Hanoi (VNA) – Vietnam and the Republic of Korea (RoK) have agreed to lift two-way trade to 100 billion USD by 2020 during talks in Hanoi on March 23 between President Tran Dai Quang and RoK President Moon Jae-in. 

The talks took place right after the welcome ceremony held on morning the same day. It is the first-ever State visit to Vietnam by President Moon from March 22-24.

President Quang affirmed that Vietnam always highly values developing ties with the RoK and wished that the RoK would continue sharing its experience for sustainable development of the two countries, and for peace, stability, development and prosperity in the region and the world.

Both sides agreed to maintain annual visits and exchanges, improve the efficiency and frequency of exchange and dialogue mechanisms, extend collaboration between the two nations’ governments, legislatures, Party agencies and localities, and in important fields of diplomacy, national defence, security and legal enforcement.

Apart from adopting trade balance measures, the two sides vowed to improve the efficiency of partnership across investment, engineering, energy, labour; consider science-technology a pillar to create new momentum for bilateral links, as well as extend cooperation in culture, education, tourism and people-to-people exchange.

The Vietnamese leader welcomed Korean investment in large-scale infrastructure, industrial and smart urban areas, and equitisation of State-owned enterprises.

He asked the RoK to continue stepping up examination on agro-fishery products and chicken and pork-derived processed food, bring Vietnamese products to domestic and global distribution chains, provide Vietnam with development assistance and preferential credit, and effectively implement the 2016 – 2020 credit frame agreement and financial cooperation deal.

The host spoke highly of the signing of a Memorandum of Understanding on sending and receiving workers to the RoK under the Employment Permit System programme, and wished that the RoK government will continue assisting Vietnamese nationals living in the country.

The two leaders vowed to further enhance close support at international forums, and jointly cope with global challenges and non-traditional security issues. They underscored the importance of ensuring peace, security, maritime and overflight safety and freedom in the East Sea while promoting the settlement of conflicts and disputes in the East Sea via peaceful means in line with international law.

The Vietnamese President lauded the RoK’s efforts in accelerating inter-Korean dialogue and peacefully settling the nuclear issue of the Democratic People’s Republic of Korea. He reiterated Vietnam’s consistent policy of supporting denuclearisation in the Korean peninsula and constructive actions to promote dialogues for the sake of peace, security and stability in the Korean peninsula.

President Moon stated that the RoK attaches importance to developing strategic cooperative partnership with Vietnam, considers Vietnam an important partner in its New Southern Policy.

He welcomed the regular exchange of visits between Vietnamese and Korean ministries, agencies and localities, and further strengthening of coordination in support and automobile industries towards a more balanced trade.

The guest promised to assist Vietnam in human resources development, science-technology, information technology, environment management, agriculture, and extend bonds across transport, energy, infrastructure and smart urban areas.

The RoK will continue with projects to support Vietnam – RoK multicultural families, and Vietnamese brides living in the two countries, he said. He also expressed his hope for Vietnam’s facilitation of Korean investment in north-south highway and Long Thanh international airport projects.

Following the talks, host and guest witnessed the signing of cooperation agreements and met the media to inform the outcomes of the talks.-VNA