Negotiations for the Vietnam-Korea Free Trade Agreement have concluded.

As part of his working visit to South Korea and participation in the Special Summit commemorating the 25th anniversary of ASEAN-South Korea dialogue relations, Prime Minister Nguyen Tan Dung held talks with South Korean President Park Geun-Hye this evening (December 10) in Busan.

The two leaders witnessed the signing ceremony concluding the Vietnam-Korea Free Trade Agreement (FTA), a highly significant event that not only strengthens bilateral trade cooperation towards the target of $70 billion by 2020, but also contributes to the comprehensive promotion of the Vietnam-Korea Strategic Partnership.

Prime Minister Nguyen Tan Dung and President Park Geun-Hye witnessed the signing of the Memorandum of Agreement on the conclusion of negotiations for the Vietnam-Korea Free Trade Agreement.

Both sides expressed pleasure and appreciation for the rapid and effective development of friendly and cooperative relations between the two countries in all fields, especially after the establishment of the Strategic Partnership framework. The two leaders agreed that the shared strategic interests and political trust between the two countries over the past period are an important foundation for further expanding and deepening Vietnam-Korea relations, making a significant contribution to the development of each country and to peace, stability, cooperation, and development in the Asia-Pacific region.

Prime Minister Nguyen Tan Dung and President Park Geun-Hye agreed to continue maintaining regular high-level visits and contacts, expanding cooperation between ministries and agencies, and effectively implementing mechanisms for dialogue and substantive cooperation in the fields of diplomacy, defense, and security, especially strengthening cooperation in defense industry, training, and combating transnational crime and terrorism.

Prime Minister Nguyen Tan Dung highly appreciated South Korea's close cooperation with Vietnam and its concrete measures to improve the trade imbalance between the two countries; he requested the South Korean government to encourage large corporations as well as small and medium-sized enterprises to increase investment in Vietnam in high-tech fields, supporting industries, electronics, processing and manufacturing industries, energy, infrastructure development, and industrial park infrastructure development.

Prime Minister Nguyen Tan Dung and President Park Geun-Hye at the press conference.

Prime Minister Nguyen Tan Dung also thanked and requested President Park Geun-Hye and the Korean Government to pay attention to promoting labor cooperation between the two countries and to have practical and effective policies to continue supporting the Vietnamese community in Korea.

President Park Geun-Hye affirmed that she considers Vietnam a top priority partner in ODA policy and will give priority to projects in the fields of infrastructure, green growth, and human resource development. President Park Geun-Hye highly appreciated labor cooperation between the two countries, considering it a mutually beneficial area, and will positively consider extending the special Memorandum of Understanding on labor cooperation between the two countries.

Both sides agreed that maintaining peace, stability, security, and safety of maritime and air navigation in the South China Sea is a common interest of countries in and outside the region; they supported ASEAN and China in seriously implementing the DOC and moving towards the COC soon. The two sides also exchanged views on international and regional issues of mutual concern, including the Korean Peninsula issue.

The two leaders also expressed pleasure at the strong development of the ASEAN-Korea Strategic Partnership in recent years and agreed to continue to coordinate closely within ASEAN cooperation mechanisms and other multilateral forums. Prime Minister Nguyen Tan Dung congratulated Korea on hosting the Summit commemorating the 25th anniversary of ASEAN-Korea dialogue relations, contributing to guiding and deepening ASEAN-Korea relations in the future.

The two sides held talks.

Following the talks, Prime Minister Nguyen Tan Dung and President Park Geun-Hye witnessed the signing ceremony of the Memorandum of Agreement on the conclusion of negotiations for the Vietnam-Korea Free Trade Agreement. Both leaders expressed their delight and considered this a highly important event for Vietnam-Korea relations; agreeing that the Agreement is not only significant in strengthening bilateral trade cooperation towards the target of 70 billion USD by 2020, but also contributes to comprehensively promoting the Vietnam-Korea Strategic Partnership.

After more than two years and 18 official negotiation sessions and meetings, the Vietnam-Korea Free Trade Agreement (FTA) has achieved a comprehensive scope, a high level of commitment, and ensures a balance of benefits. Along with preferential tariff reductions, creating important new export opportunities for Vietnam in key agricultural and aquatic products such as shrimp, fish, tropical fruits, and industrial goods such as textiles, garments, and mechanical products, South Korea has for the first time opened its market to highly sensitive products such as garlic, ginger, honey, and shrimp, creating significant competitive opportunities for Vietnam compared to other competitors in the region.

Vietnam also grants preferential treatment to South Korea for industrial goods such as textile raw materials, plastic raw materials, electronic components, trucks and passenger cars, auto parts, household appliances, iron and steel products, and electrical cables. Both sides will actively complete the necessary procedures to sign the Vietnam-South Korea Free Trade Agreement in 2015.

According to VOV