceful solutions and measures, following international laws, including the 1982 UN Convention on the Law of the Sea (UNCLOS).

The same day, RoK minister Park Jin met Prime Minister Phạm Minh Chính and President Nguyễn Xuân Phúc. — VNS