Vietnam, RoK agree to try for two-way trade of $100 bln by 2020

Visiting Deputy PM Vuong Dinh Hue and host PM of the Republic of Korea Lee Nak-yeon on June 21 agreed to try to lift two-way trade to $100 billion by 2020 from $65 billion in 2018, together with reducing Vietnam’s trade deficit.

Deputy Prime Minister Vuong Dinh Hue (L) and Prime Minister of the Republic of Korea Lee Nak-yeon 

During a meeting in Seoul, the twovowed to continue further enhancing bilateral ties in the near future via facilitatinghigh-level visits, partnering in promising fields, expanding people-to-peopleexchange and working closely together on regional and global issues.

The Deputy PM asked the RoK side toactively consider specific measures to narrow Vietnam’s trade deficit, make iteasier for Vietnam’s farm produce and aquatic products to enter the RoK,improve the competitiveness of Vietnamese products and bring them to the RoK’sglobal value chain, and expand joint work in labour and tourism.

He informed his guest that theVietnamese Government has approved the opening of the RoK Consulate General inthe central city of Da Nang, and wished that the RoK government would continueassisting the Vietnamese community in the RoK.

Thanking the RoK for supportingVietnam’s run for a non-permanent seat the United Nations Security Council, theDeputy PM urged the country to partner with Vietnam to help fulfill its tasksin the role for the 2020-2021 tenure as well as in its capacity as ASEAN Chair in2020.

Vietnam consistently supportspeace and stability on the Korean Peninsula and wants the RoK to back ASEAN’sstance and central role in the region, he said.

 

Lee, for his part, pledged toconsider Vietnam’s suggestion on farm produce export to the RoK as well aspreferential loans.
He affirmed attention to the Vietnamesecommunity living there and promised to mitigate risks faced by Vietnamesebrides.
Wishing the first economicdialogue at the deputy prime minister level a success, he vowed that the RoKgovernment will direct activities to realise commitments reached at themeeting.

Deputy Prime Minister Vuong Dinh Hue (L) and Speaker of the RoK’s National Assembly Moon Hee-sang (R)

During a meeting with Speaker ofthe RoK’s National Assembly Moon Hee-sang, Hue asked the host and the RoKlegislature to consider specific ways to reduce Vietnam’s trade deficit, andencourage RoK firms to expand investment in Vietnam.

Moon said the RoK’s politicalparties treasure the strengthening of extensive cooperation with Vietnam, a keyand strategic nation in the government’s New Southern Policy.

The RoK legislature wants toexpand ties with the Vietnamese side and supports policies on developingbilateral ties, he said.

They expressed their belief thatwith geographical proximity, cultural similarities, and communities of over210,000 Vietnamese people in the RoK and more than 160,000 RoK people inVietnam, bilateral strategic cooperative partnership will further grow in thenear future.-VNA

 
 

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