The Republic of Korea (RoK)’s local media on Oct. 21 highlighted its President Lee Myung-bak’s visit to Vietnam and the event that the RoK and Vietnam elevated their comprehensive partnership to strategic cooperative partnership.

The Yonhap news agency updated information relating to the talks between Vietnamese and RoK presidents and activities on the sidelines of the talks, including a business forum and agreements signed between the two countries’ relevant ministries and branches.

All newspapers focused on the content of the joint declaration on the two countries’ strategic cooperative partnership.

The Korea Herald cited Presidential spokesperson Lee Dong-kwan as saying that Vietnam is the first nation serving as bridge for the RoK to implement a “New Asia Initiative” and that the two countries’ elevation of their relationship also meant Vietnam has become a key diplomatic partner of the RoK besides Russia and China.

Spokesperson of the RoK Presidential Palace Kim Eun-hye said that during the talks, President Lee Myung-bak and Vietnamese President Nguyen Minh Triet discussed measures to further promote bilateral relationship that has developed dramatically since the two countries established diplomatic ties in 1992.

The RoK became the fifth nation to set up strategic partnership with Vietnam after China, Russia, India and Japan, said the spokesperson.

The spokesperson noted that the agreement on strategic cooperative partnership also meant that economic and cultural cooperative relationship will be further accelerated in the future.

The Vietnamese Government committed to facilitating businesses’ involvement in Vietnam ’s infrastructure construction projects, particularly a 7 billion USD Red river development project, he added.

Apart from economic field, both countries agreed to set up an annual dialogue mechanism between the ministries of foreign affairs and defence to promote two-way cooperation in regional politics and security.

The RoK is the second biggest investor in Vietnam with its investment totalled 20.4 billion USD. Two-way trade reached 9.84 billion USD last year and Vietnam is the 12 th largest trade partner of the RoK while the RoK is the sixth largest partner of Vietnam./.