Vietnam, RoK look towards USD100 billion in trade by 2020

During the 8th meeting of the Vietnam-RoK Joint Committee for Cooperation in Nuclear power, Industry and Trade in Ho Chi Minh city on February 2nd, the two sides debated cooperation in projects related to oil and gas, renewable energy, energy safety, support industry, development of electricity plants under the form of build-operate-transfer (BOT).

They also had a dialogue on the auto industry and cooperation mechanisms to promote Vietnam's agro-aquaculture products and processed food export to the RoK.

These were considered as foundation for the two countries to outline and carry out practical and specific projects of industrial, trade and energy cooperation in 2018 and subsequent years.

At the 2nd meeting of the Vietnam-RoK Joint Committee on the implementation of the Vietnam-Korea Free Trade Agreement (VKFTA) on the same day, Vietnamese Minister of Industry and Trade Tran Tuan Anh and RoK Minister of Trade, Industry and Energy Paik Un-gyu highly valued the development of economic, trade and investment relations between the two countries in recent years.

Paik Un-gyu stressed after the VKFTA took effect, export value of the two sides to each other has increased remarkably, helping concretise cooperation in many fields.

The two sides pledged to continue discussing ways to settle issues arising in the process of implementing the agreement, while reviewing committed contents to ensure that the deal will benefit the respective business communities, contributing to maintaining trade and investment growth.

The officials also acknowledged efforts made by both sides in actively promoting activities of their cooperation sub-committees, and approved a joint statement of the 2nd meeting of the Vietnam-RoK Joint Committee on the implementation of the VKFTA.

They also signed memorandums of understanding on establishing a joint website on the VKFTA, and on the establishment of a joint working group to solve difficulties for Vietnamese and RoK enterprises.

The two ministers also witnessed the signing of a letter of intent (LOI) between Vietnam's Industry Department and the Korea Institute for Advancement of Technology (KIAT) on the formation of the Vietnam-RoK consultancy and technology solution centre, and other cooperation documents.

According to the General Department of Vietnam Customs, export and import turnover between Vietnam and the RoK in 2017 hit USD61.5 billion, a year-on-year increase of 41.3 percent. Vietnam's export to the RoK reached USD14.8 billion, while its import from the RoK stood at USD46.7 billion, up 30 percent and 45.3 percent against 2016, respectively.

The RoK is the second largest foreign investor, after Japan, in Vietnam in 2017 with total registered capital of USD8.49 billion.

In terms of accumulative investments, the country ranked first among 125 countries and territories investing in Vietnam, with total investment capital of USD57.7 billion as of the end of December 2017./.