South Korea-Vietnam Industry Ministers to Discuss the Acquisition of $ 100 Billion

13 Apr 2018
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Korea`s and Vietnamese industrial ministers met in November last year to discuss ways to achieve the $ 100 billion deal agreed by the two countries ` leaders. Trade last year was 63.9 billion dollars.
Trade, Industry and Energy Minister Paek Woon-kyu said on Friday, " We held the 8th Korea-Japan Joint Committee on Trade with Vietnam's Trade Minister Turtin ' s foreign ministry to discuss ways to promote the $ 100 billion trade deal between Korea and Vietnam. " Last year, the bilateral trade volume was 63.9 billion dollars, including 47.7 billion dollars in exports and 16.2 billion dollars in imports, up 42 percent from the previous year.

Moon Jae-in, the president for Asia Pacific Economic Cooperation (apec) summit last November, Die slam from summit talks with Vietnam from the Da Nang, Vietnam.Trade agreed to try to achieve the $ 100 billion by 2020.

At the committee, the two countries supported the joint development of the automotive industry, strengthening the Global Value Chain Group (GVC) between companies in the materials and parts field, and supporting the advance into Korea, including solar power generation and construction of new renewable energy complexes.

It also provided free trade agreements on the establishment of Korea + Vietnam Plus, which serves as a channel for the two governments to boost trade and investment and relieve difficulties related to corporate investment and investment, and on the establishment of free trade agreements with Vietnam.
The two ministers also set up a joint committee on the free trade deal in Vietnam to minimize the restriction on imports between the two countries, thereby reducing the burden on each other. The committee also signed a letter of intent to invest in Korea and Vietnam to push for the establishment of the TASK Center, a Korean and Vietnamese component.
An official at the Ministry of Trade and Industry said, " We will continue to implement the Vietnamese FTA, which is in its third year in effect, and work out the 2018 FTA plan to implement it this year. "

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