Vietnam, RoK aim for US$150 billion trade target by 2030

President Nguyen Xuan Phuc held phone talks with President-elect of the Republic of Korea (RoK) Yoon Suk-yeol on March 23, during which the two leaders examined ways to further enhance bilateral cooperation in a multitude of fields.

The Vietnamese State leader applauded the major achievements both nations have recorded in bilateral and multilateral fields during the past three decades  since the establishment of diplomatic relations in 1992.

The two countries become each other's strategic cooperative partners with an increasingly deep level of mutual trust and understanding, and practical and expanded cooperation, he said.

Phuc thanked the RoK government for offering medical equipment and vaccines to support Vietnam's fight against the COVID-19 pandemic in recent times, and he used the occasion to invite the RoK President to visit Vietnam.

In response, President Yoon affirmed his nation’s recognition of importance to the relationship with Vietnam, which, he said, is at its best ever.
He also voiced his hope that that the two nations will further ramp up cooperative ties in the time ahead, including tourism and people-to-people exchange.

The Korean leader also assured the RoK’s  willingness to continue to incentivize its businesses to invest and expand their operations in Vietnam in the future, especially in key fields, adding that the country will also create optimal  conditions for Vietnamese citizens to enter the RoK.

He hailed Vietnam's role in ASEAN and thanked Vietnam for its contributions to peace, stability, cooperation and development on the Korean Peninsula.

President Yoon graciously accepted the invitation of President Phuc to visit Vietnam, and  also invited the Vietnamese President  to visit the RoK in 2022.

The two leaders consented to maintain the exchange of high-level delegations and meetings with various appropriate forms, support the strengthening of security, defence and defence industry cooperation, and boost closer cooperation in launching a range of activities to celebrate the 30th anniversary of  diplomatic ties (1992-2022), towards upgrading the relations to a comprehensive strategic partnership.

They agreed to effectively carry out existing trade agreements such as the Vietnam - RoK Free Trade Agreement (VKFTA), and the Regional Comprehensive Economic Partnership Agreement (RCEP).

This is addition to cooperating closely in regional and international issues, and helping the Southeast Asian nation perform its role as the coordinator of RoK-ASEAN relations during the 2021-2024 term.