1. The 13th meeting of the Joint Economic Committee between the Republic of Korea and Vietnam took place in Hanoi, Vietnam, on September 25, with Deputy Minister for Economic Affairs Ahn Chong-ghee of the ROK Ministry of Foreign Affairs and Deputy Minister Nguyen Chi Dung of the Vietnamese Ministry of Planning and Investment leading their respective delegations.

* The ROK delegation to the meeting included relevant officials from the Ministry of Foreign Affairs, the Ministry of Land, Infrastructure and Transport, the Ministry of Employment and Labor, the Korea Meteorological Administration and the Embassy in Vietnam. The Vietnamese side consisted of officials from twelve relevant government agencies, including the Ministry of Planning and Investment, the Ministry of Foreign Affairs, the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Agriculture and Rural Development, the Ministry of Construction and the Ministry of Transport.

2. The two countries have seen remarkable growth in bilateral economic cooperation since the establishment of diplomatic relations in 1992. In particular, the momentum of the growing economic cooperation peaked on the occasion of President Park Geun-hye’s state visit to Vietnam in September 2013 and General Secretary of the Communist Party Nguyen Phu Trong is scheduled to visit the Republic of Korea on October 1-4. At the Joint Economic Committee meeting held against the background, the two sides had a comprehensive and in-depth discussion on the progress in the implementation of the economic measures, agreed upon by President Park and her Vietnamese counterpart during the former’s visit to Vietnam last year, as well as their bilateral economic issues.

3. The two sides exchanged views on the economic situation of their two countries amid the slow recovery of the global economy and a number of uncertainties. They also reviewed the economic policies being pursued by their two countries to secure engines for sustainable growth.

4. The two sides exchanged in-depth views on a wide range of ways to work together in such economic fields as trade, investment, energy, infrastructure, development, employment, labor, environment and land, as well as on multilateral and global stages.

◦ They agreed to work closely together to reach the bilateral trade volume of 70 billion US dollars by 2020 as agreed by the leaders of their two countries in September 2013.

◦ The two sides exchanged views on the developments in the negotiation on an ROK-Vietnam and the implementation of the ROK-ASEAN FTA. They agreed to work closely together to conclude a comprehensive FTA between the ROK and Vietnam in 2014, as agreed by the leaders of their two countries in September 2013.

◦ The ROK side brought attention of the Vietnamese side to challenges facing Korean companies with regard to delayed customs clearance as well as their bids to enter the financial market and carry out construction projects in Vietnam. The delegation asked the Vietnamese side to continue efforts to improve its investment and business environment.

◦ The two sides reviewed the progress in bilateral cooperation concerning Korean companies’ bids to win infrastructure orders in Vietnam, including the construction of nuclear and electric power plants. The ROK side asked that the Vietnamese government take a continued interest and facilitate smooth cooperation in the energy and infrastructure sectors.

◦ The two sides exchanged views on grant aid projects supported by the ROK government and agreed to seek success in promoting loan projects such as road construction in Vietnam.

◦ The ROK delegation highlighted the ROK’s willingness to continue cooperation with Vietnam at APEC as well as continue efforts to narrow the development gap among the member states of ASEAN. The group asked the Vietnamese government to play a role in making a success of the ASEAN-ROK Commemorative Summit in December, such as through Prime Minister Nguyen Tan Dung’s participation in the meeting. The Vietnamese side responded by pledging active cooperation and support.

5. During his visit to Vietnam, Deputy Minister Ahn made courtesy calls on Deputy Prime Minister for economic affairs Vu Van Ninh and Minister of Planning and Investment Bui Quang Bin. On the occasions, the two sides exchanged views on matters of mutual concern, including the visit to the ROK by General Secretary of the Communist Party Nguyen Phu Trong scheduled for October 1-4 and the ASEAN-ROK Commemorative Summit in December. They also agreed to work closely together to move their strategic cooperative partnership substantially forward in the economic sector. 


                           Spokesperson and Deputy Minister for Public Relations of MOFA

* unofficial translation