Vietnam and South Korea aim for a bilateral trade turnover of US$100 billion by 2023 and $150 billion by 2030 while striving for a more harmonious trade balance for mutual benefit.

Prime Minister Pham Minh Chinh at the phone talk. Source: VGP

The view was shared during a phone talk between Prime Minister Pham Minh Chinh and his South Korean counterpart Han Duck-soo on July 5.

At the talk, Chinh congratulated Han on his appointment as South Korea’s Prime Minister. The Vietnamese leader said bilateral relations have been on the rise amid a volatile world and severe Covid-19 impacts.

“Both countries have been top partners of each other, especially in economy, trade, and investment,” Chinh said.

According to Chinh, Vietnam remains steadfast in pursuing an independent foreign policy based on multilateralism and self-reliance, and thus, is committed to becoming an active and responsible member of the international community.

South Korean Prime Minister Han Duck-soo.

In this context, Vietnam considers South Korea a key and long-term strategic partner. “Vietnam seeks to deepen its relations with South Korea for the benefit of the peoples of the two countries, contributing to peace, stability, cooperation, and development in the region and the world,” Chinh said.

For his part, South Korean Prime Minister Han Duck-soo congratulated Vietnam’s achievements over the past years, especially in containing the Covid-19 pandemic and achieving high economic growth.

Han said South Korea identifies Vietnam as a key partner and expected the relations to continue to flourish in the coming time.

He also thanked the Vietnamese Government for facilitating entry for South Korean businesses and citizens, along with effective measures to help them maintain operations during the pandemic.

Both leaders agreed on measures to continue enhancing the relations, including the organization of events to celebrate the 30^th anniversary of diplomatic relations (1992-2022).

In addition, Vietnam and South Korea would strengthen cooperation via bilateral and multilateral frameworks, such as the Vietnam-Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP).

They expressed their determination to address the imbalance in trade relations, and create favorable conditions for Vietnam’s farm produce to enter the South Korean market; encourage South Korean companies to expand businesses in Vietnam, especially in priority fields including digital technology, renewables, and infrastructure development, for higher localization rate and added-value in Vietnam.

The Vietnamese Government for its part would create utmost conditions for South Korean companies to succeed in Vietnam and commit long-term presence in the country.

In this regard, Vietnam and South Korea would maintain and expand ODA support for Vietnam; boost cooperation in tourism, people-to-people diplomacy, and cultural-entertainment exchange.

Both sides also shared the view of keeping peace, stability, and freedom of navigation on the East Sea, and any difference should be resolved via peaceful solutions in line with international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS).