Vietnam and the Republic of Korea have recently enhanced their economic cooperation. The parties stressed the need for close coordination and practical measures to achieve their target of boosting bilateral trade to USD 100 billion by 2025, the tenth anniversary of the Vietnam-South Korea Free Trade Agreement (VKFTA).
This agreement was emphasized during a meeting between Vietnamese Prime Minister and South Korean counterpart in July 2024. Both countries are also aiming for a USD 150 billion trade volume by 2030, with a focus on balanced and sustainable growth.
The two countries reviewed progress in their bilateral relationship since it was upgraded to a Comprehensive Strategic Partnership in December 2022, noting advancements in political trust, trade, investment, tourism, people-to-people exchanges, scientific and technological cooperation, labor, local collaboration, and regional and international issues.
Both sides agreed to enhance cooperation through delegation exchanges, high-level interactions, and effective implementation of cooperation agreements. They committed to advancing the action program for the Comprehensive Strategic Partnership.
South Korea proposes strengthening cooperation in developing stable core mineral supply chains and supporting Vietnamese workforce training through KOICA grants. It will also increase aid in public administration, e-government, education, and research, as well as raise the quota for Vietnamese laborers and support Phase 2 of the Vietnam-Korea Institute of Science and Technology (VKIST) project.
On the other side, Vietnam encourages and supports South Korean investment in the country, particularly in areas like LNG, digital and green economies, circular economy, semiconductors, renewable energy, biotechnology, and AI, and advocates for establishing more R&D centers in Vietnam.
Following their discussions, the two countries issued a joint press release and signed nine cooperation agreements in fields including economy, trade, investment, education, development cooperation, start-up ecosystem, competition, and consumer protection.
(Source: Vietnam News)
