Illustrative image (Source: EPA/TTXVN)

HCM City (VNA) – A culture and trade exchange festival between Vietnam and the Republic of Korea (RoK) officially opened in Ho Chi Minh City on December 1.

The event features a trade fair of agricultural produce, cosmetics and medicine alongside a cultural festival.

Organised by the Korean province of Gyeongsangbuk and the Vietnam Chamber of Commerce and Industry, the exchange programme saw the participation of businesses from both countries.

Gyeongsangbuk’s deputy mayor Woo Byung Yoon said the event aims to boost mutual understanding, business partnerships and import-export between the RoK and Vietnam.

Park Noh Wan, the RoK’s Consul General in HCM City, said the RoK considered Vietnam as a strategic partner in all fields for mutual growth and benefits.

Meanwhile, Le Thanh Liem, Vice Chairman of the HCM City People’s Committee, noted that the RoK organised the largest number of economic and cultural exchange festivals in Vietnam this year as compared to other countries.

Currently, there are about 4,500 Korean companies operating in Vietnam, with combined investment totaling 50 billion USD.

Bilateral trade revenue is expected to hit 40 billion USD in 2016, the highest figure ever recorded to date.-VNA