S Korea, Vietnam target $100 bn in two-way trade in 2023

14 Mar '23

1 min read

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South Korea and Vietnam recently agreed to raise bilateral trade to $100 billion this year and to $150 billion by 2030. At the second economic cooperation dialogue at the deputy prime ministerial level in Hanoi, the two sides discussed cooperation in trade, energy, infrastructure, development, information technology, investment, health care and labour.

The event was co-chaired by Vietnamese deputy prime minister Le Minh Khai and his Korean counterpart Choo Kyung-ho.

Both sides agreed to deal with difficulties faced by enterprises in each country and draw more South Korean investments into Vietnam’s priority areas, including logistics, a news agency reported.

The two sides vowed to enhance effective cooperation in official development assistance by utilising non-refundable aid projects and South Korea’s Official Development Assistance loans through the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF).

Both sides need to reshuffle the global supply chain and perform sustainable support policies, and continue extending collaboration in raw materials, Choo said.

South Korea is the top foreign investor in Vietnam with combined registered capital of $81.3 billion. It is second in development cooperation ($3.75 billion) and ranks third in trade cooperation with two-way trade value reaching $86.4 billion last year.

Fibre2Fashion News Desk (DS)

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