Vietnam, RoK look to increase two-way tradeMinister of Industry and Trade Tran Tuan Anh and Minister of Trade, Industry and Energy of the Republic of Korea (RoK) Paik Un-gyu sought measures to complete the two countries’ trade goal of 100 billion USD by 2020 during their talks in Hanoi on March 22. They agreed on the need to continue working closely in building joint action programmes in industry, trade and energy while coordinating in designing and carrying out effective policies and measures to promote bilateral economic and trade partnership. The RoK will continue assisting Vietnam to train high-quality human resources for industry, oil and gas, and renewable energy. According to the Ministry of Industry and Trade, trade between Vietnam and the RoK jumped from 500 million USD in 1992 to 61.5 billion USD in 2017, making the RoK the second largest trader of Vietnam after China. In 2017, two-way trade reached 61.5 billion USD, up 41 percent year on year, including Vietnam’s exports of 14.8 billion USD, a rise of 30 percent over 2016 and its imports of 46.7 billion USD, up 45.3 percent year on year.

Source: VietNamNet News March 23, 2018 03:00 UTC