THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Viet Nam, RoK strive for US$100 bln trade value this year
VGP - The Vietnamese Government hopes to promote two-way trade with the Republic of Korea (RoK), targeting to reach US$100 billion this year and US$150 billion by 2030 in a more balanced manner.
Deputy Prime Minister Le Minh Khai (R) and RoK's Deputy PM and Minister of Economy and Finance Kyungho Choo, Ha Noi, March 10, 2023 - Photo: VGP
Deputy Prime Minister Le Minh Khai and his Korean Deputy Prime Minister and Minister of Economy and Finance Kyungho Choo co-chaired the second Viet Nam-Korea Dialogue on Economic Cooperation which took place in Ha Noi on March 10.
The RoK is the biggest investor in Viet Nam with the total registered capital of US$81.3 billion, the second development cooperation partnẻ (US$3.75 billion), and the third largest trade partner of Viet Nam (US$86.4 billion in 2022).
Opening new economic cooperation opportunities
The second Viet Nam-Korea Deputy Prime Minister's Dialogue on Economic Cooperation, Ha Noi, March 10, 2023 - Photo: VGP
At the meeting, both sides discussed key issues in such areas as trade, infrastructure and energy, development cooperation, information technology and communications, start-up and investment, health and labor.
The sides vowed to expand Viet Nam-RoK trade relations and enhance the exports of commodities on the basis of the Viet Nam-Korea Free Trade Agreement.
The two sides emphasized the need to attract investment from the RoK in Viet Nam's prioritized areas including liquefied natural gas (LNG), industrial parks and smart urban areas.
The two Deputy PMs pledged to strengthen cooperation and carry out official development assistance (ODA) projects via mechanisms such as the Korea's Knowledge Sharing Program (KSP), the Economic Development Cooperation Fund (EDCF) and the Economic Development Co-operation Fund (EDCF).
Following the dialogue, Vietnamese Deputy Minister of Finance Vo Thanh Hung and Vice Chairman of the Export-Import Bank of Korea Kim Tae-soo signed an agreement to finance the project on upgrading the Hoa Duyet-Thanh Luyen section of the Ha Noi-Ho Chi Minh City railway route./.