Vietnam, RoK agree to try for two-way trade of 100 bln USD by 2020

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Deputy Prime Minister Vuong Dinh Hue and Prime Minister of the Republic of Korea Lee Nak-yeon. (Source: VNA)

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 PM asked the RoK side to actively consider specific measures to narrow Vietnam’s trade deficit, make it easier for Vietnam’s farm produce and aquatic products to enter the RoK, improve the competitiveness of Vietnamese products and bring them to the RoK’s global value chain, and expand joint work in labour and tourism.

He informed his guest that the Vietnamese Government has approved the opening of the RoK Consulate General in the central city of Da Nang, and wished that the RoK government would continue assisting the Vietnamese community in the RoK.

Thanking the RoK for supporting Vietnam’s run for a non-permanent seat the United Nations Security Council, the Deputy PM urged the country to partner with Vietnam to help fulfill its tasks in the role for the 2020-2021 tenure as well as in its capacity as ASEAN Chair in 2020.

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

Lee, for his part, pledged to consider Vietnam’s suggestion on farm produce export to the RoK as well as preferential loans.

He 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 a success, he vowed that the RoK government will direct activities to realise commitments reached at the meeting.

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

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

The RoK 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 RoK and more than 160,000 RoK people in Vietnam, bilateral strategic cooperative partnership will further grow in the near future.

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