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Oct 27, 2015 / 13:08

Promoting economic cooperation, trade between Vietnam and North Korea

On October 26, in Hanoi, Minister of Industry and Trade Vu Huy Hoang held talks with a delegation of economic government of the People`s Democratic Republic of Korea, led by Minister of Foreign Economic Relations of Korea Ri Ryong Nam.

At the meeting, the two ministers agreed to task working groups to study and exchange to find out the possible solution for promoting multifaceted cooperation, including economic cooperation, trade and investment as key factors.

According to Minister Vu Huy Hoang, Vietnam-Korea economic cooperation and trade remains limited due to the difficulties encountered as the solvency of the Korean enterprise, transportation and close management policies for the Korean information, that makes the two countries cannot exploit each other's markets.

Minister Ri Ryong Nam said that the trip to Vietnam this time to concretize the content was discussed earlier in the mission of the delegation of Korean Ministry of Industry and Trade. Thus, both parties desire to promote multifaceted cooperation in the fields of health, education, science, technology, banking and transportation.

In particular, the program from October 26-29, in addition to plenary session, the two sides will have more working sessions, exchange trade group cooperation and light industry; Cooperation in heavy industry, mining, and chemicals with the discussion about technology transfer and reception of Korean experts, the production of zinc, fertilizers; Energy cooperation on investment issues to improve efficiency power transmission, power plant development, investment management system power savings, repairing power transmission equipment.

In 2014, North Korea has suggested Vietnam to choose a special economic zone in North Korea for management; investors and operators consider it as a symbol of cooperation in the traditional friendly relations between the two countries. North Korea also pledged to create favorable conditions for Vietnamese businesses to invest in this country's market.