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Korea, Vietnam agree to work more closely on FTA

BusinessKorea, Seoul

Korea, Vietnam Agree to Work More Closely on FTA

25 November 2013

The Ministry of Trade, Industry and Energy announced on November 24 that it held the fourth bilateral joint committee meeting with the Vietnamese government in Can Tho City. The conclusion of the free trade agreement (FTA) between Korea and Vietnam is expected to speed up.

The two parties agreed on the point that the FTA is critical to reach US$70 billion in bilateral trade by 2020, and that they need to sign the deal before the end of next year. In addition, they decided to set up more channels for closer cooperation and shore up their cooperation in the transport logistics industry, while building the Creative Cooperation Hall for the 2014 Vietnam Expo.

Also, they have confirmed the smooth progress of pre-feasibility studies for nuclear power station construction, which started in June this year, and promised to further strengthen their collaboration in the nuclear power generation sector.

The two sides agreed to move ahead with a new nuclear manpower training project, while inviting officials of the local governments where the nuclear power plants are to be established. In the energy and natural resources sector, they are going to stick to their September agreement to accelerate the construction of coal-fired power plants in Long Phu and other locations.

The two ministers also participated in a groundbreaking ceremony for the Korea-Vietnam Incubator Park (KVIP) in the Tra Noc Industrial Complex located in Can Tho City. The Vietnamese Prime Minister attended the ceremony as well.

Scheduled to be completed in 2015, the KVIP is the first Korean-style technopark to be built overseas, and is expected to be the hub of innovative academic-industrial cooperation between the two countries. Vietnam is planning to make use of the industrial resources of Can Tho City, the largest in the Mekong Delta region, to increase the added value of its rice products, processed marine products, and agricultural machinery.