Operation of 'Vietnam Plus in Korea' to Achieve Korea-Vietnam Trade of 150 Billion Dollars

Achievements of Vietnamese State Visit Companies, Establishment of Joint Support System by Related Ministries

The public-private consultative body 'Vietnam Plus in Korea,' aimed at achieving a Korea-Vietnam trade volume of $150 billion, is set to be fully operational.

On the 21st, the Ministry of Trade, Industry and Energy announced that, together with related ministries, it has decided to establish a support system to ensure the smooth implementation of the memorandums of understanding (MOUs) and contracts signed between companies and related organizations of both countries during President Yoon Suk-yeol's state visit to Vietnam last month.

Additionally, as part of follow-up measures to the 'Vietnam Plus in Korea and Korea Plus in Vietnam MOU' signed to achieve a trade volume of $150 billion between the two countries, the Ministry will hold a kickoff meeting this afternoon at the Korea Chamber of Commerce and Industry. This MOU represents economic cooperation between the Ministry and Vietnam's Ministry of Industry and Trade to reverse the declining trade volume between the two countries this year and return it to an upward trend.

The first meeting will be chaired by Kim Jong-cheol, Director General of the Trade Cooperation Bureau at the Ministry of Trade, Industry and Energy, and will include participants such as the Commercial Attach? of the Embassy of Vietnam in Korea, the Korea Trade-Investment Promotion Agency (KOTRA), the Korea Chamber of Commerce and Industry, and the Korea International Trade Association. They will discuss support measures within Korea to expand trade between the two countries. Furthermore, support for Korean companies entering the Vietnamese market (Korea Plus in Vietnam) will be provided soon in Vietnam.

Attendees noted that Vietnam is South Korea's third-largest export destination, the largest trade surplus country, and the largest investment destination within ASEAN, making it one of the most important economic cooperation partners. They expect that if Vietnam Plus in Korea and Korea Plus in Vietnam operate successfully, they will help resolve difficulties faced by companies from both countries and contribute to improving the business environment.

The Ministry plans to review the progress of 111 MOUs and discuss specific support measures to achieve the $150 billion trade volume target by 2030 at the ministerial-level 'Korea-Vietnam Industrial Joint Committee and Free Trade Agreement (FTA) Joint Committee' to be held with Vietnam's Ministry of Industry and Trade within this year.

On the 23rd of last month, President Yoon Seok-yeol, on a state visit to Vietnam, is shaking hands with Prime Minister Pham Minh Chinh of Vietnam at the Hanoi Prime Minister's Office.
[Image source=Yonhap News]

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