TẠP CHÍ ĐIỆN TỬ
Vietnam, South Korea aim for $150 bln bilateral trade by 2030
Bilateral trade turnover between the two countries reached approximately $81.5 billion in 2024, reflecting a 7.3% increase compared to 2023.
Minister of Industry and Trade Nguyen Hong Dien and South Korean Minister of Trade, Industry and Energy Ahn Dukgeun on April 14 co-chaired the 14th Meeting of the Vietnam-Korea Joint Committee on Trade, Industry, and Energy Cooperation and the 8th Meeting of the Joint Committee on the Implementation of the Vietnam-Korea Free Trade Agreement (VKFTA).
At the meetings, the two ministers agreed to continue close coordination to achieve a target of $150 billion in bilateral trade turnover, aiming for greater balance by 2030.
According to the Ministry of Industry and Trade, bilateral trade turnover between Vietnam and South Korea reached approximately $81.5 billion in 2024, reflecting a 7.3% increase compared to 2023.
Acknowledging the impact of protectionism and trade tensions in the world, the ministers affirmed the importance of strengthening cooperation to alleviate challenges for businesses from both countries.
The two sides agreed to enhance cooperation in various areas, such as dialogue on distribution and logistics, organizing business matching events, and exchanging trade promotion delegations to attend major fairs and exhibitions in each country. They also committed to addressing obstacles and facilitating investment and production expansion for Korean textile enterprises in Vietnam.
Additionally, the ministers pledged to deepen collaboration and mutual support within multilateral frameworks, leveraging free trade agreements such as the ASEAN-Korea FTA and RCEP, along with other economic frameworks like APEC and Indo-Pacific Economic Framework for Prosperity (IPEF).
Discussions also focused on promoting medium- and long-term cooperation in materials and components through the phase 2 of the Vietnam Technology Advice and Solutions from Korea project (VITASK 2).
Cooperation in human resource training was emphasized, particularly for Vietnam's shipbuilding industry, aiming to connect with career opportunities amid South Korea's labor shortage in this sector. The two sides agreed to enhance investment connectivity and address issues in industries such as automotive, tobacco, and machinery.
On energy cooperation, the two sides discussed and reached consensus on collaboration in electricity, oil and gas, LNG, nuclear power, and clean energy. Vietnam welcomed South Korean investment in LNG and oil and gas projects, provided investments are effective, mutually beneficial, and in compliance with Vietnamese law. It also expressed interest in South Korea’s co-firing ammonia technology currently under trial, suggesting future joint studies for application in Vietnam.
On this occasion, the two ministers signed three key documents: the minutes of the 14th Joint Committee meeting; a joint statement from the 8th VKFTA Implementation Committee meeting; and the Action Plan to realise the $150 billion trade target.
