Seoul (VNA) – The relationship between Vietnam and the Republic of Korea(RoK) has recorded strong development in all spheres since the two countries establisheddiplomatic ties 27 years ago.

VietnameseAmbassador to the RoK Nguyen Vu Tu made the comment in an interview granted tothe Vietnam News Agency (VNA) ahead of Prime Minister Nguyen Xuan Phuc’s tripto the RoK from November 24-28 to attend the ASEAN-RoK Commemorative Summit andthe first Mekong-RoK Summit, whilst paying an official visit to the country.

Withtotal registered capital of more than 66 billion USD, Korean firms are playingan active role in major economic sectors in Vietnam such as garment-textile,real estate, infrastructure, energy, electronics, auto, finance and banking, hesaid.

Vietnamis one of the two countries in the Association of Southeast Asian Nations(ASEAN), together with Singapore, to sign a free trade agreement (FTA) with theRoK, he said, adding that two-way trade reached 65.7 billion USD in 2018,making up about 40 percent of the accumulative trade value between the RoK andthe bloc.

Theambassador praised the Korean business community for playing a pioneering rolein investment cooperation while contributing to promoting the bilateralrelationship.

Culturaland people-to-people exchanges have also taken big strides over the years onthe basis of similar cultures and histories, Tu said.

Accordingto the ambassador, more than 180,000 Vietnamese are living, working andstudying in the RoK. Meanwhile, the number of Koreans in Vietnam stands at160,000.

Thetwo countries have closely cooperated at international organisations andmultilateral forums like the United Nations, the World Trade Organisation(WTO), the Asia-Pacific Economic Cooperation (APEC) forum and the Asia-EuropeMeeting, as well as regional cooperation mechanisms such as the Mekong-RoK,ASEAN-RoK, ASEAN Plus Three, ASEAN Regional Forum (ARF) and East Asia Summit(EAS).

Apartfrom collaboration on regional and global issues like sustainable development,climate change combat and non-proliferation of weapons of mass destruction,Vietnam and the RoK have exchanged views on other matters regarding the settlementof territorial and island disputes through peaceful measures, the observance ofinternational law, and respect for and protection of freedom of aviation andnavigation in Asia-Pacific.

Theambassador said PM Phuc’s trip to the RoK takes place at a time when relationsbetween the ASEAN and the RoK, Mekong countries and the RoK, and theVietnam-RoK strategic cooperative partnership are developing fruitfully in allfields.

Thereis still much room for Vietnam and the RoK to deepen and expand their cooperation,he said, stressing that Vietnam always attaches importance to and wishes toenhance all-round collaboration and friendship with the East Asian country.

Vietnamis considered one of the top prioritised partners in the RoK’s New SouthernPolicy, he said.

Tuexpressed his belief that with thorough preparations, the PM’s trip will be asuccess, contributing to consolidating political trust between high-rankingleaders of Vietnam and the RoK, and tightening the friendship between theirpeople.

Thetrip will also offer an opportunity for the leaders to review theirachievements over the past 27 years, and set forth orientations for futurebilateral ties.

Itis expected to help expand trade and investment links towards sustainability,equality and mutual benefits, and enhance partnerships in other realms likeculture, education, tourism, labour, and science-technology.

Theambassador suggested the two countries double their efforts to increasebilateral trade to 100 billion USD in 2020 and promote a trade balance byincreasing the RoK’s imports of Vietnamese goods.

Itis necessary to encourage Korean firms, including small-and medium-sizedenterprises, to invest in Vietnam in infrastructure, high-tech and renewableenergy, with attention paid to technical transfer and supporting industrydevelopment, creating opportunities for Vietnamese businesses to add to theRoK’s global production and supply chains, Tu said.

Healso suggested the two countries step up diplomacy, education collaboration andcooperation between people’s organisations./.