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| Vietnamese Minister of Industry and Trade Nguyen Hong Dien (R) and Korean Minister of Trade, Industry and Energy Ahn Dukgeun sign cooperation documents in the meeting. (Photo: VNA) |
Vietnam and the Republic of Korea (RoK) have agreed to boost cooperation in trade, industry and energy to support businesses amid global economic uncertainties.
The commitment was made during the 14th Meeting of the Vietnam–RoK Joint Committee on Trade, Industry and Energy Cooperation and the 8th Meeting of the Joint Committee on Implementation of the Vietnam - RoK Free Trade Agreement (VKFTA), co-chaired in Hanoi by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Korean Minister of Trade, Industry and Energy Ahn Dukgeun.
The ministers noted steady progress in bilateral ties, with trade reaching 81.5 billion USD in 2024, up 7.3% from 2023. They agreed to continue leveraging Vietnam-Korea Plus joint working groups to support businesses and push forward with the bilateral Action Plan to raise trade turnover to 150 billion USD by 2030 in a more balanced manner.
Key areas of cooperation include logistics, distribution, textile investment, and multilateral trade frameworks such as ASEAN - RoK, RCEP, APEC and IPEF.
On industry, both sides discussed implementing the Essential Minerals Supply Chain Technology Cooperation Centre and the second phase of the Vietnam Technology Advice and Solutions Centre (VITASK 2), alongside supporting Vietnam’s Industrial Development Law and enhancing workforce training in fields like shipbuilding.
Energy cooperation covered electricity, oil and gas, clean energy and nuclear power. Vietnam welcomed Korean investment and proposed collaboration on ammonia co-firing technology.
Marking a decade of VKFTA implementation, the ministers reaffirmed its role in expanding trade and investment. They also discussed easing trade procedures and addressing technical barriers.
At the end of the two meetings, the ministers signed three key documents and witnessed the signing two Memoranda of Understanding on nuclear power and power transmission between relevant agencies of both countries./.
