Vietnam, RoK foster on trade, industry, energy cooperation

The production chain of Nexcon Vietnam in Bac Ninh (Photo: VNA)

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and the Republic of Korea (RoK)’s Minister of Trade, Industry and Energy Moon Sung-wook co-chaired the 11th meeting of the Vietnam-RoK Joint Committee on trade, industry and energy cooperation and the 5th meeting of the bilateral Joint Committee on implementation of the free trade agreement between the two countries on December 22.

The two ministers discussed measures to support enterprises in adapting to COVID-19 and maintaining operations, while seeking new motivations for the promotion of partnership between the two countries in trade, industry and energy in the time to come.

In the area of trade, the officials agreed to work together to implement measures to expand the scale of bilateral trade, including broadening the market for farm produce and settling trade barriers between the two countries.

They concurred to promptly finalise procedures for the signing of an agreement on the implementation of the cumulation of origin of textile materials between the two nations under the Vietnam-UK Free Trade Agreement and continue to coordinate closely in implementing the Regional Comprehensive Economic Partnership.

In the area of industry, the two ministers agreed to strengthen cooperation to connect the supply chains between the two countries and support enterprises to optimise advantages from FTAs that both countries have signed through technology transfer and capacity improvement in the field of supporting industries, while supporting Vietnam in building a Law on Industry development.

In terms of energy, both sides will encourage enterprises to foster partnership in technology transfer in energy, especially new energies. Following Vietnam’s requests, the RoK’s Ministry of Trade, Industry and Energy agreed to continue sponsoring the second phase of a project to promote the in energy efficient investment market in the industrial sector and support the national green development action program in the 2021-2025 period.

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and the Republic of Korea’s Minister of Trade, Industry and Energy Moon Sung-wook sign documents following the meetings (Photo: VNA)

At the fifth meeting of the Vietnam-RoK Joint Committee on implementation of the bilateral free trade agreement, the two ministers shared delight at the efficiency of the deal, noting that after seven years of implementing the agreement, two-way trade is estimated to rise 2.1 times from 36.5 billion USD in 2015 to 77 billion USD in 2021.

Total RoK investment in Vietnam also increased to 74.1 billion USD as of November 2021 from 36.5 billion USD in 2015.

The two ministers agreed to continue to work closely together to foster partnership in customs clearance and removing difficulties facing enterprises of both sides, creating a favourable legal corridor to optimise the advantages brought about by the FTA.

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

During Vietnamese National Assembly Chairman Vuong Dinh Hue’s visit to the RoK, leaders of both sides agreed to work together towards the target of 150 billion USD in two-way trade in 2030 with trade balance./.