Vietnam, South Korea strive for $100 bln in bilateral trade by 2025

Vietnamese Prime Minister Pham Minh Chinh and his South Korean counterpart Han Duck Soo agreed to coordinate closely to implement practical measures to increase the two-way trade turnover to $100 billion by 2025, towards the goal of $150 billion by 2030, during their talks held in Seoul on July 2, the Government News has reported.

PM Chinh proposed South Korea to continue paving the way for the export of products that are strengths of Vietnam into Korean market such as processing food, agro-aquatic products and fruits.

He also suggested South Korea to encourage Korean businesses to expand investment in Vietnam, particularly in the fields of liquefied natural gas (LNG), digital economy, green economy, circular economy, semiconductor, renewable energy, biotechnology and AI.

Korean PM Han  affirmed to support Vietnamese enterprises to enhance their participation in the production supply chains led by Korean businesses in Vietnam.

He proposed to create favorable conditions for investment activities, expand investment and promote cooperation in future industries as well as boost startup cooperation between small- and medium-sized enterprises of the two countries.

South Korea gives priority to supporting Vietnam in human resources training in the field of industry via non-refundable aid of the Korea International Cooperation Agency (KOICA); commits to increase non-refundable aid for such fields as development of public administration,  e-government, education, research and development; and increase quotas in receiving Vietnamese guest workers, according to the South Korean PM.

The South Korean Government leader affirmed that Vietnam is the biggest partner of South Korea in development cooperation, the third largest trade partner and the largest investment partner of South Korean in ASEAN.

PM Chinh stressed that Vietnam supports the development policies and goals of South Korea and wishes to develop the comprehensive strategic partnership between the two countries in a practical, effective and long-term manner.

At the talks, the two PMs also discussed orientations and specific measures to boost the comprehensive strategic partnership between the two countries more strongly and practically.