Prime Minister calls for RoK’s investment in Vietnam

Hanoi, May 26 (VNA) – Prime Minister Nguyen Xuan Phuc called on the Republic of Korea (RoK) to invest more renewable energy, infrastructure, high technology, and processing industry in Vietnam, during his reception for Park Won-soon, Special Envoy of the RoK’s President Moon Jae-in, in Hanoi on May 25. The PM reiterated Vietnam’s strong determination to implement effectively the free trade agreement (FTA) with the RoK to achieve the bilateral trade target of 100 billion USD by 2020. He proposed the RoK support Vietnam to develop the support industry, sign a credit framework agreement for the 2016-2020 period, and help Vietnam access credits from the International Development Association (IDA) after 2017. Vietnam hopes to expand the economic-trade relations with the RoK, he said, adding that the Vietnamese Government will create all possible conditions for Korean enterprises to do business. The PM also urged both sides to boost cooperation in other fields such as legislative activities, culture, education, and tourism. Park Won-soon said this is the first time the RoK President has sent a Special Envoy to ASEAN, which demonstrates the country’s desire to step up collaboration with the bloc in general and Vietnam in particular. The RoK is keen to develop cooperation with Vietnam in economics, trade, investment and people-to-people exchanges, he said. He noted that the RoK President attaches great importance to relations with Vietnam and highly values the Southeast Asian nation’s accomplishments and hopes to elevate the bilateral rapports to a new height. The President is due to attend the APEC Economic Leaders’ Meeting 2017 in Vietnam, he said. The Special Envoy also confirmed that the RoK will spare no effort to increase the bilateral trade up to 100 billion USD by 2020, and expressed his belief that more Korean businesses will come to Vietnam to develop the support industry. Vietnam and the RoK established strategic partnership in 2009. The RoK is currently the biggest foreign direct investor in Vietnam and the second largest trade partner./.