(VEN) - Vietnamese Minister of Industry and Trade Vu Huy Hoang and Republic of Korea (RoK) Minister for Trade, Ministry of Foreign Affairs and Trade, Bark Tae-ho announced the beginning of negotiations on the Vietnam-RoK Bilateral Free Trade Agreement (FTA) on August 6 in Hanoi. Vu Huy Hoang said that since Vietnam and the RoK had established diplomatic relations on December 22, 1992 ties between the two countries had developed in depth and width and across the board including in politics, economics, trade, investment, culture, tourism and more. During the RoK President Lee Myung-bak's visit to Vietnam in October 2009 the two countries agreed to increase the relations to a strategic cooperative partnership. The two parties also agreed to begin sharing opinions in 2009 regarding the establishment of a joint workgroup to research into the feasibility of a Vietnam-RoK Free Trade Agreement to expand economic, trade and investment cooperation. … [Read more...] about Major milestone boost to Vietnam-RoK trade
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Building strategic partnership between Vietnam –RoK in 21st century
Vietnamese National Assembly Chairman Nguyen Phu Trong and Speaker of the Republic of Korea (RoK)’s National Assembly Lim Chae-jung affirmed that the two legislative bodies will further strengthen co-operation and exchange high-ranking visits. Speaker of the Republic of Korea (RoK)’s National Assembly Lim Chae-jung and his wife paid an official visit to Vietnam from April 19-24 at the invitation of the Vietnamese National Assembly Chairman Nguyen Phu Trong. After the welcoming ceremony on April 21, NA Chairman Trong and RoK Speaker Lim held talks and agreed to strengthen comprehensive co-operation between the two countries and two legislative bodies. NA chairman Trong expressed his belief that high-raking exchange visits will help strengthen the ties of friendship and co-operation between the two countries and two legislative bodies. He reported on Vietnam’s socio-economic situation and the NA’s operations. Despite price rises due to fluctuations on the … [Read more...] about Building strategic partnership between Vietnam –RoK in 21st century
Vietnam’s trade deficit with RoK widens
Vietnam’s trade deficit with the Republic of Korea (RoK) is rising sharply. In October 2009, Vietnam and RoK inked a strategic partnership treaty which targets that by 2015, bilateral trade will be raised to US$20 billion a year. The deal also states that the two sides will step by step achieve a trade balance. Since then, Vietnamese-Korean trade has accelerated, reaching $17.7 billion last year. This development indicates that the two sides will reach the set target soon. However, a closer look at Vietnam’s imports and exports with RoK shows that Vietnam will have to work hard to solve enormous problems in order to strike a trade balance. In 2011, Vietnam’s total trade deficit was $10.16 billion. The trade gap with RoK amounted to $8.46 billion, or 83.2 percent of this amount. RoK has become Vietnam’s 2nd largest trading partner in terms of trade deficit after only China. Vietnam’s trade deficit with China and RoK reached US$21.9 billion last … [Read more...] about Vietnam’s trade deficit with RoK widens
President Sang meets RoK leaders
President Truong Tan Sang separately met with the Prime Minister and the National Assembly Speaker of the Republic of Korea on Nov. 9 - the second day of his visit to the country. Vietnamese President Truong Tan Sang and RoK's Prime Minister Kim Hwang-sik . At their meeting, Prime Minister Kim Hwang-sik welcomed President Sang’s visit, describing it as an important event that would foster the development of bilateral relations between the two countries. Both Vietnamese and RoK leaders expressed their pleasure at the deeper and more effective development of the Vietnam-RoK friendship and cooperation during past years, especially since the establishment of the strategic cooperative partnership in 2009. The two leaders exchanged views on measures to strongly and comprehensively boost bilateral cooperation in the future, especially in economics and trade. President Sang asked that the Republic of Korea continue to consider Vietnam a key partner in development cooperation. He … [Read more...] about President Sang meets RoK leaders
For common prosperity of ASEAN and RoK
As an ASEAN member and an important partner of the RoK, Vietnam is ready to do its best to contribute to promoting ASEAN-RoK relations. On June 2, Prime Minister Nguyen Tan Dung, his wife and entourage left Jeju island for Hanoi, concluding their official visit to the Republic of Korea (RoK) for the 20 th anniversary of the establishment of the ASEAN-RoK dialogue relationship. On the occasion, Deputy Foreign Minister Nguyen Xuan Son talked to the media about Mr Dung's tour. Reporter: Could you tell us what came out of Mr Dung's official visit to the RoK? Mr Son: His visit was a great success, marking an important step in the development of bilateral relations. First, PM Dung and RoK senior leaders agreed in principle to lift the comprehensive partnership in the 21 st to a higher level in terms of becoming strategic and cooperative partners. Second, leaders from both countries consented to orientations and major measures to further promote comprehensive relations in … [Read more...] about For common prosperity of ASEAN and RoK