Seoul: Officials from South Korea and Vietnam have engaged in discussions aimed at expanding trade relations and strengthening cooperation in the nuclear energy sector, as confirmed by Seoul's trade ministry on Monday. The dialogue underscores the commitment of both nations to deepen their economic ties and collaborative endeavors.
According to Yonhap News Agency, the two countries convened their fourth joint working group meeting to focus on trade relations. The meeting featured Kim Jong-chul, director general of international trade relations at South Korea's trade ministry, and his Vietnamese counterpart, Do Quoc Hung. The discussions centered on strategies to boost bilateral trade volume to US$150 billion by 2030, following an agreement reached during a summit between President Lee Jae Myung and Vietnam's top leader To Lam in Seoul last month.
The talks also covered the implementation of a memorandum of understanding (MOU) between Korea Electric Power Corp. and Vietnamese energy firm Petrovietnam. This MOU aims to cultivate a workforce for Vietnam's nuclear power industry, signifying a significant step in energy cooperation between the two countries.
In addition, South Korea's trade ministry held its first director general-level meeting with Vietnam's finance ministry to address various pending issues. These discussions included the refund of value-added tax for Korean textile companies operating in Vietnam and the continuation of business incentives for HD Korea Shipbuilding and Offshore Engineering Co. following its acquisition of Doosan Vina.
The trade ministry has expressed its intention to institutionalize the director general-level meetings, making them a regular event to support ongoing cooperation between the two countries in investment, business activities, supply chains, and other relevant areas.