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Vietnam, RoK foster cooperation in trade, industry, energy

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and the Republic of Korea (RoK)’s Minister of Trade, Industry and Energy Bang Moon-kyu co-chaired the 13th meeting of the Vietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation and the 7th meeting of the Joint Committee for the implementation of the Vietnam-RoK free trade agreement in Seoul on December 7.
Vietnam, RoK foster cooperation in trade, industry, energy ảnh 1An overview of the meeting (Photo: VNA)
Seoul (VNA) – Vietnamese Minister of Industryand Trade Nguyen Hong Dien and the Republic of Korea (RoK)’s Minister of Trade,Industry and Energy Bang Moon-kyu co-chaired the 13th meeting of theVietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation and the 7thmeeting of the Joint Committee for the implementation of the Vietnam-RoK freetrade agreement in Seoul on December 7.

The meetings aimed to review and evaluate the outcomes ofbilateral cooperation in trade, industry and energy since the two countries upgraded their relations to a comprehensive strategic partnership in December 2022.

Participants sketched out orientations and plans to furtherpromote collaboration in the fields towards a goal of 150 billion USD intwo-way trade by 2030.

At the 13th meeting of the Vietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation, the two ministers agreedon measures and new collaboration mechanisms in the fields under theirmanagement, while supporting each other at bilateral and multilateralcooperation frameworks, contributing to economic recovery and development ineach country.

Specifically, in trade, the two sides will implementcomprehensive measures to promote two-way trade to complete the target of 150billion USD by 2030, including optimising the Korea Plus in Vietnam andVietnam Plus in the RoK mechanisms, focusing on dealing with obstacles facing the businesscommunities of the two countries and facilitating their partnerships in trade,business and investment, and fostering mutual support at multilateralcooperation frameworks.
         
In the industry area, they concurred to work together on anaction plan to implement the memorandum of understanding on the establishmentof a Vietnam-RoK key mineral research centre which was signed on June 23, 2023. The RoKwill support Vietnam in building policies in the fields of minerals, rare earth,research, exploitation, processing and human resources training in thesefields.

In terms of energy, the two sides recognised positive cooperationresults in developing LNG power plants and oil and gas exploitation in Vietnamas well as exchanging information on green energy. The two sides also agreed tofacilitate Korean investors’ engagement in energy projects in Vietnam.

The RoK side agreed to support Vietnam to build new energy development policies and promote theenergy transition process in Vietnam towards the net-zero emission target by 2050.

At the 7th meeting of the Joint Committee on theimplementation of the Vietnam-RoK free trade agreement, the two sides notedthat throughout eight years of implementing the deal, two-way trade has increasedimpressively to 87 billion USD in 2022 from 36.5 billion USD in 2015. The RoK's investment in Vietnam doubled to 84 billion USD in 2023 from 43.7billion USD in 2015.

Vietnam, RoK foster cooperation in trade, industry, energy ảnh 2Vietnamese Minister of Industry and Trade Nguyen Hong Dien and the Republic of Korea (RoK)’s Minister of Trade, Industry and Energy Bang Moon-kyu witness the exchange of cooperation deals between businesses of the two nations. (Photo: VNA)
The two ministers agreed onorientations to implementcooperation areas, including creating favourable legal corridors for theimplementation and optimisation of the Vietnam-RoK free trade agreement.

Concluding the meetings, the two ministers signed the minutes of the 13th meeting of the Vietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation and the joint statement of the 7th meeting ofthe Joint Committee on the implementation of the Vietnam-RoK free tradeagreement. They witnessed the exchange of two cooperation deals in the field ofminerals and rare earth./.
VNA
#Vietnamese Minister of Industry and Trade Nguyen Hong Dien #Bang Moon-kyu #Vietnam-RoK Joint Committee for Trade #Industry and Energy Cooperation #Vietnam-RoK free trade agreement #Vietnam #Vietnam news #Vietnam News Agency Korea (RoK)
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