At the meeting, the Minister highlighted the remarkable achievements in bilateral cooperation Vietnam - Korea in the fields of industry and trade. In recent years, the steady growth of not only trade but also the Korean FDI to Vietnam has contributed significantly to the industrial development, especially in fields of engineering, processing-manufacturing, energy, etc...
Korea was also Vietnam’s largest source of foreign direct investment (FDI), with 962 projects worth a combined of 6.72 billion USD in 2015.
Additionally, it is expected that the bilateral trade between Vietnam and the Republic of Korea could hit 70 billion USD by 2020 thanks to the the Vietnam – Korea Free Trade Agreement (VKFTA). This agrrement will consolidate and strengthen cooperation relationship of Vietnam and Korea.
For his part, the Korean Ambassador affirmed that the Embassy of Republic of Korea in Vietnam in particular and other Korean Government Agencies will continue to promote business and investment from Korea into Vietnam. These will particular emphasis on the manufacturing sectors with more value added and significantly contribute to the economic development of Vietnam.
The RoK was the fourth largest export market and the second largest import market of Vietnam. The bilateral trade value between Vietnam and the RoK increased from 500 million USD in 1992 to 36.5 billion USD in 2015, according to Vietnam's General Department of Customs. Two-way trade between Vietnam and Korea experienced an average growth rate of 23% annually over the past decade.
HE. Ambassador also praised Vietnam's success in negotiation and joining of the Trans-Pacific Partnership (TPP) and wished to have the supports and close cooperation with Vietnam Government in global economic integration in the coming time.
The Minister congratulated to the Ambassador for a successful working term in Vietnam and expressed the appreciation for the dynamic and enthusiastic efforts of the Korean Embassy in Vietnam in general and the Ambassador in promoting the strategic relationship between Vietnam and Korea, not only in the fields of economic, trade and investment, but also in the fields of social- and foreign- policies.
The Minister assured that Ministry of Industry and Trade will keep working closely with the Korean counterpart in global economic integration agenda as well as to further develop the two countries’ relationships.