1. The Foreign Ministry’s Deputy Minister for Political Affairs Lee Yong-joon met with Cao Viet Sinh, 
Deputy Minister of Vietnam’s Planning and Investment Ministry, in Seoul on July 2 for the 12th Korea-
Vietnam Joint Economic Committee Meeting.

2. In the Meeting, the two countries reviewed bilateral trade and investment that have grown remarkably 
since the establishment of diplomatic relations, and had in-depth discussions on ways to further increase 
economic cooperation.

ο With the trade and investment volumes having grown 20- and 100-fold, respectively, since the forging 
of diplomatic ties in 1992, Korea is Vietnam’s 4th-largest trading partner, while Vietnam is Korea’s 18th-
largest.

3. In an effort to produce substantive outcomes at the Meeting, our mission in Vietnam had listened to 
opinions of Korean firms in the country, and the Foreign Ministry had separate meetings with their head 
offices in Seoul in preparation of the Meeting. The latest Korea-Vietnam Joint Committee Meeting 
discussed in detail the following topics with the aim to help Korean firms with their operations in 
the country.

[Granting the status of sojourn to Korean businesspeople in Vietnam and the permitted length of stay 
under the status]

ο The Korean side noted that there are occasional cases where Korean businesspeople face difficulties 
in acquiring the status of sojourn in Vietnam. They added, in particular, that the company employees are 
allowed to stay less than six months, far shorter than their average overseas assignment period of three 
years, which caused the inconvenience of having to renew the status over several times during their 
assignment in the country.

ο Admitting to the existence of such difficulties, the Vietnamese side responded that the relevant institution 
will be revamped to grant the status of sojourn through seamless administrative procedures and to permit 
longer stays.

[Entry into Vietnam’s financial market]

ο The Korean side spoke of Korean financial institutions’ high interest in the potential of the Vietnamese 
financial market and requested support for their bid to open bank branches in the country.

ο The Vietnamese delegation replied that, in view of the fact that Korea is the largest investor in Vietnam, 
it will be positively considered to grant Korean financial institutions permission to open their banks in the 
country.

[Participation in Vietnam’s infrastructure projects]

ο The Korean side requested the Vietnamese government help Korean enterprises participate in projects 
involving infrastructure and high-speed railway linking the north and south of the country.

ο Hailing Korea’s envisioned participation in the high-speed railway project, the Vietnamese side 
proposed close consultations on specifics of the project, a large-scale project pursued by the 
Vietnamese government as a long-term vision.

[Resources cooperation with Vietnam]

ο The Korean delegation suggested strengthening cooperation with Vietnam in nuclear energy, coal, oil 
and other resources.

- With regards to the Vietnam-pursued nuclear-energy projects, in particular, the Korean side explained the 
Korean nuclear sector’s high competitiveness in skills, prices, safety, and construction period.

ο Responding that it is well aware of the prominence of Korea’s nuclear sector, the Vietnamese side 
expressed hope for consultation with Korea in this regard down the road.

[Resolution of the dispute over Hyundai Rotem]

ο The Korean side strongly urged rectification of damages sustained by Korean firms in Vietnam.

ο The Vietnamese delegation pledged timely rectification, commenting that incurrence of undue damage 
to Korean firms in the country is not conducive to attracting investment into the country.

[Tax exemption on extra-territorial income of Korean enterprises in Vietnam]

ο The Korean side referred to Korean firms in Vietnam taking issue with Vietnam’s taxation on incomes 
made out of the country and proposed  revision of the Korea-Vietnam Agreement on Double-Taxation 
Avoidance as a way to resolve the issue.

ο The Vietnamese side expressed understanding of the issue raised by the Korean side, adding that 
consultations will be held with Korea over the proposed revision of the relevant law.

4. As the Foreign Ministry pursues sales diplomacy with the Korean people, it will cooperate closely with 
Vietnam for smooth implementation of the major agreements reached at the 12th Korea-Vietnam Joint 
Economic Committee Meeting.

5. Korean firms in Vietnam and other countries can contact the Foreign Ministry (www.mofat.go.kr) at any 
time if they have any suggestions or complaints.

                             Spokesperson and Deputy Minister for Public Relations of MOFAT

* unofficial translation