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Wednesday, July 24, 2024

Vietnam, South Korea upgrade ties to comprehensive strategic partnership

The Saigon Times

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HCMC – Vietnam and South Korea have upgraded their relations to a comprehensive strategic partnership, paving the way for stronger cooperation between the two countries in the years to come.

Vietnam’s President Nguyen Xuan Phuc, who is in South Korea for a three-day state visit scheduled to wrap up today, and his South Korean counterpart Yoon Suk Yeol issued a joint statement on the comprehensive strategic partnership, reported the Vietnam News Agency.

Yesterday, President of South Korea Yoon Suk Yeol hosted an official welcome ceremony for his Vietnamese counterpart Nguyen Xuan Phuc in the capital city of Seoul. The ceremony was held at the country’s highest level for a head of state.

The two Presidents then held talks to discuss measures for promoting relations between the two countries. Ties between the two countries have grown strongly over the years, especially since their relations were upgraded to a strategic cooperative partnership in 2009.

The two leaders agreed the two countries should boost comprehensive cooperation in areas such as trade, investment and technology transfer, and aim for two-way trade of US$100 billion next year and US$150 billion by 2030.

South Korea will create favorable conditions for Vietnamese goods to enter its market and for Vietnamese businesses to join global supply chains of Korea companies. Meanwhile, Vietnam will facilitate new Korean investments and the expansion of current Korea business operations in the country, with priority going to infrastructure, tech zones, green industrial parks, smart cities, and tech transfer.

After their talks, the leaders witnessed the signing of many cooperation documents between the ministries, localities and businesses of the two sides.

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