The Vietnam-Korea Plus Joint Working Group convened its third online meeting on February 7, discussing strategies to bolster economic cooperation and achieve the shared goal of increasing bilateral trade to $150 billion by 2030.
Held in Seoul, the meeting was attended by Kim Jong Cheol, Director-General for the International Trade Relations Bureau under South Korea’s Ministry of Trade, Industry, and Energy, and Do Quoc Hung, Director of the Asia-Africa Market Department at Vietnam’s Ministry of Industry and Trade, alongside other officials.
Both sides reviewed the current trade and investment landscape, exchanged views on economic developments, and explored new areas of collaboration. Discussions encompassed various sectors, including nuclear power plant construction and challenges faced by businesses operating in each country.
Kim emphasized the significance of strengthening economic cooperation with Vietnam, South Korea’s third-largest trading partner, particularly in light of global economic uncertainties. He also highlighted the importance of leveraging the 10th anniversary of the Vietnam-Korea Free Trade Agreement (VKFTA) to further expand trade and investment.
Hung acknowledged South Korea as Vietnam’s largest investor and reaffirmed Vietnam’s commitment to fostering deeper economic ties. He also assured that Vietnam would prioritize addressing the concerns of South Korean companies operating in the country.
The Vietnam-Korea Plus Joint Working Group serves as a key platform for government and trade officials to facilitate discussions on trade and investment expansion. The bilateral trade target of $150 billion by 2030 was set by the leaders of both nations in 2022.
POLICY & LAW | Mexico Lifts Biotech Corn Ban, Settles US Trade Dispute Under USMCA
