VN, RoK strive for $70 billion trade value by 2020

20:53 | 02/10/2014
During talks between Vietnamese Party General Secretary Nguyen Phu Trong and President of the Republic of Korea (RoK) Park Geun Hye in Seoul on October 2, both sides stressed the importance of boosting bilateral economic and trade ties to strive for a US$70 billion volume by 2020.

Party General Secretary Nguyen Phu Trong receives President Park Geun Hye in Viet Nam in September 2013.
The two leaders agreed on quickening the negotiation of a bilateral free trade agreement (FTA) to finish by the end of this year.

The Party leader said that Viet Nam welcomes RoK businesses to invest in infrastructure development, hi-tech, support and processing industries while the host promised to facilitate Vietnamese goods exported to the RoK and encourage RoK businesses to invest in Viet Nam.

They agreed to direct relevant agencies to continue negotiations for the signing of a memorandum of undestanding on the recruitment of Vietnamese workers in 2014.

Both sides discussed and agreed on major solutions to deepen comprehensively the strategic partnership between the two countries in the future.

The two countries will enhance meetings between high-ranking leaders, improve the effectiveness of the strategic dialogue mechanisms in diplomatics, national defence and security while strengthening the operation of the Inter-Governmental Committee.

They also agreed on enhancing cooperation in science, technology, education, training, culture, sports, tourism and people-to-people exchange.

The two leaders expressed their pleasure at  bilateral cooperation at international forums and hoped to further the coordination and information sharing on regional and international issues via different channels, as well as fostering cooperation in the field of peacekeeping.

Both sides valued results in the ASEAN-RoK cooperation and the RoK’s efforts improving the cooperation.

Regarding the regional situation, the leaders stressed the importance of maintaining peace and stability, ensuring maritime security, safety and freedom, resolving disputes via peaceful means in line with international law, implementing the Declaration on the Conduct of Parties in the East  Sea and concluding a Code of Conduct as soon as possible.

General Secretary Trong expressed his gratitude to President Park Geun Hye, the Government and people of the RoK for their warm and sincere reception. He invited the President to visit Viet Nam again. President Park Geun Hye accepted the invitation with pleasure.

After the talks, the two leaders witnessed the signing of four cooperation documents on overcoming the consequences of bombs and mines left over from wars in Viet Nam, ensuring national quality to defence products and services, providing capital for a project on building roads for Vam Cong bridge and providing a US$12 billion capital for prioritized sectors.

They then briefed reporters about the talks results.


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