 |
| ▲ South Korean President Yoon Suk Yeol (L) poses for a photo with his Vietnamese counterpart, Vo Van Thuong, during their talks at the presidential palace in Hanoi on June 23, 2023. (Yonhap) |
 |
| ▲ A South Korea-Vietnam business consultation event takes place in Hanoi on June 22, 2023, on the occasion of South Korean President Yoon Suk Yeol's state visit to the Southeast Asian nation, in this photo provided by the Korea Trade-Investment Promotion Agency, the event's host. (PHOTO NOT FOR SALE) (Yonhap) |
(LEAD) S Korea-Vietnam-economic ties
(LEAD) S. Korea, Vietnam aim to double bilateral trade to US$150 bln by 2030
(ATTN: ADDS business forum details in last 5 paras)
SEOUL, June 23 (Yonhap) -- South Korea and Vietnam agreed Friday to make joint efforts to nearly double bilateral trade to US$150 billion by 2030 and deepen cooperation on key industry minerals and net-zero goals, the industry ministry said.
The three memorandums of understanding (MOUs) on stronger bilateral industry relationships were signed after a summit between President Yoon Suk Yeol and Vietnamese President Vo Van Thuong held in Hanoi earlier in the day, according to the Ministry of Trade, Industry and Energy.
In detail, the South Korean and the Vietnamese trade ministries agreed to set up a "PLUS" task force of the respective nation, to be led by director-level officials, which will be in charge of exchanging information on trade and industry circumstances, helping address problems their companies face and exploring new business chances.
The improvement in trade conditions is expected to help the two sides achieve the goal of $150 billion in two-way trade by 2030, according to the South Korean ministry.
Vietnam was the third largest trade partner for South Korea in 2022, with bilateral trading coming to $87.7 billion, according to government data.
In a separate MOU, the two sides agreed to establish a center handling supply chains of critical minerals, as Vietnam is rich in rare earth elements and other major minerals while South Korea secures related advanced technologies, according to the ministry.
The center will be tasked with conducting joint research projects and training programs for the exploration and processing of key minerals and supporting their companies in securing stable supply chains and greater investment chances.
Seoul's industry ministry also signed an agreement with Vietnam's environment ministry meant to jointly respond to climate change through joint carbon-neutrality projects and boost cooperation on renewable energy and low-emission facilities.
Later in the day, the two nations held a business forum in Hanoi, where some 600 officials from their governments and major companies met to forge a partnership and explore business opportunities.
A total of 109 MOUs and two contracts were signed during the forum on technology development, investment and supply chains regarding a wide range of industries, including defense, electric vehicles, nuclear power generation, travel, food and bio fields, according to the ministry.
One contract was made between the South Korean booking platform Yanolja Inc. and Vietnam's Di Hotel, and the other deal was clinched between Yanolja and VnTravel Group, it added.
"This forum served as an opportunity for the two sides to make sure that they are key partners for future cooperation on carbon neutrality, infrastructure and other various sectors," the ministry said in a release. "The government will proactively support corporate activities to help them make tangible progress in joint projects based on those agreements."
(END)
(C) Yonhap News Agency. All Rights Reserved
