Vietnam, S Korea aim to boost trade to $100bn

Vietnam, S Korea aim to boost trade to $100bn

Traffic on Truong Chinh Street in Hanoi, Vietnam, on June 11, 2022. (Photo: Bloomberg)
Traffic on Truong Chinh Street in Hanoi, Vietnam, on June 11, 2022. (Photo: Bloomberg)

HANOI: Vietnam and South Korea aim to raise the value of bilateral trade between the countries to US$100 billion next year and to $150 billion by 2030, up from $78 billion last year, the Vietnamese government said.

The trade targets were agreed during a telephone call between South Korean Prime Minister Han Duck-soo and his Vietnamese counterpart Pham Minh Chinh late on Tuesday, a government statement said.

South Korea is an important economic partner for Vietnam and the largest source of foreign direct investment. Samsung Electronics is the biggest single foreign investor in the Southeast Asian country.

Han and Chinh also agreed to seek ways to narrow the gap in bilateral trade, the statement said.

Vietnam incurred a trade deficit of $34 billion with South Korea last year, according to Vietnamese customs data. Vietnam's main imports from South Korea include electronics, machinery, metals, plastics, fabrics and fuels.

During the call, Han and Chinh also shared views on the importance of maintaining peace and stability and maritime safety and freedom in the South China Sea, the statement said.


Do you like the content of this article?
COMMENT (1)
TRENDING

US lawmakers arrive in Taiwan amid China tensions

TAIPEI: A US lawmaker delegation arrived in Taiwan on Sunday for a two-day visit during which they will meet President Tsai Ing-wen, the second high-level group to come amid continued military tensions with the island's giant neighbour China.

14 Aug 2022

Air force kicks off joint air force drills with China

Thailand and China kicked off a joint air force exercise on Sunday, the kingdom's military said, the first such drills in years following a pause forced by Covid-19.

14 Aug 2022

Nitithorn shrugs off pressure to win International Series Singapore

Thailand's Nitithorn Thippong seized the initiative as his rivals faltered on Sunday, closing with a flawless three-under-par 69 to win the International Series Singapore.

14 Aug 2022