On June 23, President Yoon Suk Yeol of the Republic of Korea (RoK) met with Prime Minister Pham Minh Chinh in Hanoi.
Noi Bai (VNA) – On June 23, President Yoon Suk Yeol of the Republic of Korea (RoK) met with Prime Minister Pham Minh Chinh in Hanoi.
The PM conveyed to his guest Vietnam’s unwavering commitment to and willingness to progress the new framework of the two countries’ bilateral ties with a larger and more ambitious vision and objective.
In response, the RoK President commended Vietnam on its development accomplishments to date and emphasized that the RoK Government strongly appreciates the relationship with Vietnam and sees Vietnam as a crucial partner for regional cooperation.
The two sides discussed concrete steps to advance bilateral ties in politics, diplomacy, defense, security, economy, trade, investment, development cooperation, labor, science and technology, and people-to-people exchange, among other areas, as they expressed their happiness and satisfaction with the significant progress made in their bilateral relations, particularly their elevation to a comprehensive strategic partnership in December last year.
Given the sluggish pace of the world economy’s recovery, the two parties decided to work together to strengthen their mutually beneficial collaboration and complement one another’s strengths, with an emphasis on developing strong economic connections.
PM Chinh suggested that both nations implement the Regional Comprehensive Economic Partnership (RCEP) and the Vietnam-RoK Free Trade Agreement (VKFTA) effectively in order to achieve the objective of increasing their bilateral trade turnover to 100 billion USD in the near future and 150 billion USD by 2030 in a balanced and sustainable manner.
He also recommended that the RoK encourage Korean businesses to increase their investment in Vietnam, particularly in priority areas like infrastructure development, high-tech electronic manufacturing, semiconductors, renewable energy, and smart cities. He also suggested that the RoK help Vietnamese enterprises more fully integrate into the global supply chains of Korean businesses.
In order to establish thermal power plants and liquefied natural gas (LNG) facilities in Vietnam, BOT (establish-Operate-Transfer) projects are being developed. Chinh encouraged Korean enterprises to engage in these projects and other important national initiatives.
He suggested that the Republic of Korea (RoK) transfer technology to Vietnam, improve the investment climate for Vietnamese businesses, and see Vietnam as a key location for the establishment of Korean research and development (R&D) facilities.
The PM reaffirmed his commitment to removing the challenges and barriers that Korean investors face in Vietnam. He also advocated for enhancing youth interactions between Vietnamese and Korean communities as well as the cooperation between localities in both countries.
President Yoon concurred with PM Chinh in saying that the RoK government will continue to support and encourage local businesses to make investments in Vietnam. He suggested expanding joint collaboration in the defense sector.
He hoped that the Vietnamese government would continue to assist Korean investors and find solutions to their problems, especially with regard to the finance-banking, infrastructure, and smart city development industries. Yoon also searched for the growth of Korean educational institutions in Vietnam as well as for Vietnam’s continued help to people of the Republic of Korea.
He promised that the RoK will provide favorable circumstances for Vietnamese students to pursue contemporary science, technology, and sophisticated technology there.
Both parties undertake to work together to improve the efficacy of cooperation and provide one another with mutual assistance for international and regional problems of shared interest in light of the fast changing, complicated, and unpredictable global and regional conditions.
They declared that they will continue to work closely together within the frameworks of cooperation between ASEAN and the Republic of Korea and the Mekong region, as well as coordinate for Vietnam to carry out its duties as the ASEAN and the Republic of Korea’s co-ordinating nation for the period 2021–2024.
Assuring the legitimate rights and interests of nations in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS), they shared a common vision of ensuring security, safety, freedom of navigation, and aviation in the East Sea. They also maintained a peaceful and stable environment and legal order./.