Vietnam, RoK forge major cooperation

06:00 | 29/03/2023 Vietnam and other regions Follow Ven.vn on

(VEN) - The governments of Vietnam and the Republic of Korea (RoK) have agreed on cooperation in trade, energy and infrastructure construction, information and communications technology (ICT) startups and investment, and healthcare and labor standards.

Boosting trade

The second Vietnam-RoK economic cooperation dialogue at the deputy prime ministerial level took place recently in Hanoi, co-chaired by Vietnamese Deputy PM Le Minh Khai and RoK Deputy PM and Minister of Economy and Finance, Kyungho Choo.

Vietnamese Deputy Prime Minister Le Minh Khai (right) and RoK Deputy PM and Minister of Economy and Finance Kyungho Choo

The two sides agreed on measures to reduce Vietnam’s deficit in trade with the RoK and take advantage of the RoK-Vietnam Free Trade Agreement to promote bilateral trade towards the annual target of US$100 billion set for 2023 and US$150 billion for 2030.

Vietnam and the RoK also signed a US$68 million loan agreement for a project to improve the railway pavilion between the two stations of Hoa Duyet and Thanh Luyen on the Hanoi-Ho Chi Minh City rail link.

Bilateral relations were upgraded to a strategic partnership in 2009 and a comprehensive strategic partnership in December 2022. Vietnam and the RoK have become major economic partners in a wide range of fields, from trade, investment, development cooperation and labor to science and technology, industry, infrastructure, transport and construction, energy, agriculture, finance and banking.

The two countries have set up various mechanisms and frameworks of economic cooperation, which are working effectively, helping resolve arising problems.

The Vietnam-RoK economic cooperation dialogue at the deputy prime ministerial level was launched in March 2018 to increase economic cooperation for the benefit of both sides. It is part of the RoK’s New Southern Policy, which seeks to elevate the RoK’s relations with ASEAN member states and India.

The second Vietnam-RoK Deputy Prime Ministers’ Dialogue on Economic Cooperation, Hanoi, March 10, 2023

Major areas of cooperation

At the second Vietnam-RoK economic cooperation dialogue at the deputy prime ministerial level, the two sides achieved cooperation agreements in the fields of trade; energy and infrastructure construction; development cooperation; ICT startups and investment; healthcare and labor.

The two sides also reached consensus on various measures to deal with difficulties facing RoK companies operating in Vietnam. They agreed to boost RoK investment in Vietnam in prioritized fields such as ICT, clean energy, infrastructure, and smart city, while at the same time promoting cooperation in distribution and logistics.

Vietnam and the RoK will increase cooperation in the field of official development assistance (ODA) through effective use of the RoK’s non-refundable aid and ODA loans provided by the RoK’s Economic Development Cooperation Fund (EDCF) and Economic Development Promotion Facility (EDPF).

The two deputy prime ministers also reached a consensus on measures to resolve problems facing healthcare and labor cooperation for effective use of human resources for socioeconomic development.

The RoK remains the top foreign investor in Vietnam with combined registered capital of US$81.3 billion, comes second in development cooperation (US$3.75 billion USD), tourism and labor cooperation, and ranks third in trade cooperation with two-way trade value reaching US$86.4 billion last year.

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