Vietnam, RoK enhance economic cooperation

Wednesday, 2019-10-23 17:44:49
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Deputy Miniter Vu Dai Thang speaking at the event. (Photo: VNA)
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NDO – The Vietnam – Republic of Korea (RoK) Intergovernmental Committee for Economic–Commercial and Scientific–Technological Cooperation convened its 17th session in Hanoi on October 23.

The event was co-chaired by Vietnamese Deputy Minister of Planning and Investment Vu Dai Thang and Deputy Minister for Economic Affairs of the RoK’s Foreign Ministry Yun Kang-Hyeon.

The session aimed to review the economic cooperation as well as the bilateral investment and trade activities between the two countries over the past years, towards higher results in the near future.

Speaking at the event, Deputy Minister Vu Dai Thang said that the RoK was the leading partner of Vietnam in direct foreign investment with around a registered US$66 billion capital and a total annual trade turnover reaching nearly US$70 billion.

The RoK has provided around US$40 million of non-refundable aid and US$300 million – US$400 million of ODA loans per year.

The Deputy Minister also noted that many cooperation mechanisms, agreements and policies between the two countries have brought about good results. However, the two sides should continue to improve and change several conditions in a more positive way to further support their cooperation in all fields, he added.

The RoK’s Deputy Minister Yun Kang-Hyeon emphasised that the two countries have focused on implementing the commitments, covering many areas such as investment, trade, technology, supporting technology and labour.

At the session, the two sides discussed the situation and measures to boost the cooperation in various fields, including trade, investment, development cooperation, labour-society, environment, land, energy, infrastructure, consular - judiciary, science and technology, agricultural and rural development, finance and banking.

The event also focused on concretising the agreement between the two nations at the first dialogue on economic cooperation at deputy prime minister level in Seoul on June 21 and reviewing the cooperation in all fields since the 16th session of the Committee.

In addition, the delegates set orientations for the cooperation in the near future and in preparation for the Prime Minister Nguyen Xuan Phuc’s official to the RoK on the occasion of the ASEAN – RoK Summit in November 2019.