The Republic of Korea has pledged to become Vietnam 's top importer and to provide local exporters with sufficient information on potential partners.
The positive development occurred at a meeting between Vietnamese and RoK delegates seeking import and export opportunities.
The two sides signed a new memorandum on boosting trade co-operation. In February last year, the Ministry of Industry and Trade's Promotion Agency and the Korean Importers Association established a joint committee based on a memorandum signed in 2009.
"Coming to Vietnam this time, we plan to sign a new memorandum based on more detailed terms and commitments," said Association President Ju Tae Lee ahead of the ceremony. He said that because Vietnam was concerned over imbalanced trade, the RoK government would expand its imports.
"In an effort to achieve balanced trade, Vietnam and the RoK aim to reach a trade turnover of 20 billion USD by 2015," said Deputy Minister of Industry and Trade Nguyen Thanh Bien.
The RoK has favoured many traditional Vietnamese products, Lee said.
"Energy, natural resources, agriculture as well as aquaculture products and foodstuff will make great contributions to our market," added the RoK Minister of Knowledge Economy Joong Kyung Choi. Choi also told his Vietnamese counterpart to boost auxiliary industry.
"We have developed our auxiliary industry to enhance competitive capacity, and we are willing to share our technology and experience," he stated.
Also on Oct. 19, Deputy Prime Minister Nguyen Xuan Phuc showed his appreciation for the key issues the two sides would co-operate further in including the auxiliary industry, human resources in hi-tech sectors and atomic energy for peaceful use.
"Two-way trade turnover last year reached 13 billion USD, while the figure for the first eight months of this year reached more than 12 billion USD, the highest level in our 19-year trade history," Lee said
The RoK is the largest investor in Vietnam , with the total investment reaching more than 20 billion USD to date. /.
The positive development occurred at a meeting between Vietnamese and RoK delegates seeking import and export opportunities.
The two sides signed a new memorandum on boosting trade co-operation. In February last year, the Ministry of Industry and Trade's Promotion Agency and the Korean Importers Association established a joint committee based on a memorandum signed in 2009.
"Coming to Vietnam this time, we plan to sign a new memorandum based on more detailed terms and commitments," said Association President Ju Tae Lee ahead of the ceremony. He said that because Vietnam was concerned over imbalanced trade, the RoK government would expand its imports.
"In an effort to achieve balanced trade, Vietnam and the RoK aim to reach a trade turnover of 20 billion USD by 2015," said Deputy Minister of Industry and Trade Nguyen Thanh Bien.
The RoK has favoured many traditional Vietnamese products, Lee said.
"Energy, natural resources, agriculture as well as aquaculture products and foodstuff will make great contributions to our market," added the RoK Minister of Knowledge Economy Joong Kyung Choi. Choi also told his Vietnamese counterpart to boost auxiliary industry.
"We have developed our auxiliary industry to enhance competitive capacity, and we are willing to share our technology and experience," he stated.
Also on Oct. 19, Deputy Prime Minister Nguyen Xuan Phuc showed his appreciation for the key issues the two sides would co-operate further in including the auxiliary industry, human resources in hi-tech sectors and atomic energy for peaceful use.
"Two-way trade turnover last year reached 13 billion USD, while the figure for the first eight months of this year reached more than 12 billion USD, the highest level in our 19-year trade history," Lee said
The RoK is the largest investor in Vietnam , with the total investment reaching more than 20 billion USD to date. /.
