VN, RoK eye US$ 100 billion trade revenue by 2020
14:07 | 07/12/2018

VGP – Vietnamese Minister of Industry and Trade Tran Tuan Anh and the RoK’s Minister of Trade, Industry, and Energy Sung Yunmo signed a memorandum of understanding (MoU) on an action program to raise the bilateral trade to US$ 100 billion by 2020.

 Vietnamese Minister of Industry and Trade Tran Tuan Anh (R) and the RoK’s Minister of Trade, Industry, and Energy Sung Yunmo (L)

The signing ceremony was witnessed by National Assembly Chairwoman Nguyen Thi Kim Ngan, who is on an official visit to the Republic of Korea from December 4 to 7.

The document is of extreme significance as it reflects the commitment of the two ministries to further elevate two-way trade as agreed by the two countries’ top leaders at the APEC Economic Leaders’ Week held in Da Nang last November.  

Under the action plan, the two sides will cooperate to support Vietnamese enterprises in enhancing their competitiveness in the fields of spare part manufacturing, automobiles, garment and textiles, footwear, and electronics. They agreed to facilitate the trade of agricultural products with the establishment of a working group among the Vietnamese Ministry of Industry and Trade; the RoK’s Ministry of Trade, Industry, and Energy; and relevant ministries from both sides.

The Korean side also agreed to help build the capacity of Vietnamese officials in trade policymaking and improve the skills and competence of Vietnamese engineering workers and specialists in basic industries.

After the signing ceremony, Anh and Sung co-chaired the mid-term meeting of the Viet Nam-RoK Joint Committee for cooperation in nuclear power, energy, industry, and trade./.

By Khanh Phuong 

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