1. On September 8, Foreign Minister Kang Kyung-wha met with Vietnam’s Minister of Planning and Investment Nguyen Chi Dung and his delegation, who are on a visit to the Republic of Korea, and exchanged views on ways for the ROK and Vietnam to enhance trade and investment, as well as substantive cooperation in infrastructure and development cooperation.

2. The two sides said that since the establishment of diplomatic relations between the two countries, the bilateral relations have rapidly developed in all areas over the past 25 years. They especially pointed out that with the rapid expansion of trade between the two countries, there is a high chance of meeting the two countries’ goal of “boosting bilateral trade to US$100 billion by 2020.” They agreed to further strengthen cooperation between the governments of the two countries to achieve the goal.

3. Minister Kang asked the Vietnamese government’s continued interest and support to help Korean companies increase their investment in Vietnam. She asked for the Planning and Investment Ministry’s interest and cooperation regarding reducing import duties on auto parts from the ROK; cutting corporate taxes for Korean companies based in the Korea-Vietnam Incubator Park (KVIP); permitting Korean banks to open their branches in Vietnam; and changing investors in the Nghi Son 2 coal-fired power plant construction project, in which the Korea Electric Power Corporation is participating.

o Minister Dung welcomed Korean companies’ investment in Vietnam, and said that he will actively look into the matters with relevant agencies, as requested by the ROK side.

4. Minister Dung took note that Korean companies doing business in Vietnam have contributed to Vietnam’s social and economic development, and expressed appreciation for the ROK’s ODA programs in Vietnam.

o He also asked Korean companies to expand the scope of their investment to help Vietnam build manufacturing capacity, and requested the ROK side’s interest and cooperation to ease the trade imbalance between the two countries.

5. Minister Kang wished the Vietnamese side success in hosting the APEC summit in Danang in November this year. The two sides hoped that the leaders of the two countries will engage in more in-depth discussions on the sidelines of the summit in order to advance their cooperative relations.

o The two sides agreed to continue discussions on substantive cooperation between the two countries through the 16th ROK-Vietnam joint economic committee meeting, to be held in late October this year.


* unofficial translation