Hanoi (VNA) – Vietnam is ready to work with theRepublic of Korea (RoK) to effectively implement the bilateral free tradeagreement (FTA), boosting their trade to 70 billion VND, even 100 billion USD,by 2020.

Prime Minister Nguyen Xuan Phuc made the remarkwhile meeting with RoK Foreign Minister Yun Byung-se, who is on an officialvisit to Vietnam, in Hanoi on March 20.

The RoK is currently the top foreign investor,the second biggest ODA provider and the third trade partner of Vietnam.Cooperation in diplomacy, security, defence, science-technology, agriculture,culture, and education along with locality-to-locality partnership has beenincreasingly intensified.

Repeating the outcomes of the recent phone talkswith Acting RoK President Hwang Kyo-Ahn, the PM said the two sides agreed toeffectively carry out cooperation mechanisms, especially the Vietnam – RoK FTAso as to bring economic and trade ties to a new height.

Vietnam is string to build a developmentfacilitating and action-oriented Government, reform administrative procedures,improve the business climate, and promote the national competitiveness. It willcreate the best possible conditions for foreign enterprises, including RoKfirms, to do business, he noted.

PM Phuc suggested RoK companies enhanceinvestment in Vietnam, particularly in infrastructure, renewable energy, andhigh technology. They were also recommended to import more goods that Vietnamhas advantages such as agricultural and aquacultural products and assist thecountry to take part in global supply chains. 

At the meeting, the host leader underlined thatthe Vietnamese Government and people treasure the strategic partnership withthe RoK and want to reinforce all-round cooperation for the sake of the twopeoples and for regional and global peace and stability.

He also highlighted the need to increaseexchanges in culture, education and, tourism and prepare for activities to markthe 25th founding anniversary of the diplomatic relationship later this year.

For his part, Foreign Minister Yun said withtheir efforts, the two countries are completely capable of boosting bilateraltrade to 100 billion USD in the near future, thus turning Vietnam into thethird biggest trade partner of the RoK, only after the US and China.

He applauded regular people-to-people exchanges,noting that Vietnam accommodates the largest RoK community among SoutheastAsian nations.

The two sides should step up high-ranking visitson the threshold of the 25th anniversary of diplomatic ties, he said, addingthat he looks towards an official visit to the RoK by PM Phuc in 2017.

Aside from economy and trade, the RoK also wantsto cooperate with Vietnam in defence and security and to tighten connections inmultilateral and global issues, the official said.-VNA