Early completion of the goal of increasing bilateral trade turnover to 100 billion USD

Prime Minister Pham Minh Chinh affirmed that Vietnam consistently attaches importance to its relations with South Korea and wishes to work with South Korea to develop a new framework of relations between the two countries with a longer-term vision and higher goals.

Thủ tướng Phạm Minh Chính và Tổng thống Hàn Quốc Yoon Suk Yeol chụp ảnh chung. (Nguồn: TTXVN)

Prime Minister Pham Minh Chinh and South Korean President Yoon Suk Yeol pose for a photo. (Source: VNA)

On the afternoon of June 23, at the Government headquarters, Prime Minister Pham Minh Chinh met with President of the Republic of Korea Yoon Suk Yeol, who is on a state visit to Vietnam from June 22-24.

On behalf of the Government and people of Vietnam, Prime Minister Pham Minh Chinh welcomed President Yoon Suk Yeol and the high-ranking delegation of the Korean Government on a State visit to Vietnam.

Prime Minister Pham Minh Chinh assessed the visit as having important significance, taking place in the first year of the two countries implementing the Comprehensive Strategic Partnership, demonstrating the high regard of the Korean Government and the President personally for the Vietnam-Korea relationship; affirming that Vietnam consistently attaches importance to the relationship with Korea, and wishes to work with Korea to develop the new framework of relations between the two countries with a longer-term vision and higher goals.

President Yoon Suk Yeol expressed his pleasure at meeting Prime Minister Pham Minh Chinh again after the meeting on the occasion of attending the G7 Summit in Hiroshima, Japan, last May; congratulated the development achievements that the Vietnamese people have made in recent times; emphasized that the Korean Government attaches great importance to the Korea-Vietnam relationship, considering Vietnam as a key cooperation partner of Korea in the region.

Thủ tướng Phạm Minh Chính hội kiến Tổng thống Hàn Quốc Yoon Suk Yeol

Prime Minister Pham Minh Chinh speaks. (Source: VNA)

At the meeting, Prime Minister Pham Minh Chinh and President Yoon Suk Yeol expressed their joy and satisfaction with the substantive developments in bilateral relations, especially the upgrading of the relationship to Comprehensive Strategic Partnership in December 2022 on the occasion of the 30th anniversary of diplomatic relations.

The two sides discussed specific measures to promote bilateral relations in the fields of politics - diplomacy - defense - security, economic - trade - investment cooperation, development cooperation, labor, science and technology, people-to-people exchange and other areas of cooperation.

In the context of the slow recovery of the world economy, with many potential difficulties and challenges, and on the basis of “harmonized interests and shared risks,” the two sides agreed to make joint efforts to improve the effectiveness of mutually beneficial cooperation, complementing each other’s strengths, focusing on creating a major qualitative shift in economic cooperation.

Prime Minister Pham Minh Chinh suggested that the two sides effectively implement the bilateral free trade agreements (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP), thereby achieving the goal of raising bilateral trade turnover to 100 billion USD soon and aiming for 150 billion USD by 2030 in a balanced and sustainable manner.

Prime Minister Pham Minh Chinh suggested that Korea continue to open its doors further to Vietnam's strong products such as agricultural, aquatic and seasonal fruits; support Vietnamese enterprises to participate more deeply in the global supply chain of Korean enterprises; and encourage Korean enterprises to continue expanding their investment scale in Vietnam, especially in priority areas such as infrastructure development, production of high-tech electronic equipment, semiconductors, renewable energy, smart cities, and construction of specialized industrial production complexes along the value chain.

The Head of the Vietnamese Government welcomed Korean enterprises to invest in key national projects and BOT projects to build thermal power plants and liquefied natural gas (LNG) power plants in Vietnam; requested that Korea continue to pay attention and create favorable conditions for Vietnamese enterprises to have opportunities to invest in Korea; continue to consider Vietnam as a strategic destination for building Korean Research and Development (R&D) Centers and encourage technology transfer in Vietnam.

Prime Minister Pham Minh Chinh affirmed that he will continue to pay attention to removing difficulties and obstacles for Korean enterprises investing in Vietnam; at the same time, he proposed expanding exchanges between the two countries’ young generations; strengthening cooperation between localities and people of the two countries, thereby contributing to the comprehensive development of Vietnam-Korea relations.

South Korean President Yoon Suk Yeol speaks. (Source: VNA)

President Yoon Suk Yeol expressed his agreement with Prime Minister Pham Minh Chinh's opinion and affirmed that the Korean Government will continue to encourage and create favorable conditions for Korean enterprises to invest in Vietnam.

Proposing that the two sides strengthen cooperation in the defense industry, President Yoon Suk Yeo hopes that the Vietnamese Government will continue to support and remove difficulties for Korean enterprises investing in Vietnam; create conditions for Korean enterprises to invest in the fields of finance - banking, infrastructure, and smart urban construction; and create conditions for Korean citizens to travel, do business, and live in Vietnam.

Supporting the expansion of Korean educational facilities in Vietnam and enhancing exchanges between the two countries' young generations, President Yoon Suk Yeo affirmed that Korea will create favorable conditions for Vietnamese students to study in Korea in the fields of advanced technology and modern science and technology, thereby contributing to further developing the relationship between the two countries in the coming time.

Prime Minister Pham Minh Chinh meets with President of the Republic of Korea Yoon Suk Yeol. (Source: VNA)

In the context of the rapidly evolving, complex and unpredictable global and regional situation, the two sides agreed to make joint efforts to improve the effectiveness of cooperation and support each other in international and regional issues of mutual concern; continue to cooperate closely within the framework of ASEAN-Korea, Mekong-Korea; and coordinate for Vietnam to fulfill its role as coordinator of ASEAN-Korea relations for the 2021-2024 term.

The two sides shared a common vision on ensuring security, safety, freedom of navigation and aviation in the East Sea; maintaining a peaceful, stable environment, legal order and resolving disputes at sea by peaceful means, ensuring the legitimate rights and interests of countries in accordance with international law, including the United Nations Convention on the Law of the Sea (UNCLOS 1982).

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