Vietnamese Minister of Industry and Trade Tran Tuan Anh (R) and Korean Minister of Trade, Industry, and Energy Sung Yunmo signed a MoU in Seoul on December 6 on an action plan for attaining 100 billion USD in bilateral trade by 2020 (Photo: VNA) Seoul (VNA) – Vietnamese Minister of Industry and TradeTran Tuan Anh and Korean Minister of Trade, Industry, and Energy Sung Yunmosigned a memorandum of understanding (MoU) in Seoul on December 6 on an actionplan for attaining 100 billion USD in bilateral trade by 2020.
The signing was witnessed by National Assembly Chairwoman Nguyen ThiKim Ngan, who is on an official visit to the Republic of Korea from December 4– 7.
The MoU is important as it reflects the commitment of the twoministries to further lift two-way trade as agreed by the two countries’ topleaders at the APEC Economic Leaders’ Week held in Da Nang last year.
Under the action plan, the two sides will cooperate to supportVietnamese enterprises in enhancing their competitiveness in the fields ofspare part manufacturing, automobiles, garment and textiles, footwear, andelectronics. They agreed to facilitate the trade of agricultural products withthe establishment of a working group among the Vietnamese Ministry of Industryand Trade; the RoK’s Ministry of Trade, Industry, and Energy; and relevantministries from both sides.
The Korean side also agreed to help build the capacity of Vietnameseofficials in trade policymaking and improve the skills and competence ofVietnamese engineering workers and specialists in basic industries.
After the signing ceremony, Anh and Sung co-chaired the mid-termmeeting of the Vietnam-RoK Joint Committee for cooperation in nuclear power,energy, industry, and trade.
The two sides reviewed the progress of their cooperation since the eighthmeeting in Ho Chi Minh City in February. Both ministers conveyed satisfactionas most of the agreements reached during the last meeting have been effectivelyimplemented.
The two ministries have inked a variety of MoUs on cooperation in the supportingindustry, automobile, garment-textiles and footwear, energy saving,electricity, trade defence, intellectual property, and most recently the actionplan for raising bilateral trade to 100 billion USD by 2020.
Regarding training, this year the Korean Ministry of Trade, Industry,and Energy has so far organised more than 20 training courses for Vietnameseofficials, focusing on trade policy, retailing, SME management, policy forsupporting industry development and manufacturing techniques in automobiles,mechanics and metallurgy, electricity and electronics, garment-textiles, andmore.
The RoK has completed and transferred the 21.1-million-USD Korea-VietnamIncubator Park (KVIP) to the Mekong Delta City of Can Tho; approved official developmentassistance (ODA) funding for a Vietnam-Korea technological consultancy andsolution centre (VITASK); and partnered with the Vietnamese Ministry ofIndustry and Trade to survey the demand for support industry products from largeKorean corporations.
It has also made a list of qualified Vietnameseproducers to help them enhance capacity in manufacturing electronic andautomobile parts so they would be able to join supply chains of Koreanenterprises in Vietnam.
Furthermore, the two ministries agreed thatthe Governments of Vietnam and the RoK must improve the business climate andpolicies, as well as strengthen cooperation mechanisms to make enterprises ofboth sides a driver of economic growth in the two countries. They also agreed thatthey need to further expand new areas of partnership in the fields of trade,industry, and energy.
The RoK iscurrently Vietnam’s biggest foreign investor; the second largest supplier ofofficial development assistance (ODA), just behind Japan; and the third largesttrade partner of Vietnam, behind China and the European Union (EU).
Bilateralcooperation mechanisms have been maintained such as the Vietnam-RoKInter-Governmental Committee on Economic, Scientific, and TechnologicalCooperation and the Ministerial-level Inter-Committee on cooperation in nuclearpower, energy, and industry.
In the first 10 months of the year, two-waytrade hit 54.2 billion USD. As of October 2018, the RoK was the biggestinvestor among the 128 countries and territories investing in Vietnam, running7,323 projects worth 62.1 billion USD and accounting for 18.3 percent of thetotal figure.
The RoK is thesecond largest recipient of Vietnamese guest workers, behind Taiwan, whileVietnam is the second largest exporter of labourers to the country, behindChina. The RoK launched the Employment Permit System (EPS) in 2004 under the memorandumof understanding on labour cooperation which is extended each year. Both sidesare piloting the dispatch of workers from several Vietnamese localities to theRoK for seasonal agriculture jobs.
In recent years, the RoK has emerged as thesecond largest source of tourist arrivals in Vietnam, behind China. Last year,more than 2.5 million Korean tourists arrived in Vietnam, up 56 percentyear-on-year. In 2017, the number of Vietnamese visitors to the RoK neared325,000, up 29 percent annually.
