Korea, Vietnam to launch task forces to double two-way trade by 2030

Viet · Jul 21, 2023

Korean President Yoon Suk Yeol, left, shakes hands with his Vietnamese counterpart, Vo Van Thuong, ahead of their talks at the presidential palace in Hanoi, Vietnam, June 23. Yonhap

Korea and Vietnam will create trade promotion task forces to help achieve their goal of doubling bilateral trade to $150 billion by 2030, Seoul's industry ministry said Friday.

Last month, the two nations signed a memorandum of understanding (MOU) to set up the "Korea Plus in Vietnam" task force in the Seoul government and the "Vietnam Plus in Korea" team under the Vietnamese government, which will be in charge of exchanging information on trade and industry circumstances, supporting exporters and exploring business opportunities.

By doing so, the two nations aim to achieve $150 billion in two-way trade by 2030, up from $87.7 billion in 2022, according to the Ministry of Trade, Industry and Energy.

On Friday, Korea's industry ministry held an inaugural meeting to discuss details of the establishment, which was attended by trade officials from the Vietnamese Embassy in Seoul.

The officials also discussed how to support the implementation of more than 100 MOUs signed last month between their government organizations and private firms after a summit between President Yoon Suk Yeol and Vietnamese President Vo Van Thuong in Hanoi.

"Korea and Vietnam will hold a ministerial meeting later this year to explore ways to further deepen industry ties and enhance trade," the ministry said in a release.

Vietnam was the third-largest trade partner for Korea in 2022, and the two sides have ample room for greater cooperation in broader industries, particularly in minerals, as Vietnam has the second-largest reserves of rare earth minerals in the world, the ministry said. (Yonhap)