Viet Nam’s Ministry of Transport and South Korea’s Ministry of Land, Infrastructure and Transport (MoLIT) on Wednesday signed a Memorandum of Understanding (MoU) to promote bilateral co-operation in the railway sector.

Representatives of Vietnam’s transport ministry and South Korean counterpart at the signing ceremony. 

The two sides have agreed to co-operate in a number of fields, such as railway, seaport, shipbuilding and logistics.

Choi Jeong-ho, deputy minister of MoLIT, said the ministry was willing to share its experiences, support Viet Nam in the implementation of projects and help in transport development, especially in training human resources and connecting the transportation businesses between both countries.

He also expressed interest in becoming an investor in Long Thanh International Airport in the southern Dong Nai Province, which is expected to become one of the largest airports in Viet Nam with an annual capacity to handle 100 million passengers and five million tonnes of cargo.

Nguyen Hong Truong, Viet Nam’s deputy transport minister, said that the two nations had co-operated in four projects including Vinh Thinh bridge, Southern Coastal Corridor, National Highway 18 (Chi Linh-Bieu Nghi section), and HCM City-Trung Luong Expressway.

“In terms of aviation, South Korea and Viet Nam have close co-operation in passenger and goods transport, ground services and human resources training. Now we will also work closely in areas such as maritime, shipbuilding, seaport construction, and loading and unloading equipment,” Truong added.

Earlier, South Korea and Viet Nam had signed a Free Trade Agreement, which came into effect at the end of 2015, giving a boost to economic co-operation between the two countries. 

The growth potential of Viet Nam’s economy offers great investment opportunities for Korean businesses. 

VNS