Vietnam willing to foster bilateral trade with RoK: PM says

Hanoi (VNA) – Vietnam is ready to work with the Republic of Korea (RoK) to effectively implement the bilateral free trade agreement (FTA), boosting their trade to 70 billion VND, even 100 billion USD, by 2020.

Prime Minister Nguyen Xuan Phuc made the remark while meeting with RoK Foreign Minister Yun Byung-se, who is on an official visit to Vietnam, in Hanoi on March 20.

The RoK is currently the top foreign investor, the second biggest ODA provider and the third trade partner of Vietnam. Cooperation in diplomacy, security, defence, science-technology, agriculture, culture, and education along with locality-to-locality partnership has been increasingly intensified.

Repeating the outcomes of the recent phone talks with Acting RoK President Hwang Kyo-Ahn, the PM said the two sides agreed to effectively carry out cooperation mechanisms, especially the Vietnam – RoK FTA so as to bring economic and trade ties to a new height.

Vietnam is string to build a development facilitating and action-oriented Government, reform administrative procedures, improve the business climate, and promote the national competitiveness. It will create the best possible conditions for foreign enterprises, including RoK firms, to do business, he noted.

PM Phuc suggested RoK companies enhance investment in Vietnam, particularly in infrastructure, renewable energy, and high technology. They were also recommended to import more goods that Vietnam has advantages such as agricultural and aquacultural products and assist the country to take part in global supply chains. 

At the meeting, the host leader underlined that the Vietnamese Government and people treasure the strategic partnership with the RoK and want to reinforce all-round cooperation for the sake of the two peoples and for regional and global peace and stability.

He also highlighted the need to increase exchanges in culture, education and, tourism and prepare for activities to mark the 25th founding anniversary of the diplomatic relationship later this year.

For his part, Foreign Minister Yun said with their efforts, the two countries are completely capable of boosting bilateral trade to 100 billion USD in the near future, thus turning Vietnam into the third biggest trade partner of the RoK, only after the US and China.

He applauded regular people-to-people exchanges, noting that Vietnam accommodates the largest RoK community among Southeast Asian nations.

The two sides should step up high-ranking visits on the threshold of the 25th anniversary of diplomatic ties, he said, adding that he looks towards an official visit to the RoK by PM Phuc in 2017.

Aside from economy and trade, the RoK also wants to cooperate with Vietnam in defence and security and to tighten connections in multilateral and global issues, the official said.-VNA