South Korea and Vietnam to Establish Task Forces to Double Two-Way Trade by 2030


South Korea and Vietnam have agreed to set up trade promotion task forces in order to double their bilateral trade to $150 billion by 2030. The two countries signed a Memorandum of Understanding (MOU) last month to create the ‘Korea Plus in Vietnam’ task force in the Seoul government and the ‘Vietnam Plus in Korea’ team under the Vietnamese government. These teams will work to exchange information on trade and industry circumstances, support exporters, and explore business opportunities. The goal is to reach $150 billion in two-way trade by the year 2030, up from $87.7 billion in 2022.

An inaugural meeting was held by South Korea’s industry ministry to discuss the details of the task forces’ establishment. Trade officials from the Vietnamese Embassy in Seoul were present at the meeting. The officials discussed how to support the implementation of over 100 MOUs signed last month between their government organizations and private firms after a summit between South Korean President Yoon Suk Yeol and Vietnamese President Vo Van Thuong in Hanoi.

South Korea and Vietnam plan to hold a ministerial meeting later this year to explore ways to further deepen industry ties and enhance trade. Vietnam is the third-largest trade partner for South Korea and the two countries have great potential for greater cooperation in various industries, particularly in minerals, as Vietnam has the second-largest reserves of rare earth minerals in the world.

This file photo shows South Korean President Yoon Suk Yeol (L) shaking hands with his Vietnamese counterpart, Vo Van Thuong, ahead of their talks at the presidential palace in Hanoi on June 23, 2023. (Pool photo) (Yonhap)

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