Vietnam - Korea: Soon complete the goal of increasing trade turnover to 150 billion USD

Accordingly, at the meeting with South Korean President Yoon Suk Yeol on the occasion of attending the expanded G7 Summit on the evening of May 19, in Hiroshima city, Japan, Prime Minister Pham Minh Chinh expressed his joy at the remarkable achievements in the relationship between the two countries after more than 30 years of establishing diplomatic relations (1992-2022), including the upgrading of the relationship between the two countries to "Comprehensive Strategic Partnership".

Vietnam and South Korea will soon complete the target of increasing trade turnover to 150 billion USD, picture 1 — Prime Minister Pham Minh Chinh met with President of the Republic of Korea Yoon Suk Yeol on the occasion of attending the expanded G7 Summit.

Prime Minister Pham Minh Chinh stated: In its foreign policy, Vietnam consistently attaches importance to relations with Korea, and wishes to work with Korea to further develop the cooperative relationship between the two countries, in which economic and trade cooperation is the focus and political trust is the foundation, contributing to peace and common prosperity in the region and the world.

The Prime Minister affirmed that Vietnam is building a socialist rule-of-law state, a socialist-oriented market economy and socialist democracy, with people as the center, the goal, the subject, the resource and the driving force for development. In that spirit, the Prime Minister proposed that Korea continue to cooperate and support Vietnam in five specific issues including capital, technology, human resources, institution building and governance.

In the coming time, Prime Minister Pham Minh Chinh suggested that the two sides continue to promote economic, trade and investment cooperation, including soon completing the goal of increasing trade turnover to 150 billion USD by 2030 in a balanced and healthy manner; at the same time, he welcomed Korean enterprises to invest in large infrastructure projects; affirmed that the State, Government and relevant agencies of Vietnam will continue to create favorable conditions for Korean enterprises to invest and expand their investment scale in Vietnam in the coming time.

Vietnam and South Korea will soon complete the target of increasing trade turnover to 150 billion USD, picture 2. — Korea is ready to cooperate with Vietnam to promote close cooperation in many aspects.

President Yoon Suk Yeol shared Prime Minister Pham Minh Chinh’s assessment of the outstanding results of the bilateral relationship in recent times; affirmed the importance of the relationship with Vietnam, considering Vietnam as one of the leading important partners in the region, demonstrated by the fact that Vietnam is currently the third largest trade partner of Korea.

Regarding the direction of developing relations, Korea is willing to cooperate with Vietnam to promote close cooperation in many aspects, especially in areas where Korea has strengths and Vietnam has needs such as science and technology, innovation, etc., contributing to socio-economic development and improving the lives of the people of the two countries. The President of Korea believes that on the basis of the Comprehensive Strategic Partnership, the relationship between the two countries will continue to develop increasingly strongly and substantially.

At the meeting, the two leaders also affirmed that they will take practical measures to support the Vietnamese community living and working in Korea and Koreans living and working in Vietnam.

The two sides agreed to continue to discuss and coordinate on international and regional issues of mutual concern at multilateral cooperation mechanisms and international organizations, thereby contributing to maintaining peace, stability, cooperation and development in the region and the world.

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