The visits are made at the invitations of Speaker of Korean NA Kang Chang-hee and Myanmar Union Assembly and Upper House Speaker Khin Aung Myint.
They aim to reaffirm Viet Nam’s consistent policy of enhancing the friendship and cooperation with the RoK and Myanmar.
It’s also an opportunity for the Vietnamese legislature to build a practical and effective cooperation mechanism with the two countries’ legislative bodies in the future.
The RoK – important economic partner.
It became the 4th largest investor in the first four months of this year, among 96 countries and territories investing in Viet Nam, with 3,287 projects worth over US$25 billion.
Many major Korean companies like Samsung, LG, Hyundai, Kumho Asiana have set footprints in Viet Nam.
The RoK is also the 4th largest trade partner of Viet Nam and Viet Nam is the RoK’s 9th biggest export market. The two-way trade value reached US$21.12 billion in 2012 and US$8.4 billion in 2013’s first four months.
Both countries began Free Trade Agreement (FTA) talks on August 6, 2012 and concluded to rounds of talks in Seoul and Ha Noi.
The RoK is also the 2nd biggest provider of official development assistance (ODA) for Viet Nam.
The two countries signed an agreement on development cooperation, in which the RoK committed to providing Viet Nam with US$1.2 billion from its Economic Development Cooperation Fund (EDCF) in the 2012-2015 period, an increase of US$200 million compared to the 2008-2011 period.
Promoting cooperation with Myanmar
Over the past years, Viet Nam and Myanmar have actively consolidated and enhanced their traditional friendship and multi-faceted cooperation, particularly in politics with the exchange of many high-level visits.
The economic ties have seen positive developments. The two-way trade value reached over US$227 million in 2012 and US$85 million in the first four months of this year.
By March, Viet Nam has implemented four projects on oil exploration, white stone mining and construction of a culture and trade center in Myanmar.
The two countries have taken specific measures to boost cooperation in agro-forestry, fishery, transportation, energy, communication, healthcare, culture, education, sports, tourism, science and technology.
They also established a joint trade commission to promote bilateral trade and organize annually trade fairs to promote their products and attract investment.’
The ASEAN members have also partners of the Greater Mekong Subregion (GMS), the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) and Cambodia-Laos-Myanmar-Viet Nam (CLMV) Co-operation./.
By Ngoc Van