Viet Nam and the Republic of Korea (RoK) will work to raise their two-way trade turnover to US$70 billion by 2020 along with further improving bilateral trade balance.

State President Truong Tan Sang and Korean President Park Geun-Hye hold talks, Ha Noi, September 9, 2013 – Photo: VNA

This came from talks between Vietnamese State President Truong Tan Sang and the RoK’s President Park Geun-Hye in Ha Noi on September 9, which forms part of the latter's official visit to Viet Nam from September 7-11.

At the talks, they shared their satisfaction with effective developments in the two nations’ relations and cooperation in the past 21 years, especially after the establishment of strategic partnership in 2009.

The two leaders were unanimous on the need to ratchet up the cooperation in economics, trade, investment, science-technology, labor, environment, culture and education.

They also agreed to accelerate the negotiation process of a bilateral Free Trade Agreement, a new Agreement on Labor Cooperation and the building of the Korea Institute of Science and Technology in Viet Nam.

The two countries will pay due attention to protecting and guaranteeing the rights of their citizens in each country and increase assistance for them, they stated.

The two sides treasured the close cooperation and coordination at multi-lateral forums and international organizations such as the UN, WTO, APEC and ASEM and other regional cooperative mechanisms such as ASEAN-RoK, ASEAN + 3, ARF and EAS.

They discussed the issues related to the Korean Peninsula and maintaining marine peace and freedom.

After the talks, the two leaders witnessed the signing of seven cooperative documents and met the media at a press conference to brief them about their talks.

(Source: VGP News)