Vietnam, RoK step up cooperation in trade, industry, energy

Vietnam and the Republic of Korea (RoK) have signed an action plan to complete the target of raising their bilateral trade to US$100 billion by 2023.

The signing took place during the 10th meeting of the Vietnam-RoK Joint Committee on Energy, Industry and Trade Cooperation on December 10-12.

Under the action plan, the two sides will work to attract more Korean firms to Vietnam, and facilitate Vietnamese enterprises’ exports such as garments-textiles, footwear, timber and agro-fishery products, and processed food to the RoK.

Vietnamese Minister of Industry and Trade Tran Tuan Anh and Korean Minister of Trade, Industry and Energy Sung Yunmo reached consensus on activities to promote technological transfer, improve personnel quality, and intensify investment and trade connectivity, particularly in automobile, mechanics, electronics and garment-textile.

They also agreed to boost Korean investments in liquefied natural gas (LNG) power projects and renewable energy as well as cooperation in scientific research in service of Vietnam’s energy development.

The two sides discussed solutions to expand and facilitate the bilateral trade ties, push up with market opening for farm produce, and handle technical issues that affect their import-export.

On this occasion, the ministers also co-chaired the 4th Joint Committee on the Implementation of the Vietnam-RoK Free Trade Agreement (VKFTA), during which they exchanged views on cooperation in customs, product origin, animal and plant quarantine, commercial technical barriers and trade remedies, among others, thus helping iron out snags and create a legal corridor for the implementation of the deal.

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