Hong Nam-ki Meets with Vietnamese Foreign Minister... Expanding Supply Chain Cooperation for Key Items

Korea-Vietnam, 30th Anniversary of Diplomatic Relations This Year... '2nd Deputy Prime Minister Economic Meeting' Planned in Hanoi in April

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (right), shakes hands with Bui Thanh Son, Minister of Foreign Affairs of Vietnam, before their meeting at the Government Seoul Office Building on the 11th.
[Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] The governments of Korea and Vietnam have agreed to strengthen cooperation on key items such as urea amid global supply chain disruptions.

According to the Ministry of Economy and Finance on the 11th, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, met with Bui Thanh Son, Minister of Foreign Affairs of Vietnam, who is visiting Korea, at the Government Seoul Office in the afternoon to discuss supply chain cooperation measures. This meeting was arranged as Minister Son visited Korea to attend the OECD Southeast Asia Program Ministerial Meeting. This is the first visit by a Vietnamese government official to Korea in the year marking the 30th anniversary of diplomatic relations between Korea and Vietnam.

Vietnam is a major trading partner, with trade volume reaching $80.69 billion last year. Following a summit agreement in September last year, the two countries set a goal of achieving $100 billion in trade in 2023.

In response, Deputy Prime Minister Hong proposed strengthening partnerships across industries in both countries. Considering the increasing local financial demand due to the expanding presence of Korean companies in Vietnam, he urged that "the approval procedures for domestic financial institutions such as Korea Development Bank to enter Vietnam be completed promptly."

Minister Son also suggested solidifying the overall development cooperation relationship and requested expansion of trade in agricultural products and increased investment in fields such as advanced technology. He also expressed gratitude for Korea’s donation of a total of 1.39 million doses of AstraZeneca vaccines to Vietnam last year. The two countries plan to hold talks between health ministers to establish a partnership in the health sector.

Although various exchanges were suspended or delayed due to the COVID-19 pandemic, the two countries plan to resume various exchange events this year to commemorate the 30th anniversary of diplomatic relations. They are preparing for the 2nd Korea-Vietnam Deputy Prime Ministers’ Economic Meeting to be held in Hanoi in April this year.

This content was produced with the assistance of AI translation services.