Vietnam Industrial Parks InfoGate ! Industrial Zones ! Export Processing Zones ! Việt Nam, South Korea want to boost cooperation

Deputy minister of Planning and Investment Nguyễn Thế Phương said the two countries had made significant achievements in cooperation in trade, investment, labour export, as well as energy and infrastructure development but there remained some pending questions.

He hoped the joint committee meeting would generate fruitful results to pave the way for further co-operation in the future.

Deputy Foreign Minister for Economic Affairs Lee Tae-ho said South Korea observed that Việt Nam with its new government cabinet was developing into a stable economy.

He expected milestone co-operation achievements next year to mark the 25th anniversary of their diplomatic relationship.

Currently, some 4,000 South Korean companies are doing business in Việt Nam, including Samsung Electronics, LG Electronics and other major conglomerates.

Bilateral trade between the two reached US$37.6 billion last year, up from a mere $493 million in 1992 when diplomatic relations were established. The two sides enacted a free trade deal last year under which they lowered trade barriers to boost commerce.

Since 1993, South Korea has granted Việt Nam over $200 million for fields including infrastructure development, human resources, administration reform, climate change response and technology.

South Korea committed to offer Việt Nam preferential loans of some $3 billion. The two countries are negotiating a credit frame agreement for the 2016-20 period with estimated value of $1.5 billion.

Việt Nam has undertaken 19 investment projects in South Korea with capital of$14.4 million, mostly in trade and services. Some 54,000 Vietnamese workers have been sent to work in South Korea.

Việt Nam imports electrical equipment, telephones, clothing and machines from South Korea and exports garments, aquaculture products, crude oil, timber and wooden products to the country.

The Joint Economic Committee has been held since 1993 and aims at providing a platform for both sides to exchange views and ideas on economic cooperation in a wide range of areas.