Vietnam-Korea Free Trade Agreement Negotiations Concluded

Within the framework of his working visit to South Korea and attending the special summit to celebrate 25 years of ASEAN-South Korea dialogue relations, this evening (December 10), in Busan city, Prime Minister Nguyen Tan Dung held talks with South Korean President Park Geun-Hye.

The two leaders witnessed the signing ceremony of the conclusion of negotiations on the Vietnam-Korea Free Trade Agreement (FTA). This is a very important event, not only to enhance bilateral trade cooperation towards the target of 70 billion USD by 2020, but also to contribute to comprehensively promoting the Vietnam-Korea Strategic Cooperative Partnership.

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

The two sides expressed their delight and appreciation for the rapid and effective development of the friendship and cooperation between the two countries in all fields, especially after the establishment of the Strategic Cooperative Partnership framework. The two leaders agreed that the sharing of strategic interests and political trust between the two countries in recent times is an important foundation for further expanding and deepening the Vietnam-Korea relationship, making an important contribution to the development of each country and contributing to peace, stability, cooperation and development in the Asia-Pacific region.

Prime Minister Nguyen Tan Dung and President Park Geun-Hye agreed to continue to maintain regular high-level visits and contacts, expand cooperation between ministries and sectors, and effectively implement dialogue and substantive cooperation mechanisms in the fields of diplomacy, defense and security, especially strengthening cooperation in defense industry, training, and prevention of transnational crimes and terrorism.

Prime Minister Nguyen Tan Dung appreciated Korea for its close coordination with Vietnam and specific measures to improve the trade imbalance between the two countries; he suggested that the Korean Government encourage large corporations as well as small and medium-sized Korean enterprises to promote investment in Vietnam in the fields of high technology, supporting industry, electronics, processing and manufacturing industry, energy, infrastructure development, and investment in developing industrial park infrastructure.

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

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

President Park Geun-Hye affirmed that she considers Vietnam a leading important 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 this a mutually beneficial area of ​​cooperation, and will actively consider extending the special memorandum of understanding on labor cooperation between the two countries.

The two sides agreed that maintaining peace, stability, security, and safety of navigation and aviation in the East Sea is in the common interests of countries in and outside the region; supporting ASEAN and China to seriously implement the DOC and soon move towards the COC. The two sides also exchanged views on international and regional issues of mutual concern, including the Korean Peninsula issue.

The two leaders also expressed their delight at the strong development of the ASEAN-Korea Strategic Partnership in recent times and agreed to continue to closely coordinate at ASEAN cooperation mechanisms and other multilateral forums. Prime Minister Nguyen Tan Dung congratulated Korea on hosting the Summit to celebrate the 25th anniversary of ASEAN-Korea dialogue relations, contributing to orienting and deepening ASEAN-Korea relations in the coming time.

The two sides held talks

After the talks, Prime Minister Nguyen Tan Dung and President Park Geun-Hye witnessed the signing of the Memorandum of Understanding on the conclusion of negotiations on the Vietnam-Korea Free Trade Agreement. The two leaders expressed their delight and considered this an extremely important event for the Vietnam-Korea relationship; they agreed that the Agreement is not only important in enhancing bilateral trade cooperation towards the target of 70 billion USD by 2020, but also contributes to comprehensively promoting the Vietnam-Korea Strategic Cooperative Partnership.

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

Vietnam also offers incentives to Korea for industrial products such as textile and garment materials, plastic materials, electronic components, trucks and cars, auto parts, household appliances, iron and steel products, and electric cables. The two sides will actively complete necessary procedures to soon sign the Vietnam-Korea Free Trade Agreement in 2015.

According to VOV