RoK ranks third among Vietnam’s trade partners

At the 18th Vietnam-RoK Economic Committee Meeting (Photo: VNA)

Vietnam and the Republic of Korea (RoK) sought measures to strengthen bilateral ties in a wide range of fields during the 18th Vietnam-Korea Economic Committee Meeting held online on November 17, according to Vietnam News Agency.

The meeting was co-organised by the Ministry of Planning and Investment, the RoK's Ministry of Foreign Affairs, and relevant agencies from the two countries.

Deputy Minister of Planning and Investment Tran Quoc Phuong placed emphasis on the strong development of Vietnam-RoK ties across fields, to the benefit of both sides.

Echoing Phuong’s view, Deputy Minister for Economic Affairs at the RoK Ministry of Foreign Affairs Lee Seong-ho said Vietnam and the RoK have cooperated fruitfully in areas such as industry-energy, infrastructure-transport-construction, agriculture, consular affairs-justice, finance-banking, science-technology, information-telecommunications, culture-sports-tourism, education, natural resources, and the environment.

Two-way trade stood at 47.5 billion USD in the first nine months of this year, down 5.1% year-on-year, of which export revenue was 14.5 billion USD, down 2.1%, and import value 33 billion USD, down 6.5%.

Many at the meeting proposed that the RoK help Vietnamese agricultural products and food penetrate into the country, thus raising bilateral trade to 100 billion USD, and that the RoK end its imposition of anti-dumping duties on Vietnamese plywood.

As of October, the RoK had some 8,900 valid projects in Vietnam, valued at about 70.4 billion USD, ranking it first in terms of both project numbers and registered capital.

RoK firms contributed about 30% of Vietnam’s export value in the first nine months.

Vietnam, meanwhile, has invested in 49 projects worth 35.24 million USD in the RoK, primarily in science-technology, mining, and processing and manufacturing./.


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