Logo of Phnom Penh Post newspaper Phnom Penh Post - Vietnam, South Korea agree to $100B two-way trade target by 2020

Vietnam, South Korea agree to $100B two-way trade target by 2020

Vietnamese Deputy Prime Minister Vuong Dinh Hue (left) held talks with Republic of Korea Prime Minister Lee Nak-yeon as part of the former’s visit to the country. MANH HUNG/VIETNAM NEWS AGENCY/VIET NAM NEWS
VISITING Deputy Prime Minister Vuong Dinh Hue and host Prime Minister of the Republic of Korea Lee Nak-yeon on Friday agreed to try to lift two-way trade to $100 billion by next year from $65 billion last year, together with reducing Vietnam’s trade deficit.

Vietnam, South Korea agree to $100B two-way trade target by 2020

VISITING Deputy Prime Minister Vuong Dinh Hue and host Prime Minister of the Republic of Korea Lee Nak-yeon on Friday agreed to try to lift two-way trade to $100 billion by next year from $65 billion last year, together with reducing Vietnam’s trade deficit.

During a meeting in Seoul, the two vowed to continue further enhancing bilateral ties in the near future via facilitating high-level visits, partnering in promising fields, expanding people-to-people exchange and working closely together on regional and global issues.

The deputy prime minister asked the South Korean side to actively consider specific measures to narrow Vietnam’s trade deficit, make it easier for the country’s farm produce and aquatic products to enter the Republic of Korea, improve the competitiveness of Vietnamese products and bring them to South Korea’s global value chain, and expand joint work in labour and tourism.

Lee informed his guest that the Vietnamese government has approved the opening of the Republic of Korea Consulate General in the central city of Danang, and wished that the South Korean government would continue to assist the Vietnamese community in their country.

Thanking the Republic of Korea for supporting Vietnam’s run for a non-permanent seat on the United Nations Security Council, Hue urged the country to partner with Viet Nam to help fulfil its tasks in the role for the 2020-2021 tenure as well as in its capacity as Asean Chair next year.

Vietnam consistently supports peace and stability on the Korean Peninsula and wants South Korea to back Asean’s stance and central role in the region, he said.

The Korean government leader pledged to consider Vietnam’s suggestion on farm produce export to South Korea as well as preferential loans.

Lee affirmed attention to the Vietnamese community living there and promised to mitigate risks faced by Vietnamese brides.

Wishing the first economic dialogue at the deputy prime minister level is a success, he vowed that the South Korean government will direct activities to realise commitments reached at the meeting.

During a meeting with Republic of Korea National Assembly Speaker Moon Hee-sang, Hue asked Lee and the South Korean legislature to consider specific ways to reduce Vietnam’s trade deficit, and encourage Korean firms to expand investment in Vietnam.

Moon said the Republic of Korea’s political parties treasure the strengthening of extensive cooperation with Vietnam, a key and strategic nation in the government’s New Southern Policy.

The South Korean legislature wants to expand ties with the Vietnamese side and supports policies on developing bilateral ties, he said.

They expressed their belief that with geographical proximity, cultural similarities, and communities of over 210,000 Vietnamese people in the Republic of Korea and more than 160,000 South Koreans in Vietnam, bilateral strategic cooperative partnership will further grow in the near future. VIET NAM NEWS

MOST VIEWED

  • With herd immunity likely in 2022, is Cambodia ready to reopen for tourism?

    The government aims to inoculate 80 per cent of the target population by June next year, giving it a head start among regional peers to reboot the sector but first, it has to do a few things to up its game A sign on a glass

  • Quarantine still a must for all arrivals, in next Covid chapter

    Since early May, an average of five to 10 Cambodian people have died from Covid-19 a day with many others testing positive amid the ongoing community outbreak. At the same time, however, hundreds of patients also recovered a day. The first Covid-19 case in Cambodia was

  • US wants 'full access' to Ream Naval Base

    On June 11, the US embassy's Defense Attaché Colonel Marcus M Ferrara visited Ream Nava Base in coordination with Cambodian officials following the recent approval of Prime minister Hun Sen to allay the concerns on Chinese military presence at the base as raised by US Deputy

  • First commercial gold mine online

    Australian miner Renaissance Minerals (Cambodia) Ltd on June 21 began the commercial operation of its $120 million Okvau Gold Project in the northeastern province of Mondulkiri, becoming the Kingdom’s first gold producer. Located in the Okvau area in southwestern Mondulkiri province’s Keo Seima district, the

  • Jab drive heading to 5 provinces

    The government is set to vaccinate more than 1.2 million people in five provinces after finishing with Phnom Penh and neighbouring Kandal in an ongoing campaign administered by the ministries of Health and National Defence. The five provinces are Preah Sihanouk, Kampong Speu, Takeo, Kampong Cham

  • New immigration bill targets illegal foreigners in Kingdom

    General Department of Immigration (GDI) officials are discussing revisions to the new draft law on immigration to prevent foreigners from entering Cambodia illegally and to supervise those living in the Kingdom more effectively. The revisions draw wide support among civil society organisations. GDI director-general Kirth