Targets pledged after S. Korean state visit

At bilateral talks last week by Vietnam’s Party General Secretary and State President To Lam and South Korean President Lee Jae Myung in Hanoi, both countries agreed to strengthen political trust and expand cooperation in defence, security, and the fight against transnational crime.

- Nguyen Dat reports.

They also set a target of $150 billion in bilateral trade by 2030, and pledged to further facilitate trade and strengthen supply chain links.

The Vietnam-South Korea trade turnover in the first three months of this year reached $26.8 billion, up from $20.7 billion in the corresponding period last year. This included $8.1 billion worth of Vietnamese exports, up 19.6 per cent, and $18.7 billion for South Korean exports, up 34.5 per cent.

Total trade deficit for Vietnam in this period sat at $10.6 billion, up from $7.1 billion in the same period last year. Bilateral trade turnover last year reached $89.4 billion. This included $28.9 billion worth of Vietnamese exports, up 12.7 per cent on-year, and $60.5 billion for South Korean exports, up 8.1 per cent as compared to the previous year.

Vietnam largely exports to South Korea items including mobile phones and spare parts; laptops; and electronics products and spare parts which are produced by foreign-invested enterprises. Meanwhile, South Korean exports to Vietnam components, machinery and equipment, and materials.

Party General Secretary and State President Lam stated that Vietnam and South Korea have agreed to deepen strategic cooperation and build greater trust at a higher level, while effectively implementing existing agreements and mechanisms.

“Both sides pledged to expand cooperation in key areas including diplomacy, defence and security, and to work together on nontraditional security challenges and transnational crime,” he said. “Both countries also highlighted a shared strategic vision for stronger economic connectivity under new conditions, committing to facilitate trade and further open their markets to each other’s goods, with the aim to raise bilateral trade to $150 billion by 2030.”