During the January-October period, 2.8 millionKorean visitors landed in Vietnam, up 48.3 percent annually, while more than440,000 Vietnamese people visited the RoK, up 37.3 percent. –VNA
The signing was witnessed by National Assembly Chairwoman Nguyen ThiKim Ngan, who is on an official visit to the Republic of Korea from December 4– 7.
The MoU is important as it reflects the commitment of the twoministries to further lift two-way trade as agreed by the two countries’ topleaders at the APEC Economic Leaders’ Week held in Da Nang last year.
Under the action plan, the two sides will cooperate to supportVietnamese enterprises in enhancing their competitiveness in the fields ofspare part manufacturing, automobiles, garment and textiles, footwear, andelectronics. They agreed to facilitate the trade of agricultural products withthe establishment of a working group among the Vietnamese Ministry of Industryand Trade; the RoK’s Ministry of Trade, Industry, and Energy; and relevantministries from both sides.
The Korean side also agreed to help build the capacity of Vietnameseofficials in trade policymaking and improve the skills and competence ofVietnamese engineering workers and specialists in basic industries.
After the signing ceremony, Anh and Sung co-chaired the mid-termmeeting of the Vietnam-RoK Joint Committee for cooperation in nuclear power,energy, industry, and trade.
The two sides reviewed the progress of their cooperation since the eighthmeeting in Ho Chi Minh City in February. Both ministers conveyed satisfactionas most of the agreements reached during the last meeting have been effectivelyimplemented.
The two ministries have inked a variety of MoUs on cooperation in the supportingindustry, automobile, garment-textiles and footwear, energy saving,electricity, trade defence, intellectual property, and most recently the actionplan for raising bilateral trade to 100 billion USD by 2020.
Regarding training, this year the Korean Ministry of Trade, Industry,and Energy has so far organised more than 20 training courses for Vietnameseofficials, focusing on trade policy, retailing, SME management, policy forsupporting industry development and manufacturing techniques in automobiles,mechanics and metallurgy, electricity and electronics, garment-textiles, andmore.
The RoK has completed and transferred the 21.1-million-USD Korea-VietnamIncubator Park (KVIP) to the Mekong Delta City of Can Tho; approved official developmentassistance (ODA) funding for a Vietnam-Korea technological consultancy andsolution centre (VITASK); and partnered with the Vietnamese Ministry ofIndustry and Trade to survey the demand for support industry products from largeKorean corporations.
It has also made a list of qualified Vietnameseproducers to help them enhance capacity in manufacturing electronic andautomobile parts so they would be able to join supply chains of Koreanenterprises in Vietnam.
Furthermore, the two ministries agreed thatthe Governments of Vietnam and the RoK must improve the business climate andpolicies, as well as strengthen cooperation mechanisms to make enterprises ofboth sides a driver of economic growth in the two countries. They also agreed thatthey need to further expand new areas of partnership in the fields of trade,industry, and energy.
The RoK iscurrently Vietnam’s biggest foreign investor; the second largest supplier ofofficial development assistance (ODA), just behind Japan; and the third largesttrade partner of Vietnam, behind China and the European Union (EU).
Bilateralcooperation mechanisms have been maintained such as the Vietnam-RoKInter-Governmental Committee on Economic, Scientific, and TechnologicalCooperation and the Ministerial-level Inter-Committee on cooperation in nuclearpower, energy, and industry.
In the first 10 months of the year, two-waytrade hit 54.2 billion USD. As of October 2018, the RoK was the biggestinvestor among the 128 countries and territories investing in Vietnam, running7,323 projects worth 62.1 billion USD and accounting for 18.3 percent of thetotal figure.
The RoK is thesecond largest recipient of Vietnamese guest workers, behind Taiwan, whileVietnam is the second largest exporter of labourers to the country, behindChina. The RoK launched the Employment Permit System (EPS) in 2004 under the memorandumof understanding on labour cooperation which is extended each year. Both sidesare piloting the dispatch of workers from several Vietnamese localities to theRoK for seasonal agriculture jobs.
In recent years, the RoK has emerged as thesecond largest source of tourist arrivals in Vietnam, behind China. Last year,more than 2.5 million Korean tourists arrived in Vietnam, up 56 percentyear-on-year. In 2017, the number of Vietnamese visitors to the RoK neared325,000, up 29 percent annually.
During the January-October period, 2.8 millionKorean visitors landed in Vietnam, up 48.3 percent annually, while more than440,000 Vietnamese people visited the RoK, up 37.3 percent. –VNA
VNA
