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Korea and Vietnam kick off Plus Joint Working Group Meeting 2023-09-15

The Ministry of Trade, Industry, and Energy (MOTIE) held the first meeting of the "Vietnam-Korea Plus Joint Working Group" on September 14 to discuss measures to accelerate the achievement of a USD 150 billion trade volume between Korea and Vietnam by 2030.

This initiative builds on the trade and investment MOU signed during President Yoon Suk Yeol’s state visit to Vietnam in June. Under the names Vietnam Plus and Korea Plus, specialized support teams composed of government authorities, trade delegates, and trade facilitation entities from both countries will operate independently and work together on strategies to enhance economic collaboration through working group meetings.

At the first meeting, MOTIE’s International Trade Relations Director General Kim Jong-cheol and Tran Quang Huy, Director of the African, West and South Asian Markets Department at the Ministry of Industry and Trade (MoIT) of Vietnam, attended as the heads of their respective delegations. Representatives from the Vietnamese Embassy in Seoul, Korea Chamber of Commerce and Industry, Korea Trade-Investment Promotion Agency (KOTRA), Korea International Trade Association, and Korea Institute of Geoscience and Mineral Resources were also present.

During the meeting, both parties reviewed the current status of bilateral trade and investment, and discussed the establishment of a critical minerals supply chain center, the follow-up measures to agreements made during the summit talks, and support measures for local enterprises facing challenges in investment and exports. They also exchanged views on the future operational direction of the joint working group.

So far, MOTIE has been giving full measure on the follow-up to the economic outcomes during the President's Vietnam state visit in June, holding the kickoff meeting for "Viet Nam Plus" on July 21, and executing the first review meeting on August 31 to facilitate the smooth implementation of the 111 MOUs signed between the two countries’ private entities.

MOTIE is also preparing for the upcoming ministerial-level Korea-Vietnam Industrial Joint Committee and Free Trade Agreement (FTA) Joint Committee meeting to be held in Seoul later this year, aiming for tangible results.