THE SOCIALIST REPUBLIC OF VIET NAM
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Viet Nam, South Korea agree to raise two-way trade to US$150 billion by 2030
VGP - Viet Nam and South Korea have reached a consensus to raise the two-way trade turnover from about US$100 billion to US$150 billion by 2030.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien (L) and South Korean Minister of Trade, Industry and Energy Bang Moon-kyu (R) witness the signing of the joint statement of the 7th meeting of the Joint Committee on the implementation of the Viet Nam-South Korea free trade agreement, Seoul, December 7, 2023 - Photo: VNA
The agreement was reached at the 13th meeting of the Viet Nam-South Korea Joint Committee for Trade, Industry and Energy Cooperation in Seoul on December 7.
The event was co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Korean Minister of Trade, Industry and Energy Bang Moon-kyu.
At the meeting, the two ministers agreed on measures and new cooperative mechanisms in the fields under their management, while supporting each other at bilateral and multilateral cooperation frameworks, contributing to economic recovery and development in each country.
Regarding industrial sector, they pledged to work together to craft an action plan to implement the memorandum of understanding on the establishment of a Viet Nam-Korea key mineral research center which was signed on June 23, 2023.
The Korean side agreed to support Viet Nam in formulating policies in the fields of minerals, rare earth, research, exploitation, processing and human resources training.
In terms of energy, the pair hailed positive cooperation results in developing LNG power plants and oil and gas exploitation in Viet Nam as well as exchanging information on green energy.
South Korea vows to support Viet Nam to build new energy development policies and promote the energy transition process in Viet Nam towards the net-zero emission target by 2050./.