RoK, Vietnam enhance links in trade, industry, energy

The meetings were designed to review and evaluate the outcomes of bilateral co-operation in trade, industry, and energy since the two countries upgraded their relations to that of a comprehensive strategic partnership in December, 2022.

Participants outlined orientations and plans aimed at further bolstering collaboration in these fields towards achieving the goal of US$150 billion in two-way trade by 2030.

At the 13th meeting of the Vietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation, the two ministers agreed upon a range of measures and new collaboration mechanisms in the fields under their management, while also offering mutual support at bilateral and multilateral co-operation frameworks as a mean of boosting economic recovery and development in each country.

Both sides will strive to carry out comprehensive measures which seek to promote two-way trade in order to fulfill the target of US$150 billion by 2030, including optimising the Korea Plus in Vietnam and Vietnam Plus in the RoK mechanisms; focusing on dealing with obstacles facing the business communities of the two countries; facilitating their partnerships in trade, business, and investment; and fostering mutual support at multilateral co-operation frameworks.
         
In the industry area, they concurred to work together on an action plan which seeks to implement the memorandum of understanding on the establishment of a Vietnam-RoK key mineral research centre which was signed on June 23.

The RoK will support the nation in building policies in the fields of minerals, rare earth, research, exploitation, processing, and human resources training.

In terms of energy, the two sides recognised the results of positive co-operation in developing LNG power plants and oil and gas exploitation in Vietnam, as well as exchanging information on green energy. The two sides also agreed to facilitate Korean investors’ engagement in energy projects in the country.

The RoK side went on to agree to support the nation to build new energy development policies whilst promoting the energy transition process in Vietnam towards meeting the net-zero emission target by 2050.

At the seventh meeting of the Joint Committee on the implementation of the Vietnam-RoK free trade agreement, the two sides noted that throughout eight years of implementing the deal, two-way trade has skyrocketed to reach US$87 billion in 2022 from US$36.5 billion in 2015. The RoK’s investment in the Vietnamese market doubled to US$84 billion in 2023 from US$43.7 billion in 2015.

The two ministers consented to orientations which seek to implement areas of collaboration, including creating favourable legal corridors for the implementation and optimisation of the Vietnam-RoK free trade agreement.

Concluding the meetings, the two ministers signed the minutes of the 13th meeting of the Vietnam-RoK Joint Committee for Trade, Industry and Energy Cooperation and the joint statement of the seventh meeting of the Joint Committee on the implementation of the Vietnam-RoK free trade agreement. They witnessed the exchange of two co-operation deals in the area of minerals and rare earth.