VN, RoK discuss ways to expand bilateral economic ties amid COVID-19 outbreak

Minister of Industry and Trade Tran Tuan Anh and the RoK‘s Minister of Trade, Industry and Energy Sung Yun-mo sign the Decision on the establishment of the Electronic Origin Data Exchange System (EODES) during their talks via videoconference, April 14, 2020 - Photo: VGP

During their videoconference talks on April 14, the two Ministers exchanged measures to enhance cooperation in pandemic prevention, tackle difficulties for enterprises and realze the bilateral trade goal of US$100 billion as planned by their senior leaders. 

To take advantage of the Viet Nam-Republic of Korea Free Trade Agreement to boost export, the two sides signed the Decision on the establishment of the Electronic Origin Data Exchange System (EODES), which facilitates customs procedures by processing certificates of origin electronically.

Minister Anh suggested the Korean counterpart encourage more Korean investors to invest in Viet Nam’s garment, footwear, wood, electronics, agricultural and aquatic processing. 

For his side, Minister Sung Yun-mo spoke highly of Viet Nam’s integration capacity and opportunities brought from FTAs Viet Nam has inked, asserting to call on Korean enterprises to pour more investment in the country.  

He vowed to push the Ministry of Agriculture, Food and Rural Affairs to shorten the risk assessment process to soon permit the early entry of Vietnamese fruits such as red dragon fruits and grapefruits in the RoK market. 

The Korean side will support the Vietnamese partners to connect Vietnamese goods via the RoK’s big distribution channels such as Lotte Mart, E-Mart, Home Plus and CJ Home Shoping.

The two Ministers highlighted the importance of maintaining high-quality human resources serving the operation of Foreign Direct Investment (FDI) projects in general and RoK-invested projects in Viet Nam in particular in line with ensuring demands on pandemic prevention and control. 

Sung Yun-mo expressed thanks to the Vietnamese Government and the Ministry of Industry and Trade for assisting the RoK citizens and enterprises launching operation in Viet Nam. 

They stressed the need to promote cooperation between the two Governments and health agencies on disease control and mutual recognition of testing results, which is regarded as a crucial basis for facilitating travelling for their laborers. 

By Thuy Dung