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Vietnam, S.Korea targets US$100 billion in bilateral trade by 2023

The Saigon Times

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HCMC – Vietnam and South Korea will jointly work out ways to bring their bilateral trade to US$100 billion by 2023 and US$150 billion by 2030.

During a meeting on December 14 between Vietnamese Deputy Prime Minister Le Minh Khai and South Korean Deputy Prime Minister and Minister of Finance Hong Nam-ki, in the framework of Vietnam’s National Assembly Chairman Vuong Dinh Hue’s official visit to South Korea, the two sides discussed ways to bolster bilateral cooperation in the future, heading toward the 30th anniversary of their diplomatic ties.

The two deputy PMs spoke highly of the growing relations between Vietnam and South Korea. Vietnam has attached much importance to its partnership with South Korea, while South Korea sees Vietnam as central to its New Southern Policy, the local media reported.

South Korea will facilitate Vietnam’s agro-fishery products to enter its market and the global supply chains of South Korean firms.

Moreover, it will encourage its enterprises to invest in Vietnam, mainly in infrastructure, smart cities, social housing and technology transfer.

The two sides will enhance cooperation in the finance-banking sector, where Vietnam will make conditions more favorable for South Korean banks and financial institutions to expand investment in Vietnam, contributing to the two countries’ trade development.

Deputy PM Khai also thanked the South Korean Government for supporting Vietnam in the fight against Covid-19 by providing medical equipment and 1.4 million Covid-19 vaccine doses.

He also suggested the two sides foster cooperation in the research, development and technology transfer of vaccines and drugs for not only Covid-19 but also other diseases, and South Korea should develop a center for disease control in Vietnam using the Economic Development Cooperation Fund.

Khai expected South Korea to resume cooperation with Vietnam in labor as the two countries have brought the Covid-19 pandemic under control and signed an agreement on social insurance.

Vietnam will consider allowing the expansion of South Korean financial institutions in Vietnam at the earliest, firstly the Korea Development Bank.

South Korean Deputy PM Hong Nam-ki thanked Vietnam for supporting South Korean businesses in Vietnam, especially amid the Covid-19 pandemic, and expected Vietnam to facilitate South Koreans to enter Vietnam to maintain their business activities.


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