Ministry of Trade, Industry and Energy

Director General for International Trade Relations Kim Jong-chul at the Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea and Vietnam’s Asia-Africa Market Director General Do Quoc Hung at the Ministry of Industry and Trade (MOIT) headed their respective delegations in the third Korea-Vietnam Plus Joint Working Group (“Working Group”) meeting today via videoconferencing.

The Working Group is a joint platform for bilateral consultations on expanding the Korea-Vietnam trade and investment with the participation of both countries’ government bodies, commercial attachés, and trade assistance institutions under the aim of achieving the USD 150 billion bilateral trade volume target by 2030, jointly declared by the two countries’ state leaders in 2022. The Working Group convened its first meeting in September 2023.

At today’s meeting, the two sides took stock of the Korea-Vietnam trade and investment situation and exchanged views on global oversupply and other far-ranging issues. They also discussed nuclear energy cooperation and measures to resolve challenges for both countries’ businesses.

Director General Kim highlighted the importance of widening forward-looking economic cooperation with Vietnam, Korea’s third largest trading partner, and proposed that the two countries make joint effort towards wider trade and investment in commemoration of the 10th anniversary of the Korea-Vietnam Free Trade Agreement (FTA).

Noting that Korea is Vietnam’s largest investor, Director General Do Quoc Hung expressed hope for the two countries’ mutual growth and ensured interest and support concerning the local business issues experienced by Korean companies in Vietnam.