Vietnam-RoK enjoy fruitful cooperation

Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon and Deputy Minister of Planning and Investment Nguyen The Phuong - Photo: VNA

At the meeting, the two sides reviewed the results achieved over the past year, exchanged opinions in seeking to resolve existing problems, and set the directions for cooperation in the time ahead, in addition to discussing the preparations for the high-level meetings between Vietnam and the RoK on the occasion of the APEC Summit Week, to be held in early November in Vietnam.

In their opening speeches, Deputy Minister of Planning and Investment Nguyen The Phuong and Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon highlighted that the bilateral ties have grown in all fields since the two countries first set up their diplomatic relations 25 years ago (December 22, 1992).

In addition to their bilateral cooperation, the two countries are important partners with significant contributions to multilateral forums and cooperation frameworks in the region and the world.

Furthermore, the two sides expressed their delight at the remarkable progress made in economic engagements since their last session, held in Hanoi on September 22, 2016, despite facing difficulties and uncertainty across the globe.

They exchanged their points of view on tackling these difficulties and measures to further promote their bilateral cooperation in various economic areas, including the participation of both nations in regional and multilateral arenas.

The noted with satisfaction about the encouraging outcomes of their joint works in agriculture, science-technology, urban planning, education, culture, and tourism, among other sectors.

They shared a common view that the Joint Economic Committee has played an important role in promoting the Vietnam - RoK cooperation and should be utilised by both sides to continue its contribution.

At the meeting, delegates talked about the joint activities across various sectors, including trade, labour, official development assistance (ODA), consular affairs and justice.

The RoK continued to be a top foreign investor in Vietnam with total registered capital amounting to US$55.6 billion by August 2017. Bilateral trade hit US$43.45 billion in 2016 and US$39.2 billion in the first eight months of 2017.

Vietnam is one of the RoK’s top priority ODA partners, receiving US$300 – 400 million per year from the RoK Government. About 50,000 Vietnamese workers are working in the RoK.

The two delegations also discussed measures to reduce the deficit Vietnam recorded in trading with the RoK, to lift barriers for Vietnamese and Korean investors, and to effectively make use of the two countries’ human resources.

They agreed to hold the committee’ next session in Vietnam, whose date and agenda would be decided through diplomatic channels.