Viet Nam, South Korea agree to boost security, trade cooperation

2:27:14 PM | 6/26/2023

Vietnamese President Vo Van Thuong and his South Korean counterpart Yoon Suk-yeol co-chaired press briefing after their summit meeting in Ha Noi on June 23.

President Vo Van Thuong (right) shakes hands with South Korea's President Yoon Suk-yeol at the Presidential Palace in Ha Noi, June 23, 2023.

Speaking at the event, President Vo said Viet Nam and South Korea have truly become important partners after more than 30 years since the two countries esablished diplomatic relations.

Both sides agreed to foster coperation in technological transfer in defense industry, transnational crime and terrorism combat, and non-traditional security challenge response, President Vo said.

Viet Nam and South Korea would strive to soon realize the goal of raising two-way trade volume to US$100 billion and futher lift up the figure to US$150 billion by 2030 in a balanced and sustainable manner.

President Vo welcomed the agreement for the extension of the Memorandum of Understanding on the sending of workers to South Korea under the Employment Permit System (EPS)  program, and agreed to simplify procedures for residence registration and work permit grant to experts and workers to work in respective countries.

President Yoon said Viet Nam and South Korea have built up close cooperative and mutually beneficial relations over the past more three decades and elevated the bilateral ties to comprehensive strategic partnership last year.

Both sides discussed ways to consolidate bilateral cooperation that is in commensurate with the newly-established comprehensive strategic partnership, contributing to freedom, peace, and prosperity in the Indo-Pacific region, said Yoon.

The two countries agreed to step up strategic cooperation in diplomacy and security, affirming their resolve to deepen strategic exchanges through formulating regular meeting mechanisms between the two foreign ministers and defense ministers, according to President Yoon.

South Korea will actively support Viet Nam to strengthen maritime security capacity and expand defense industry cooperation with Viet Nam on the basis of the two countries' increasingly consolidated political trust, said President Yoon who is on a three-day State visit to Viet Nam.

Before the press briefing, the two Presidents witnessed the signing ceremony of 17 cooperative documents, including an action plan to implement the comprehensive strategic partnership between Viet Nam and South Korea and a Memorandum of Understanding on cooperation between Viet Nam's Ministry of Public Security and Korea Coast Guard.

Viet Nam and South Korea set up diplomatic relations on December 22, 1992  and elevated their ties to strategic partnership in October 2009 and comprehensive strategic partnership in December 2022.

South Korea is the biggest foreign investor in Viet Nam with more than 9,500 active projects capitalized at nearly US$82 billion.

The Northeast Asian nation is the third largest trading partner of Viet Nam with the two-way trade totalling US$87 billion last year, up 11.4 percent against 2021.

Source: VGP