3:26:37 PM | 7/8/2005
Prime Minister of South Korean Lee Hae-chan will arrive in Hanoi today on April 19 to start a three-day official trip to Vietnam at the invitation of Prime Minister Phan Van Khai.
This is the highest-level South Korean visit since President Roh Moo-hyun's tour last October. The guest will be accompanied by Chairman of the Presidential Commission on Policy Lee Joung-woo, Vice Minister of Commerce, Energy and Industry Cho Hwan-eik, Director of the Prime Minister Office Lee Gi-woo, South Korean Ambassador to Vietnam Yoo Tae-hyun, and, other high-ranking officials.
With the foundation of the Vietnam-South Korean Intergovernmental Committee on Economic and Scientific Technological Cooperation, the two countries have established a mechanism for annually exchanging delegations at department level between the two foreign ministries as well as direct cooperation between other ministries and sectors.
The relationship between the two nations quickly and effectively developed once diplomatic ties were established in 1992, and they have become important trading partners.
The government of South Korean has so far earmarked US$213 million in preferential credit from its economic development cooperation fund for Vietnam, including US$54 million in non-refundable aid. Many projects to upgrade roads and build water supply facilities and thermoelectric plants have been completed in Vietnam, thanks to the fund.
Up to March this year, South Korean had invested in nearly 877 projects in Vietnam with a total capital of US$4.86 billion. The foreign country ranks 10th in Vietnam's export market and is its fourth largest partner.
Two-way trade turnover between the two countries has increased from US$2.75 billion in 2002 to more than US$3.9 billion in 2004. Vietnam exported seafood, garment, crude oil, footwear, coffee, rubber to South Korea and imported raw materials, machines, steel, computers, electronic components, automobiles and fertilizer from the country.
Vietnam is trying to increase exports of agricultural products and seafood to South Korea in order to reduce the balance of trade deficit between the two countries.
Presently, about 25,000 Vietnamese people are working in South Korea. The number of visitors from South Korea increased from 75,000 in 2001 to nearly 180,000 last year.
Vietnamese
