Vietnam, ROK target 100 billion USD trade value

Vietnam is ready to work with the Republic of Korea (RoK) to effectively implement the bilateral free trade agreement (FTA), boosting their trade to 70 billion USD, even 100 billion USD, by 2020.

Prime Minister Nguyen Xuan Phuc made the remark at a meeting with RoK Foreign Minister Yun Byung-se, who is on an official visit to Vietnam, in Hanoi yesterday.

PM Phuc suggested RoK companies enhance investment in Vietnam, particularly in infrastructure, renewable energy, and high technology. They were also recommended to import more goods that Vietnam has advantages such as agricultural and aquacultural products and assist the country to take part in global supply chains. He also highlighted the need to increase exchanges in culture, education and, tourism and prepare for activities to mark the 25th founding anniversary of the diplomatic relationship later this year.

Foreign Minister Yun said with their efforts, the two countries are completely capable of boosting bilateral trade to 100 billion USD in the near future, thus turning Vietnam into the third biggest trade partner of the RoK, only after the US and China. Aside from economy and trade, the RoK also wants to cooperate with Vietnam in defence and security and to tighten connections in multilateral and global issues, the official said.

Source: VOV5