On April 14, 2025, in Hanoi, Minister of Industry and Trade of Vietnam Nguyen Hong Dien and Minister of Trade, Industry and Energy of South Korea Ahn Dukgeun co-chaired the 14th Session of the Joint Committee on Trade, Industry and Energy Cooperation between Vietnam and South Korea, and the 8th Session of the Joint Committee for the Implementation of the Vietnam-Korea Free Trade Agreement (VKFTA). The sessions were attended by representatives from functional units under the Ministry of Industry and Trade, Ministry of Finance, Ministry of Agriculture and Rural Development, and Ministry of Science and Technology. On the Korean side, representatives from the Ministry of Trade, Industry, and Energy of South Korea, the Ministry of Economy and Finance of South Korea, the Embassy of South Korea in Vietnam, and a major Korean energy company were present.

PROMOTING TRADE, INDUSTRIAL, AND ENERGY COLLABORATION

According to the Ministry of Industry and Trade, bilateral trade between Vietnam and South Korea reached approximately USD 81.5 billion in 2024, a 7.3% increase compared to 2023. Amidst increasing protectionism and trade tensions impacting international trade in general, and Vietnam and South Korea in particular, both Ministers affirmed the critical importance of strengthening trade cooperation between the two nations to alleviate challenges faced by businesses.

In trade cooperation, the “Korea Plus in Vietnam” and “Viet Nam Plus in Korea” working groups have yielded positive results over the past two years. Building upon this foundation, both Ministers concurred to:

• Maintain close collaboration towards achieving a bilateral trade target of USD 150 billion by 2030, with a more balanced trade dynamic.
• Intensify cooperation in areas such as dialogue on distribution and logistics.
• Organize trade promotion seminars and reciprocal trade missions to major fairs and exhibitions in each country.
• Address impediments and facilitate investment and expansion of production by Korean textile companies in Vietnam.
• Enhance close collaboration and mutual support within multilateral frameworks, leveraging Free Trade Agreements (ASEAN-Korea, RCEP) and other economic frameworks (APEC, IPEF).

In the industrial sector, both Ministers agreed to assign technical teams to collaborate closely and effectively implement the Vietnam-Korea Essential Mineral Supply Chain Technology Cooperation Center project, based on the Memorandum of Understanding signed in June 2023. Both parties also discussed and agreed on activities to promote:

• Cooperation in medium- and long-term raw materials and component sectors through the operation of the Vietnam Technology and Solution Advice Center Phase 2 (VITASK 2).
• Cooperation in human resource training, particularly in the shipbuilding industry for Vietnam, to address labor shortages in South Korea’s shipbuilding sector.
• Strengthening investment and cooperation connections, addressing issues in the automotive, tobacco, and machinery industries.

South Korea also agreed to continue supporting Vietnam in developing the Law on Industrial Development.

In the energy sector, Ministers deliberated and reached consensus on various areas of cooperation, including power, oil and gas, clean energy, and nuclear power. Vietnam welcomes the participation and expanded investment of Korean companies in LNG projects and oil and gas projects, adhering to the principles of investment efficiency, mutually beneficial outcomes, compliance with legal regulations, and equal treatment with other investors. Vietnam recognizes the progress in ammonia co-firing technology testing in South Korea and requested close collaboration between South Korea and Vietnamese partners to research and implement this technology in Vietnam.

SIGNING OF KEY DOCUMENTS

The 8th Session of the Joint Committee for the Implementation of the Vietnam-Korea Free Trade Agreement acknowledged the smooth and effective implementation of the VKFTA over the past decade. This signifies a noteworthy and stable development in bilateral merchandise trade, despite global economic uncertainties. The VKFTA plays a vital role in expanding trade and investment, contributing to the achievement of the bilateral trade target of USD 150 billion by 2030.

Both Ministers exchanged views and agreed on directions for implementing cooperation in areas such as customs and origin of goods, trade remedy measures, food safety and animal and plant quarantine measures, and technical barriers to trade. These measures aim to resolve challenges and create a favorable legal environment for the implementation and optimal utilization of the benefits derived from the VKFTA.

At the conclusion of the two sessions, both Ministers jointly signed three documents, including: The Minutes of the 14th Session of the Joint Committee on Trade, Industry and Energy Cooperation between Vietnam and South Korea; the Joint Statement of the 8th Session of the Committee for the Implementation of the Vietnam-Korea Free Trade Agreement; and the Action Plan for implementing the bilateral trade target of USD 150 billion with a more balanced trade dynamic.

Simultaneously, both Ministers witnessed the signing and exchange of two documents: The Memorandum of Understanding on nuclear power between the Electricity Regulatory Authority of Vietnam, Ministry of Industry and Trade, and the Nuclear Industry Policy Bureau, Ministry of Trade, Industry and Energy of South Korea; and the Memorandum of Understanding between the National Power Transmission Corporation (EVNNPT) and the Korea Electric Power Corporation (KEPCO).

Trade balance industrial market Vneconomy import export 19:34 14/04/2025 Nguyet Ha

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Source: VNECONOMY
This article has been adapted from its original source.