Vietnam, RoK target US$150 billion trade turnover by 2030

Talks were held between National Assembly (NA) Chairman Vuong Dinh Hue and Speaker of the Republic of Korea (RoK)’s NA Kim Jin-pyo on January 17 in Hanoi following an official welcome ceremony held for the top Korean legislator and his entourage on the same day.

During the course of talks, NA Chairman Hue warmly welcomed the Korean parliamentary speaker, his wife, and the delegation’s visit to Vietnam, saying that the trip comes right after the two countries announced the upgrading of bilateral ties to a "Comprehensive Strategic Partnership" on the occasion of the 30th anniversary of their diplomatic relations.

NA Chairman Hue expressed his belief that the visit would contribute to strengthening relations between the two countries, including the two legislatures within the next 30 years.

Both host and guest agreed to continue consolidating political trust and diplomacy amid complicated developments regarding the international and regional situation.

Speaker Kim congratulated the Vietnamese side on achieving important achievements in 2022, enjoying very high economic growth despite facing numerous difficulties and challenges.

In response, the top Vietnamese legislator emphasised that strengthening political and diplomatic trust will serve as the foundation to strongly stepping up co-operation in economics, trade, investment, people-to-people exchanges, and other areas.

On the basis of the sound relationship that exists between the two sides, with their bilateral ties recently being upgraded to that of a comprehensive strategic partnership, the two leaders agreed to expand co-operation in areas such as technology, human resource training, and the defence industry.

NA Chairman Hue suggested that the RoK continue to assist Vietnam in overcoming the historical consequences of war, including the project on mine action for the Vietnam-Korea Peace Village in the 2022 to 2026 period.

Amid supply chain disruption, the two countries need to continue to strengthen existing supply chains and research whilst simultaneously expanding new supply chains, especially key products of the two countries, the top Vietnamese NA leader said. He added that the two sides should further boost co-operation for the RoK to become a real strategic partner of the nation in the semiconductor industry.

They therefore agreed to exchange and ramp up co-operation in the fields of digital transformation, energy security, and equitable energy transition to realize each country's commitment at the 26th UN Climate Change Conference (COP26).

According to NA Chairman Hue, the fields of digital transformation and energy transformation both represent opportunities, potential risks, and challenges. On the basis of positive political relations, the two countries need to strengthen co-operation in order to solve the problem of energy conversion, especially ensuring the harmony of benefits and costs in the transition process, while ensuring fairness in energy transition on a global, regional, and national scale.

The Vietnamese NA stands ready to organise exchange forums within the parliamentary framework as a ways of creating legal frameworks for the formation of an equitable and sustainable digital and energy transition ecosystem, NA Chairman Hue told his Korean guest.

During the course of the meeting, the two leaders discussed a number of issues in specific areas of co-operation. Speaker Kim agreed with Vietnamese NA Chairman Hue's proposal to consider and remove problems relating to procedures, binding conditions on contractors, and the origin of goods in which Vietnam has not been able to access ODA loan packages worth up to US$16 billion announced by the Korean side.

Speaker Kim said, the Korean NA will try and make more efforts to increase ODA capital for the Vietnamese side in a more substantive and effective manner.

The two sides also concurred to make more efforts in removing difficulties and obstacles facing a number of construction projects and relating to labour co-operation.

As part of the occasion, NA Chairman Hue thanked and expressed his wish that Speaker Kim and the RoK National Assembly continue to pay attention to, support, and protect the legitimate interests of the Vietnamese community in the host nation.

Regarding regional and international ties, NA Chairman Hue stated that Vietnam highly values the vision and goals expressed in  “ASEAN-Korea Solidarity Initiative”.

Vietnam therefore welcomes and supports the RoK's efforts to play a larger role, actively contribute to peace, stability, co-operation, and development in the region and continues to identify Korea as an important and long-term strategic partner.

The Korean parliamentary leader affirmed that he always supports the Vietnamese stance on ensuring security, safety, and freedom of navigation and overflight in the East Sea in accordance with international law. He stated that it will send a delegation to attend the Global Young Parliamentarians Forum which will be hosted by the Vietnamese NA and scheduled for September.

The two sides agreed to continue to collaborate and effectively implement the contents of the co-operation agreement signed between the two NAs in 2013, consider supplementing, updating, and signing new contents, making them suitable in line with the comprehensive strategic partnership of the two countries, as well as the current international situation.

Both legislative bodies consented to enhance ties and mutual support at regional and international inter-parliamentary forums, thus making positive contributions to preserving peace, security, and stability in the region and throughout the world.

They will intensify the exchange of experience in legislative activities, oversight, and decision-making on important issues, as well as co-ordinate to supervise the implementation of relevant agreements signed between the two Governments. In addition, they will listen to the opinions of the business communities and citizens of the two nations in order to create a favourable legal environment for both sides to step up business economic co-operation activities, cross-cultural exchanges, and citizen protection activities.

They will continue to promote the bridge role of the two countries' friendship parliamentary group, as well as bolster co-operation through the mechanism of female parliamentarians, young parliamentarians, and the mechanism of the Secretary-General of the NA, as well as organising more seminars in the future.

On the same day, NA Chairman Hue hosted a banquet for Speaker Kim, his wife, and his entourage.