Vietnam, RoK review partnerships, look to spur economic relations

Vietnam and the Republic of Korea (RoK) discussed measures to foster cooperation in various spheres, including trade, investment and labour, at the 15th meeting of their Inter-governmental Committee in Hanoi on September 22.

Nguyen The Phuong, Vietnam’s Deputy Minister of Planning and Investment, said the meeting with the RoK’s Foreign Ministry reviewed bilateral cooperation since the 14th event held in July 2015 while defining cooperation directions for the time ahead. 

The RoK’s Deputy Foreign Minister for Economic Affairs Lee Tae-ho said Vietnam is a leading recipient of his country’s ODA. The RoK has also been among top partners of the Southeast Asian nation in economics, culture and politics since 2014. 

It has provided over 200 million USD in non-refundable aid for Vietnam through projects on administrative reforms, human resources development, climate change, poverty reduction, information technology, science-technology, and urban development. 

The country has pledged to provide Vietnam with nearly 3 billion USD in concessional loans, mostly for transport, healthcare and water-related projects. The two sides are negotiating a framework credit agreement worth some 1.5 billion USD for the 2016-2020 period. 

The RoK is currently among Vietnam’s biggest foreign investors with about 5,500 valid projects worth 50 billion USD. Up to 84 percent of its FDI is poured into processing and manufacturing industries. 

Its FDI companies employ 700,000 workers and contribute some 30 percent to Vietnam’s total export turnover, officials said at the meeting. 

Meanwhile, Vietnam has invested in 19 projects with a total capital of 14.4 million USD in the RoK. Most of them have small scale and operate in services and trade. 

Regarding trade relations, the two countries signed a free trade agreement in 2015 and target trade turnover at 70 billion USD by 2020. 

The RoK was the third largest trade partner, following China and the US, of Vietnam in 2015 as bilateral trade hit 36.6 billion USD, 8.9 billion USD of which was Vietnam’s exports. 

While the ASEAN member nation mainly imports electronic products, phones, fabric, steel and machinery from the RoK, it exports apparel, fibres, aquatic products, crude oil, vehicles and wood products. 

The RoK is also a key market for Vietnam’s guest workers at present. About 54,000 Vietnamese people have been sent to the Northeast Asian country to work so far. 

At the meetings, officials also discussed collaboration in many other fields such as energy, construction, infrastructure development, finance-banking, agriculture, natural resources, and science-technology

VNA

Other News

Amendments to Land Law aim to achieve three key goals

Amendments to Land Law aim to achieve three key goals

The Government has identified three major objectives: promptly institutionalising Party policies on land, private-sector development and national digital transformation; addressing urgent practical obstacles to unlock resources and support the goal of double-digit economic growth; and building a modern, streamlined and effective land management system through stronger decentralisation and administrative reform.

Draft laws must support management reform, stronger decentralisation: PM

Draft laws must support management reform, stronger decentralisation: PM

Participants looked into 11 draft laws and one draft resolution, including laws amending and supplementing several articles of laws on non-agricultural land use tax and corporate income tax; natural resources tax; securities; accounting and independent auditing; the Labour Code; and laws on archives, gender equality, Red Cross activities and employment.

Top Vietnamese leader's New Zealand visit draws media attention

Top Vietnamese leader's New Zealand visit draws media attention

Reports, articles and assessments published on August 12-13 highlighted that Vietnam-New Zealand relations are shifting strongly from high-level political commitments to concrete cooperation programmes, with a focus on trade, investment, education, agriculture, science and technology, defence and security, and climate change response.

Party General Secretary and President meets Vietnamese community in New Zealand

Party General Secretary and President meets Vietnamese community in New Zealand

General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President To Lam described overseas Vietnamese as “ambassadors” who help promote Vietnam's positive image internationally, and urged them to maintain solidarity, preserve national pride and cultural traditions, and make practical contributions to the country's development.

Vietnamese Party leader attends funeral service for top Lao legislator

Vietnamese Party leader attends funeral service for top Lao legislator

The Party leader stressed that the passing of NA President Xaysomphone is a great loss to the Lao Party, State and people, while Vietnam has also lost a great friend and a close, loyal comrade who had always held deep affection for the country, offered valuable support, and worked tirelessly to nurture and consolidate the Vietnam-Laos great friendship, special solidarity, comprehensive cooperation and strategic cohesion.

Singapore remains one of Vietnam's leading important partners: PM

Singapore remains one of Vietnam's leading important partners: PM

Highlighting positive outcomes in Vietnam-Singapore cooperation across all areas, particularly since bilateral ties were elevated to a Comprehensive Strategic Partnership in March 2025, Prime Minister Le Minh Hung proposed that the two sides maintain and step up high-level visits and exchanges at all levels.

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Australia attaches great importance to its Comprehensive Strategic Partnership with Vietnam and highly values the substantive progress in bilateral relations, said Australian Minister for Foreign Affairs Penny Wong.

Quang Ninh, Bac Ninh urged to embrace modern urban governance

Quang Ninh, Bac Ninh urged to embrace modern urban governance

According to Government proposals submitted to the legislature, Quang Ninh and Bac Ninh cities will be formed based on the respective natural areas, populations and numbers of commune-level administrative units of the two provinces. Both proposals meet all five conditions stipulated in the Law on Organisation of Local Administration No. 72/2025/QH15 and all seven criteria for establishing centrally-run cities under Resolution No. 112/2025/UBTVQH15.

Laos holds State funeral for National Assembly President

Laos holds State funeral for National Assembly President

Xaysomphone Phomvihane was a capable revolutionary intellectual with broad knowledge and a strategic vision. Throughout his career, he remained committed to the Party's ideals and objectives, and demonstrated responsibility, flexibility and discipline in carrying out his assigned tasks.

Prime Minister receives outgoing Israeli Ambassador

Prime Minister receives outgoing Israeli Ambassador

Prime Minister Le Minh Hung asked the Israeli Government to continue creating favourable conditions for Vietnamese people living, studying and working in Israel at a meeting with outgoing Israeli Ambassador to Vietnam Yaron Mayer in Hanoi on August 12.