(VOV) - With more than 3,000 projects worth over US$24 billion, invested in Vietnam so far, the Republic of Korea (RoK) is the fourth largest partner of the Southeast Asian economy, after China, the US and Japan.
Korean businesses seek opportunities in Vietnam RoK, Vietnam aim for US$20 billion in trade turnover
The information was released at a seminar in Hanoi on July 19 with the participation of more than 200 businesses from Vietnam and the RoK.
Deputy Minister of Trade and Industry Tran Quoc Khanh said the two countries have great potential for strengthening trade relations. If the Bilateral Free Trade Agreement, which is now under negotiations, is reached, it will further promote political, economical, and cultural relations and tighten strategic partnerships between the two countries, said Khanh.
In recent years, many Vietnamese products, such as seafood, garments, timber products, rubber and coffee have been favored by the Korean people.
Two-way trade turnover increased by 37 times from 1992 to US$18 billion in 2011. The RoK is currently Vietnam’s fourth largest exporter and second largest importer.
During a Seoul visit by Prime Minister Nguyen Tan Dung in March 2012, both countries agreed to raise bilateral trade value to US$20 billion by 2015
For his part, Rok Deputy Minister of Knowledge Economy Yoon Sang-Jick noted that since the establishment of diplomatic ties the two countries have expanded cooperation in many fields, including culture, society, economics and politics. He expressed his hope that trade exchange will develop strongly in the future.
The seminar, co-organised by Vietnam Trade Promotion Agency (VIETTRADE), the Trade Office of the Korean Embassy in Vietnam and the Korean Importers Association (KOIMA), marks the 20 th anniversary of bilateral diplomatic ties and the Vietnam-RoK Friendship Year.