Deputy Prime Minister Vuong Dinh Hue (R) and Deputy Prime Minister of the Republic of Korea Hong Nam Ki at the dialogue

The event aimed to realise the initiative of forming ahigh-level economic dialogue mechanism between the two countries, which was presentedby RoK President Moon Jae-in during his official visit to Vietnam in March2018.

Vietnam and the RoK have implemented a number of effectiveeconomic cooperation mechanisms in different areas and at different levels.

As the two countries’ cooperation has been broadened, theireconomic ties should be managed and coordinated by Government-level leaders.Therefore, President Moon’s initiative is expected to help expand bilateraleconomic partnership for mutual benefit.

Deputy PM Hue said that the outcomes and agreements reachedduring the dialogue are significant to orienting the Vietnam-RoK economiccollaboration in the future.

After nearly 30 years of diplomatic relations, the twocountries have seen great progress in their comprehensive cooperation,reflected by deeper mutual trust and understanding and the establishment of thecomprehensive strategic partnership, he said.

He noted that the RoK is now the leading foreign investor ofVietnam with annual trade revenue of about 66 billion USD.

Each year, the RoK provides about 40 million USD ofnon-refundable aid for Vietnam, along with 300-400 million USD in ODA.

Currently, 7,000 Korean firms are operating in Vietnam,while nearly 50,000 Vietnamese are working in the RoK, he added.

For his part, Deputy PM Hong Nam Ki stressed the need toseek to foster cooperation in economic development to continue developing thetwo countries’ ties.

During the dialogue, the two sides agreed on a number ofcooperation initiatives and contents in trade-investment; finance-banking anddevelopment cooperation; infrastructure, construction and energy; industry,agriculture, science-technology and information and communication technology;health care and labour.

The two sides agreed to strengthen coordination to improvebilateral trade, including measures to reduce Vietnam’s trade deficit with theRoK and increase Vietnamese export of products to the market.

They reached agreements to deal with obstacles facingbusinesses of both sides, while increasing RoK investment in prioritized areasof Vietnam.

The two countries will seek ways to promote efficiency of theRoK’s ODA, while expanding cooperation in oil and gas and power production.

Both sides also concurred on a number of initiatives toboost ties in important economic areas such as agriculture, banking,infrastructure, IT and ICT.

Following the dialogue, the two Deputy PMs signed theminutes of the dialogue, and witnessed the signing of a memorandum of understandingon cooperation and information exchange in banking supervision between theState Bank of Vietnam and the RoK’s Financial Services Commission, and aframework agreement between the Vietnam Oil and Gas Group and the Import-ExportBank of Korea.

The second dialogue of its kind will be held in Vietnam toreview the implementation of agreements reached at the first dialogue, and seeknew cooperation initiatives and agreements.-VNA