Vietnam, RoK target USD100 billion of bilateral trade turnover

Monday, 11/11/2019 17:14
Deputy Prime Minister (PM) Trinh Dinh Dung and Chairman of the Republic of Korea’s Presidential Committee on the New Southern Policy Joo Hyung Cheol have agreed to boost investment and trade activities to achieve USD100 billion of bilateral turnover in 2020.

Vietnam, Malaysia strive to raise trade turnover

Vietnam, RoK look towards USD100 billion in trade turnover


Representative of Thua Thien Hue signed cooperative deal with the RoK in supporting development of infrastructure of industrial zones in the central region. (Photo: thesaigontimes.vn)

This information was revealed at the Viet Nam- RoK Business Summit in Chu Lai Open Economic Zone in the central province of Quang Nam.

Mr. Joo Hyung Cheol shared that aiming to achieve the goal; the Korean side will promote logistics and manufacturing activities of Korean businesses in Vietnam.

“We need to promote hi-tech and take advantages of the 4th Industrial Revolution, the development of 5G networks, and the trend of innovative startups, and develop smart cities through economic cooperation,” he added.

Addressing the event, Deputy PM Trinh Dinh Dung highlighted the bilateral relationship has entered the best stage thanks to the joint efforts by their Governments and people.

The two nations have maintained regular exchange of high-level meetings and formed several mechanisms on strategic dialogue and policy dialogues on diplomacy, defense and security.  

Vietnam is carrying out the “Make in Vietnam 4.0” campaign, thus he encouraged Korean investors to create products suitable with the 4th Industrial Revolution in the country.

“Manufacturing industry, supporting industry, energy, hi-tech, infrastructure, health care and biology are the fields that Korean businesses may be interested in,” he added.

The Deputy PM also suggested that the RoK loosen conditions for textile, wooden, and rubber products to access the market more easily. In contrast, Vietnam will create every condition for many strong Korean products to enter Vietnam.

The RoK has poured USD65.7 billion in 8,190 projects in Vietnam, ranking first among foreign investors in the country and playing significant role in Vietnam’s key economic sectors such as electronics, energy, automobile, garments, construction and service.

The country is also one of Vietnam’s top trading partners, with the bilateral trade value hitting USD65.8 billion in 2018 and USD44 billion in the first eight months of 2019./.

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