Viet Nam, RoK Pledge to Foster Cooperation in Trade, Industry, Energy

9:51:51 AM | 12/24/2021

Minister of Industry and Trade of Viet Nam Nguyen Hong Dien and Minister of Trade, Industry and Energy of the Republic of Korea (RoK) Moon Sung-wook have agreed to launch measures to support enterprises in adapting to COVID-19 and foster cooperation between the two countries’ enterprises in trade, industry and energy in the upcoming time.

The agreement was reached at the 11th meeting of the Viet Nam-RoK Joint Committee on trade, industry and energy cooperation and the 5th meeting of the bilateral Joint Committee on implementation of Viet Nam-RoK Free Trade Agreement (VKFTA) in Seoul, the RoK, on December 22.

Both sides consented to work together to implement measures to expand the scale of bilateral trade, broaden market for farm produce, tackle trade barriers between the two countries and enhance cooperation in intellectual property and anti-counterfeiting as well as develop logistics and distribution systems. 

They pledged to early finalize procedures for the signing of an agreement on the implementation of an agreement on cumulative origin of textile materials under the Viet Nam-UK Free Trade Agreement 

They agreed to continue close coordination in fully and effectively implementing the Regional Comprehensive Economic Partnership (RCEP) since January 1, 2022 to consolidate supply chains in the region and contribute to post-COVID-19 economic recovery.

In terms of energy, both sides will encourage their enterprises to promote partnership in technology transfer in energy, especially new energies with a view to fulfilling net-zero emissions pledge. 

Following Viet Nam’s requests, the RoK’s Ministry of Trade, Industry and Energy decided to continue sponsoring the second phase of a project to promote the energy efficient investment market in the industrial sector and support the national green development action program in the 2021-2025 period.

The two ministers noted that after seven years of implementing the agreement, two-way trade is estimated to rise 2.1 times from US$36.5 billion in 2015 to US$77 billion in 2021. The RoK’s investment into Viet Nam rose from US$44 billion in 2015 to US$74 billion in November 2021.

Following the two meetings, the two ministers signed four documents, including a memorandum of understanding between the Ministry of Industry and Trade and the Ministry of Trade, Industry and Energy on middle and long-term cooperation in commercial urea for industrial use.