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FTA/Economic Cooperation

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Korea and Vietnam hold Ministerial talks for economic cooperation 2022-08-02

Trade, Industry and Energy Minister Lee Chang-yang held talks with Vietnamese counterpart Minister Nguyen Hong Dien on the occasion of the latter's visit to South Korea.

Mentioning the two countries’ diplomatic ties establishment in 1992, Minister Lee stated that Vietnam is one of South Korea’s four major trading partners after China, the U.S. and Japan, while also being the largest trade and investment partner in the ASEAN region. South Korea's
trade with Vietnam amounted to $80.7 billion as of 2021, the highest in value among ASEAN countries.

He emphasized that it is important to keep expanding the range of cooperation in supply chain and economy, particularly amid the current tension from COVID-19 and supply chain uncertainties.

Moreover, with regard to Vietnam’s gas-fired power plant project related to the nation’s 8th power development plan, the Minister called for the Vietnamese government’s active support toward numerous Korean companies’ participation.

Both sides agreed to expand their scope of cooperation across various areas like raw materials, digital, green energy and other future industries based on the mutually beneficial cooperative ties South Korea and Vietnam have accumulated thus far.

With respect to the Regional Comprehensive Economic Program (RCEP) enforced this year and the recently launched Indo-Pacific Economic Framework (IPEF), the two countries decided to strengthen their joint efforts for intraregional free trade and building of new trade order.

Minister Lee asked for Vietnam’s support for World EXPO 2030 Busan, through which South Korea aims to share its future vision in tackling global issues of climate change, pandemic and technological polarization, all under the theme of “Transforming our world; Navigating toward a better future.”