Vietnam, RoK poised to raise bilateral trade to US$150 billion by 2030

VOV.VN - Vietnam and the Republic of Korea (RoK) have agreed to carry out effective measures to fulfill the goal of elevating bilateral trade to US$100 billion by 2023, and US$150 billion by 2030 in a balanced and sustainable manner.

Vietnamese Minister of Foreign Affairs Bui Thanh Son and his Korean counterpart Park Jin held phone talks on July 13, as both nations are celebrating the 30th anniversary of their diplomatic ties (1992-2022).

They showed their elation at the robust growth of the bilateral ties and consented to coordinate with each other to intensify the exchange of delegations and meetings at all levels in various flexible forms as well as activities to celebrate the 30th anniversary of diplomatic relations.

The two diplomats agreed to focus on stepping up practical cooperation in defence, security and bilateral and multilateral cooperation mechanisms, and implementing effective measures to fulfill the goal of raising bilateral trade to US$100 billion by 2023, and US$150 billion by 2030 in a balanced and sustainable manner, in which increasing the volume of Vietnamese exports to the RoK.

It is also essential to incentivize Korean enterprises to invest more in Vietnam's spearheaded industrial fields and transfer technology to Vietnam, they said, adding that the two countries will boost closer cooperation in science and technology, including the implementation of the second phase of the Vietnam – Korea Institute of Science and Technology (VKIST) project.

They also underscored the need to enhance collaboration in health, especially in disease prevention, particularly the COVID-19 pandemic.

FM Son affirmed his willingness to coordinate with the RoK's Ministry of Foreign Affairs to bring the two countries' strategic cooperative partnership to a new height; and suggested the RoK's Government continue to maintain and increase big loans with preferential conditions for Vietnam, and offer more support for Vietnamese citizens living, studying and working in the country.

The Korean diplomat hailed Vietnam’s achievements in COVID-19 prevention and control and socio-economic development. RoK considers Vietnam a leading important partner in the region and wishes to develop strongly the bilateral relations in the coming time, he went on to say.

He suggested the Vietnamese Government further offer favourable conditions for Korean businesses, especially Korean financial institutions and banks, to expand investment in Vietnam.

The two ministers concurred to continue to closely cooperate and offered mutual support in dealing with international and regional issues of shared concern, and to coordinate to help Vietnam successfully undertake the role of coordinator for ASEAN-RoK relations for 2021-2024.

They also agreed to maintain peace, stability, security, safety, cooperation and development in the East Sea; continue to support the building of a practical and effective Code of Conduct (COC) that respects the interests of relevant stakeholders in the East Sea in line with international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Son used this occasion to invite the Korean minister to visit Vietnam at an appropriate time in the future and thanked Park for his invitation to make a trip to the RoK.