Head of the Party Central Committee’s Commission for Economic Affairs Vuong Dinh Hue hosted a reception on June 19 in Hanoi for the Republic of Korea (RoK)’s Vice Minister for Strategy and Finance Joo Hyung-Hwan, who is in Vietnam to attend the Vietnam-RoK Finance Coordination Committee’s first meeting.

Hue told his guest Vietnam needs substantial capital for its industrialisation and modernisation, especially for infrastructure upgrades, adding that he hopes the two countries’ agencies will quickly develop specific plans and projects to realise reached agreements in this fields

Mentioning the recently-signed Vietnam-RoK Free Trade Agreement (FTA), Hue asked the RoK to coordinate with Vietnam and support the country in implementing the FTA.

He stressed the need to seek measures to lift trade to 70 billion USD by 2020 while suggesting the RoK Government facilitate the export of Vietnamese agro-fishery products.

He also expressed his hope that the RoK Ministry for Strategy and Finance would share experience in addressing bad debts, controlling public debt and supporting start-ups and small- and medium-sized enterprises.

Joo Hyung-Hwan said he is impressed with Vietnam’s socio-economic achievements, affirming that his ministry will work closely with Vietnamese agencies in implementing agreements on financial cooperation, including those relating to transport infrastructure development in Vietnam .

Regarding the FTA, he shared that the RoK Government is preparing necessary procedures to submit to Parliament for ratification.

The RoK is willing to share experiences with and transfer technology to Vietnam in addition to providing financial assistance to build a high-speed railway system, he added.-VNA