Business
Vietnam, RoK discuss measures to foster cooperation in various fields
Vietnam is a leading recipient of ODA from the Republic of Korea (RoK), and the two sides are negotiating a framework credit agreement worth some 1.5 billion USD for the 2016-2020 period, Deputy Foreign Minister for Economic Affairs of RoK Lee Tae-ho said at the meeting in Hanoi on September 22.
Vietnam’s Deputy Minister of Planning and Investment Nguyen The Phuong and RoK’s Deputy Foreign Minister for Economic Affairs Lee Tae-ho co-chaired the 15th meeting of their Inter-governmental Committee in Hanoi on September 22.
The meeting aims to review the cooperation between Vietnam and RoK since the 14th event held in July 2015 while defining bilateral cooperation directions in the coming time, Vietnamese Deputy Minister of Planning and Investment Nguyen The Phuong said.
During the meeting, Vietnam and the RoK discussed measures to foster cooperation in various spheres, including trade, investment and labour.
The RoK’s Deputy Foreign Minister for Economic Affairs Lee Tae-ho said Vietnam is a leading recipient of his country’s ODA. The RoK has also been among leading partners of Vietnam in economics, culture and politics since 2014.
The country has provided over 200 million USD in non-refundable aid for Vietnam through projects on administrative reforms, human resources development, climate change, poverty reduction, information technology, science-technology, and urban development.
The RoK has pledged to provide Vietnam with nearly 3 billion USD in concessional loans, mostly for transport, healthcare and water-related projects.
The two countries are negotiating a framework credit agreement worth some 1.5 billion USD for the 2016-2020 period.
The RoK is now the Vietnam’s biggest foreign investor with about 5,500 valid projects worth 50 billion USD. Up to 84 percent of its FDI is poured into processing and manufacturing industries. Its FDI firms employ 700,000 workers and contribute some 30 percent to Vietnam’s total export turnover, according to officials.
Meanwhile, Vietnam has invested in 19 projects with a total capital of 14.4 million USD in the RoK. Most of them have small scale and operate in services and trade.
In the field of trade relations, the two sides signed a free trade agreement in 2015 and target trade turnover at 70 billion USD by 2020.
The RoK was the third largest trade partner, following China and the US, of Vietnam in 2015 as bilateral trade hit 36.6 billion USD, 8.9 billion USD of which was Vietnam’s exports.
Vietnam mainly imports electronic products, phones, fabric, steel and machinery from the RoK, and it exports apparel, fibres, aquatic products, crude oil, vehicles and wood products.
The RoK is also a main market for Vietnam’s guest workers at present. About 54,000 Vietnamese people have been sent to the Northeast Asian country to work so far.
At the meetings, officials also discussed collaboration in many other fields such as energy, construction, infrastructure development, finance-banking, agriculture, natural resources, and science-technology.
Vietnam’s Deputy Minister of Planning and Investment Nguyen The Phuong (R) and RoK’s Deputy Foreign Minister for Economic Affairs Lee Tae-ho.
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During the meeting, Vietnam and the RoK discussed measures to foster cooperation in various spheres, including trade, investment and labour.
The RoK’s Deputy Foreign Minister for Economic Affairs Lee Tae-ho said Vietnam is a leading recipient of his country’s ODA. The RoK has also been among leading partners of Vietnam in economics, culture and politics since 2014.
The country has provided over 200 million USD in non-refundable aid for Vietnam through projects on administrative reforms, human resources development, climate change, poverty reduction, information technology, science-technology, and urban development.
The RoK has pledged to provide Vietnam with nearly 3 billion USD in concessional loans, mostly for transport, healthcare and water-related projects.
The two countries are negotiating a framework credit agreement worth some 1.5 billion USD for the 2016-2020 period.
The RoK is now the Vietnam’s biggest foreign investor with about 5,500 valid projects worth 50 billion USD. Up to 84 percent of its FDI is poured into processing and manufacturing industries. Its FDI firms employ 700,000 workers and contribute some 30 percent to Vietnam’s total export turnover, according to officials.
Meanwhile, Vietnam has invested in 19 projects with a total capital of 14.4 million USD in the RoK. Most of them have small scale and operate in services and trade.
In the field of trade relations, the two sides signed a free trade agreement in 2015 and target trade turnover at 70 billion USD by 2020.
The RoK was the third largest trade partner, following China and the US, of Vietnam in 2015 as bilateral trade hit 36.6 billion USD, 8.9 billion USD of which was Vietnam’s exports.
Vietnam mainly imports electronic products, phones, fabric, steel and machinery from the RoK, and it exports apparel, fibres, aquatic products, crude oil, vehicles and wood products.
The RoK is also a main market for Vietnam’s guest workers at present. About 54,000 Vietnamese people have been sent to the Northeast Asian country to work so far.
At the meetings, officials also discussed collaboration in many other fields such as energy, construction, infrastructure development, finance-banking, agriculture, natural resources, and science-technology.
