Vietnam, South Korea to Make Impressive Raise in Two-way trade by 2030

Party General Secretary and State President To Lam and President of South Korea Yoon Suk Yeol agreed to strive to raise two-way trade to US $150 billion by 2030 during the latest phone talks.

Fanasy Nguyen Le

September 06, 2024 | 10:20

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The agreement was made on September 3. During the phone talks, the Vietnamese top leader noted that the Vietnam - South Korea relations have grown rapidly over the pass 32 years across all fields, especially after the two countries upgraded their ties to a comprehensive strategic partnership. He underlined that the Party and State of Vietnam always treasure this friendly cooperative relations.

The two leaders discussed measures to further promote the comprehensive strategic partnership, agreeing to boost economic, trade and investment cooperation in a substantive, effective, balanced, and sustainable manner and promote cooperation in labor, culture, tourism and education of both countries. It is crucial to enhance the mutual understanding and political trust through maintaining high-level exchanges and meetings via Party, Government, parliament, and people-to-people channels, the leaders exclaimed.

Vietnam, South Korea to Make Impressive Raise in Two-way trade by 2030

Party General Secretary and State President To Lam and President of South Korea Yoon Suk Yeol agreed to strive to raise two-way trade to US $150 billion by 2030 during their phone talks (Photo: VNA).

Party Chief To Lam welcomed Korean businesses to join major investment projects in Vietnam wile President Yoon Suk Yeol pledged to increase the import of Vietnamese agricultural products, Vneconomy reported.

According to Vietnamplus, they also vowed to strengthen cooperation on regional and international issues. Lam affirmed that Vietnam is always interested in and ready to actively contribute to the peace process on the Korean Peninsula. Regarding the South China Sea issue, the two sides agreed on the necessity of maintaining peace, stability, cooperation, development, and respect for international law and the 1982 United Nations Convention on the Law of the Sea.

Economic cooperation remains an important pillar that contributing to substantive development of the bilateral relationship between Vietnam and South Korea. The two countries is only months away from marking the 10th anniversary of Vietnam-Korea Free Trade Agreement (VKFTA) (2015-2025).

Vietnam is South Korea's third largest trade partner, with two-way trade hitting nearly US $80 billion in 2023 while South Korea ranks first among the foreign investors in Vietnam, with 9,863 investment projects totaling around US $90 billion and over 8,000 companies operating in the Southeast Asian nation.

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Fanasy Nguyen Le