Key areas of cooperation include logistics, distribution, textile investment, and multilateral trade frameworks such as ASEAN–RoK, RCEP, APEC and IPEF.
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)
Hanoi (VNA) – Vietnam and the Republic of Korea (RoK) have agreed to boost cooperation in trade, industry and ene💯rgy 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.
At the meeting (Photo: VNA)
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./.
Minister of Construction Tran Hong Minh applauded the RoK’s proposal to organise a railway cooperation forum, seeing it as an opportunity for state management agencies, experts, research institutions, universities, and businesses of Vietnam to gain insights from the RoK’s experience in planning, construction, maintenance, and developing high-speed rail industry.
Since 1996, the Korean government has provided funding for Vietnam’s transport infrastructure development. To date, the two countries have successfully completed nine projects, with total loans of over 1 billion USD, and are currently working on six other projects with loans worth nearly 600 million USD.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
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While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
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