Vietnam and the Republic of Korea (RoK) have played an active role in boosting cooperation in East Asia, heard a workshop in Hanoi on March 15.

President Tran Dai Quang (R) meets RoK President Moon Jae-in during the APEC Economic Leaders' Week in Da Nang city last year

The comment was shared by experts at the workshop which was jointly held by the Vietnam Academy of Social Sciences (VASS) and the Korean Institute of Southeast Asian Studies (KISEAS).

VASS President Nguyen Quang Thuan said East Asia has attracted special attention from the world in recent years, not only because it is an important strategic region in terms of politics and security but also a region with dynamic economic development.

As East Asian countries, Vietnam and the RoK are influenced by regional changes and standing in front of new cooperation opportunities and challenges, he said.

In that context, the two nations need to promote their active role in regional cooperation and strengthen bilateral relations for peace and prosperity, Thuan added.

Vietnam and the RoK have enjoyed growing ties in various fields over the past 25 years, particularly in economy and politics, since they established diplomatic relations in 1992, comprehensive partnership in 2001 and strategic cooperative partnership in 2009.

According to Vietnam’s General Department of Customs, two-way trade between Vietnam and the RoK hit 61.5 billion USD in 2017, a year-on-year increase of 41.3 percent. 

Vietnam’s exports to the RoK reached 14.8 billion USD, while its imports from the East Asian country stood at 46.7 billion USD, up 30 percent and 45.3 percent against 2016, respectively. The two countries have set a target of 100 billion USD in two-way trade by 2020.

Last year, the RoK was the second largest foreign investor in Vietnam, just behind Japan, with total registered capital of 8.49 billion USD.

In terms of accumulative investment, the country ranked first among 125 countries and territories investing in Vietnam, with total investment capital of 57.7 billion USD by the end of December 2017.-VNA