VN, RoK head to two-way trade of US$100 bln by 2020
17:13 | 23/03/2018

VGP - Minister of Industry and Trade Tran Tuan Anh and the Republic of Korea (RoK)’s Minister of Trade, Industry and Energy of Paik Un-gyu discussed measures to reach the two-way trade turnover of US$100 billion by 2020 at their talks in Ha Noi on March 22.

Photo: VOV

The two Ministers agreed to continue working closely in building joint action programs in industry, trade and energy while coordinating in designing and carrying out effective policies and measures to promote bilateral economic and trade partnership.

They consented on setting up a four-party cooperation mechanism between their ministries and the ministries of agriculture to create favorable conditions for affiliation in trading of farm products, especially the export of farm products of Viet Nam to the RoK to reduce the Southeast Asian country’s trade deficit with the RoK.

The RoK will also continue supporting Viet Nam in developing the support industry, share its experience in investment and development policies in the industry, especially for sectors of Viet Nam’s interests like automobiles, electronics, garments and textiles, and footwear.

The two sides will enhance cooperation in power, energy safety, power saving, and climate change response and put it in cooperative documents to be signed during this occasion.

The RoK will continue assisting Viet Nam to train high-quality human resources for industry, oil and gas, and renewable energy sectors.

The will expand cooperation in trade defense in the context that the two sides are integrating deeply into the world and facing many defense measures from other countries.

After the talks, the two Ministers witnessed the signing of five documents between the two ministries and 10 deals between the two nations’ enterprises.

According to the Ministry of Industry and Trade, the two-way trade between Viet Nam and the RoK increased from US$500 million in 1992 to US$61.5 billion in 2017, making the RoK the second largest trader of Viet Nam.

By Hoang Ha

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