1. Deputy Minister for Economic Affairs of the Foreign Ministry Yun Kang-hyeon will hold the 16th meeting of the Republic of Korea-Vietnam joint economic committee with Deputy Minister Nguyen The Phuong of Vietnam’s Ministry of Planning and Investment in Seoul on October 24. The two sides will assess the progress in economic cooperation between the two countries, and discuss ways to enhance cooperation in trade, investment, development cooperation and regional issues.

2. The two sides will review the measures taken regarding key issues in the bilateral economic cooperation, discussed at the ROK-Vietnam summit meeting on the sidelines of the G20 summit in July 2017, and discuss in detail major issues, including increasing bilateral trade and investment, as well as industrial cooperation in the areas of manufacturing, finance and infrastructure.

o The ROK side will especially ask for the Vietnamese government’s interest and support to help Korean companies participate in projects to establish infrastructure in Vietnam, including roads, metros, and thermal power stations, and increase their presence in the county’s financial market.

o The ROK side will also ask for the Vietnamese government’s support to resolve difficulties facing Korean companies in Vietnam, including issues regarding tax and working conditions, to eliminate tariffs on Korean auto parts exported to Vietnam, and to resolve difficulties regarding construction and operation of thermal power stations.

o The two sides will discuss ways to work together to make a success of the APEC summit, to be held in Vietnam in November.

3. The ROK side will note that the ROK and Vietnam, a major cooperation partner for the ROK’s ODA, are continuously expanding development cooperation through grants and the Economic Development Cooperation Fund (EDCF), and discuss ways to work together with Vietnam to successfully implement development cooperation projects in a range of areas, including transportation and education.

4. The two sides will take note of the bilateral cooperation underway through regional mechanisms, including APEC, as well as ROK-ASEAN and ROK-Mekong mechanisms, and seek to strengthen cooperation on multilateral and regional issues.

5. The forthcoming meeting is expected to serve as an opportunity to make further progress in bilateral cooperation with Vietnam, the ROK’s biggest trade and investment partner among ASEAN countries, in line with the new ROK government’s policy of strengthening cooperation with ASEAN. The meeting is also expected to become a useful opportunity to assess the progress in economic cooperation between the two countries, marking the 25th anniversary of diplomatic relations this year, and to discuss ways to work together to develop the bilateral relations into sustainable and mutually-beneficial cooperative relations.


* unofficial translation