VN, RoK hold first Deputy PM-level Dialogue on economic cooperation
20:31 | 22/06/2019
VGP – Deputy Prime Minister Vuong Dinh Hue and the Republic of Korea (RoK)’s Deputy Prime Minister Hong Nam-ki on June 21 co-chaired the first Dialogue on economic cooperation in Seoul, the RoK.

Deputy Prime Minister Vuong Dinh Hue (R) and RoK Deputy Prime Minister Hong Nam-ki co-chair the first Viet Nam-RoK Dialogue on economic cooperation in Seoul on June 21, 2019

     >>> VN, RoK agree to lift two-way trade to US$100 bln next year

     >>> VN needs US$18-20 billion for infrastructure development annually 

The event is part of the two countries’ efforts to realize Korean President Moon Jae-in’s initiative on establishing high-level economic dialogue during his official visit to Viet Nam in March 2018.

Although the two nations have effectively managed a number of economic cooperation frameworks and mechanisms across fields and levels but they still need a higher-level mechanism amid increasingly broad and deep advancement of the bilateral ties.

Nearly three decades after the two countries established diplomatic relations, the bilateral ties advanced remarkably, bringing great benefits to both sides and leading to the establishment of strategic partnership.

At present, the RoK is one of the top investors and one of the biggest trade partner of Viet Nam. The two-way trade fetches around US$66 billion per year.

Meanwhile, about 7,000 Korean firms are operating in Viet Nam, creating nearly 50,000 jobs for local residents.

The Northeast Asian country is also the top official development assistance provider for Viet Nam with non-refundable aid of around US$40 million annually.

Deputy Prime Minister Vuong Dinh Hue and Korean counterpart Hong Nam-ki sign the Minutes of the Dialogue in Seoul on June 21, 2019. Photo: VGP

First agreements reached at the dialogue

After the 1.5 hour-session, the two sides reached first cooperative agreements across five sectors, namely, trade and investment, finance-banking and development cooperation, infrastructure-construction-energy, industry and agriculture, science-technology and information technology and communications, and health-manpower.

Specifically, the two countries will work together to further lift two-way trade value, including taking measures to reduce Viet Nam’s trade deficit.

Both countries will coordinate in addressing obstacles faced by their businesses and in accelerating Korean investments in such priority areas in Viet Nam like auxiliary industries, new energy, infrastructure, smart cities, processing among others.

The two sides also agreed to seek ways to ensure more effectiveness of Korea’s official development assistance for Viet Nam.

The outcomes of the dialogue will be reported to the Governments of the two countries for further directions and concrete implementations, according to Deputy PM Hue.

At the dialogue, the two Deputy PMs signed the Minutes of the first Viet Nam-RoK Deputy Prime Ministers’ Dialogue on economic cooperation and witnessed the signing ceremony of the Memorandum of Understanding on cooperation and exchange of banking supervision information between the State Bank of Viet Nam and the Korean Financial Services Commission and the Framework Agreement between the Viet Nam National Oil and Gas Group and the Export–Import Bank of Korea.

The second dialogue will take place in Viet Nam to review the progress and outcomes of realization of the agreements reached at the first dialogue and propose new cooperative initiatives and agreements.

By Thuy Dung

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