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S. Korea, Vietnam target US$100 billion in trade
The Saigon Times Daily
Tuesday,  Nov 26, 2019,15:45 (GMT+7)

S. Korea, Vietnam target US$100 billion in trade

The Saigon Times Daily

Prime Minister Nguyen Xuan Phuc addresses the ASEAN-South Korea CEO Summit in Busan on November 25 – PHOTO: VNA

HCMC – Vietnam and South Korea are striving to achieve US$100 billion in bilateral trade turnover next year, based on South Korea’s New Southern Policy, stated Prime Minister Nguyen Xuan Phuc at the ASEAN-South Korea CEO Summit in Busan on Monday.

The Vietnamese leader led a delegation of officials to join the gathering of business leaders, as part of a special summit between South Korea and the Association of Southeast Asian Nations (ASEAN), reported the Vietnam News Agency.

Addressing the event, PM Phuc said that the governments of Vietnam and other ASEAN member states have made it easier for businesses to boost their connectivity and innovation to realize their business initiatives within the ASEAN market, which boasts a population of 630 million and recorded total gross domestic product value of nearly US$3 trillion in 2018.

He expressed hope that businesses would cooperate with governments to promote the application of scientific and technological advances to make significant progress in their development, especially in the advent of the Fourth Industrial Revolution.

He said the New Southern Policy, initiated by South Korean President Moon Jae-in in 2017, would further elevate relations between South Korea and the ASEAN as the country has pledged to cooperate with the bloc in developing the ASEAN Community 2025 to achieve the common goal of peace and prosperity in East Asia.

The policy is also expected to help increase bilateral trade between South Korea and the bloc from US$160 billion last year to US$200 billion in 2020, Phuc remarked.

He said that the bilateral trade turnover between Vietnam and South Korea has reached roughly US$67 billion so far this year, so the two countries are striving to achieve US$100 billion in trade value next year.

Vietnam is South Korea’s third largest trading partner, behind the United States and China. Korean firms, including tech giant Samsung, have so far invested in 9,000 projects in Vietnam, he added.

The ASEAN and South Korea need to accelerate multilateral trade by upgrading their free trade agreement, thereby boosting investors’ confidence and encouraging them to expand production and business in the fields of sustainable infrastructure, green energy and information technology, according to the Vietnamese leader.

PM Phuc said that he is looking forward to seeing more investment from both sides in environmentally friendly technologies, climate change response, the mitigation of natural disasters, disease prevention and control and water management, among other things, to ensure that future generations will have better lives.

As the 2020 ASEAN Chair, Vietnam, together with other ASEAN members, will welcome Korean businesses that follow the New Southern Policy, with a view to enjoying thriving cooperation with the bloc, he stated.

Vietnam has moved up several places in business environment improvement, as recognized by international organizations, and will make concerted efforts to facilitate the operations of all businesses on its soil, he added.

The gathering drew the participation of more than 500 business leaders from South Korea and other ASEAN member states, who met to seek ways to strengthen cooperation in the months ahead as well as discuss the bloc’s roles in the context of the changing global trade environment.

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