Viet Nam, South Korea vow to raise trade to US$150 billion by 2030
VGP - Viet Nam is determined to creating favorable conditions for Korean businesses to operate successfully in the country in a bid to raise two-way trade turnover to US$150 billion by 2030, said Minister of Finance Ho Duc Phoc.
Minister of Finance Ho Duc Phoc at the investment promotion conference, Seoul, the RoK, March 7, 2024
The Vietnamese minister made the above statement at an investment promotion conference held in Seoul, South Korea, on March 7 (local time).
Minister Ho hoped that via the conference, firms from both sides would agreed on cooperative projects to expand economic links and the comprehensive strategic partnership between the two countries.
Meanwhile, Kim Yong-Jae, standing commissioner of the Financial Supervisory Commission of South Korean, said that the conference will open up bright prospects ahead for collaboration and development between the two countries.
On this occasion, the State Securities Commission (SSC) and the Korean Finance Association (KOFIA) signed a Memorandum of Understanding (MoU) to support management agencies and units operating the Vietnamese stock market, and to facilitate Korean businesses’ operations in Viet Nam.
Viet Nam remained South Korea's third-largest trade partner for the second straight year in 2023. Korea's trade with Viet Nam amounted to US$79.43 billion last year, with its exports shrinking 12.3 percent to US$53.49 billion and imports dropping 2.9 percent on-year to US$25.94 billion.
Bilateral trade volume gained further momentum as the two countries signed a free trade agreement in 2014./.
