Meeting with visiting RoK Deputy Minister of Strategy and Finance Joo Hyung-hwan in Ha Noi, the PM also suggested that the Joint Co-ordination Committee for Bilateral Finance Co-operation closely examines priority projects, especially in railway infrastructure.

Viet Nam has already devised an urban railway developments strategy, which includes a high-speed north-south railway line, he said.

He said the Vietnamese government has ratified the Viet Nam – RoK free trade agreement and asked the RoK to do likewise as soon as possible.

Joo responded that his government was going through the necessary procedures to submit the FTA to the RoK parliament for ratification.

He said Viet Nam's macro-economic stability and high economic growth provided favourable conditions for expanding bilateral co-operation in finance.

He pledged that his ministry would work closely with relevant Vietnamese agencies concerned to realise financial co-operation agreements reached by their leaders, including transport infrastructure projects funded by the $12 billion package.

He asked the Vietnamese government to support RoK banks in opening branches in Viet Nam.

Also yesterday, Joo met with the head of the Party Central Committee's Commission for Economic Affairs Vuong Dinh Hue.

Hue told his guest that Viet Nam needed substantial capital to meet its industrialisation and modernisation targets, especially for infrastructure upgrades.

He requested greater co-ordination and support from South Korea in implementing the FTA that both countries have signed.

He also called for measures to lift two-way trade to $70 billion by 2020, suggesting that the RoK Government facilitates import of Vietnamese agro-fishery products.

Hue said he hoped that the RoK Ministry for Strategy and Finance would share its experience in dealing with bad debt, controlling public debt and supporting start-ups and small- and medium-sized enterprises.

Joo said he was impressed with Viet Nam's socio-economic achievements and affirmed that his ministry would work closely with Vietnamese agencies in implementing agreements on financial co-operation, including those relating to transport infrastructure development.

RoK Strategy and Finance Vice Minister welcomed in Hanoi

Head of the Party Central Committee’s Commission for Economic Affairs Vuong Dinh Hue hosted a reception on June 19 in Hanoi for the Republic of Korea (RoK)’s Vice Minister for Strategy and Finance Joo Hyung-Hwan, who is in Vietnam to attend the Vietnam-RoK Finance Coordination Committee’s first meeting.

Hue told his guest Vietnam needs substantial capital for its industrialisation and modernisation, especially for infrastructure upgrades, adding that he hopes the two countries’ agencies will quickly develop specific plans and projects to realise reached agreements in this fields

Mentioning the recently-signed Vietnam-RoK Free Trade Agreement (FTA), Hue asked the RoK to coordinate with Vietnam and support the country in implementing the FTA.

He stressed the need to seek measures to lift trade to 70 billion USD by 2020 while suggesting the RoK Government facilitate the export of Vietnamese agro-fishery products.

He also expressed his hope that the RoK Ministry for Strategy and Finance would share experience in addressing bad debts, controlling public debt and supporting start-ups and small- and medium-sized enterprises.

Joo Hyung-Hwan said he is impressed with Vietnam’s socio-economic achievements, affirming that his ministry will work closely with Vietnamese agencies in implementing agreements on financial cooperation, including those relating to transport infrastructure development in Vietnam .

Regarding the FTA, he shared that the RoK Government is preparing necessary procedures to submit to Parliament for ratification.

The RoK is willing to share experiences with and transfer technology to Vietnam in addition to providing financial assistance to build a high-speed railway system, he added.

VNA/VNS