Vietnam, RoK review one-year economic cooperation

The 16th session of the Joint Economic Committee between Vietnam and the Republic of Korea convened in Seoul on October 24, reviewing the outcomes of their bilateral cooperation over the past year and setting out new tasks.

At the 16th session of the Joint Economic Committee between Vietnam and RoK
At the 16th session of the Joint Economic Committee between Vietnam and RoK

The Vietnamese delegation was led by Deputy Minister of Planning and Investment Nguyen The Phuong, while the RoK delegation was headed by Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon.

In their opening speeches, both officials highlighted that the bilateral ties have grown in all fields since the two countries set up their diplomatic relations 25 years ago (December 22, 1992).

In addition to the bilateral cooperation, the two countries are important partners with significant contributions to multilateral forums and cooperation frameworks within the region and the world.

At the event, the two sides took note of the remarkable progress made in economic engagements since their last session, held in Hanoi on September 22, 2016, despite facing difficulties and the uncertainty across the globe.

They exchanged their points of views on tackling the difficulties and the measures needed to further promote their bilateral cooperation in various economic areas, including the participation of both nations in regional and multilateral arenas.

They shared a common view that the Joint Economic Committee has played an important role in promoting Vietnam - RoK cooperation and should be utilised by both sides to continue its contributions.

Delegates talked about the joint activities across sectors, including trade, labour, official development assistance (ODA), consular affairs and justice.

As heard at the function, the RoK continues to be one of the highest foreign investors in Vietnam with total registered capital amounting to US$55.6 billion as of August 2017. Bilateral trade hit US$43.45 billion in 2016 and US$39.2 billion in the first eight months of 2017.
Vietnam is one of the RoK’s top priority ODA partners, receiving US$300 – 400 million per year from the RoK Government. Around 50,000 Vietnamese labourers are working in RoK.

Both sides also discussed the measures needed to reduce the deficit Vietnam recorded in trading with RoK, to lift the barriers for Vietnamese and Korean investors, and to effectively make use of the two countries’ human resources.

Both sides noted with satisfaction the encouraging outcomes of their joint works in agriculture, science-technology, urban planning, education, culture, and tourism, among other sectors.

They agreed to hold the committee’ next session in Vietnam, with the date and agenda to be decided through diplomatic channels.