HCMC – Vietnam and South Korea strive to increase bilateral trade to US$100 billion in 2023 and US$150 billion in 2030.

Prime Minister Pham Minh Chinh had a meeting with the South Korean National Assembly’s Chairman Kim Jin Pyo during his official visit to Vietnam at the Government Office yesterday, January 17.

South Korea is now the biggest foreign investor in Vietnam with total pledged capital of US$80.5 billion.

Bilateral trade between Vietnam and South Korea in 2022 amounted to nearly US$87 billion, up by US$9 billion against last year. Vietnam had a trade deficit of US$38.3 billion with South Korea.

PM Chinh affirmed South Korea is a trusted partner and Vietnam wants to maintain a strategic and long-term relationship with South Korea.

To achieve the bilateral trade targets, the prime minister proposed the two countries cooperate effectively in implementing the Vietnam-Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP).

Vietnam applauded the expansion of South Korean investment activity in Vietnam, especially in hi-tech, green economy, digital transformation, renewable energy, and smart and ecocity.