VIETNAM, March 21 - SEOUL — Economic cooperation should continue to be the focus of bilateral ties between Việt Nam and the Republic of Korea, National Assembly (NA) Deputy Chairman Nguyễn Đức Hải said during his talks with Deputy Assembly Speaker of the RoK Chung Woo-taik in Seoul on Monday.

Hải, who is on an official visit to the RoK, noted that the political trust between the two countries has been continuously strengthened, and they have maintained regular exchanges of delegations at all levels.

The most recent visit to Việt Nam by Speaker of the National Assembly (NA) of the RoK Kim Jin-pyo in January opened practical and effective activities between the two nations in 2023, he stressed.

The NA Deputy Chairman said the two sides need to work closely to effectively implement the Việt Nam- Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP) agreement. The goal is to lift two-way trade to US$100 billion this year and $150 billion by 2030 in a sustainable and balanced direction.

Việt Nam welcomes Korean businesses to expand their investment in the country, especially in priority fields such as high technology, innovation, green economy, digital transformation, clean energy, and the development of smart and ecological cities and green industrial parks.

Việt Nam hopes that RoK firms will boost connection with and support Vietnamese businesses in joining supply and production chains, contributing to turning Việt Nam into a centre in regional and global value chains, and helping Việt Nam build an independent and self-reliant economy, the Vietnamese legislator said.

He suggested the RoK continue providing official development aid (ODA) for Việt Nam, including increasing preferential loans for Việt Nam from its Economic Development Co-operation Fund (EDCF).

Việt Nam is also looking to promote new forms of labour cooperation, and hopes that the RoK will expand professions and fields for receiving Vietnamese labourers, he said, urging the two nations to implement the social insurance agreement to ensure the rights of workers in each country.

Relations between localities of the two countries should also be promoted through investment, trade, culture and tourism activities, Hải added.

Việt Nam is willing to work with the RoK to strengthen cooperation in international and regional issues of mutual concern, Hải stressed. He said Việt Nam will coordinate closely with the RoK to successfully fulfil its role as the coordinator for ASEAN-RoK relations in the 2021-24 tenure.

Việt Nam is always interested and ready to make active contributions to the process of denuclearisation of the Korean Peninsula, and supports efforts to maintain peace in northeast Asia through dialogue, he said, adding that the Southeast Asian nation also supports the RoK to host the World Expo 2030 in Busan.

For his part, the host highlighted the significance of the exchange of high-level delegations between the two countries, including their legislative delegations, in promoting the bilateral cooperation.

Deputy Assembly Speaker of the RoK Chung Woo-taik underlined the important role of the NAs of the two countries in promoting bilateral exchange and cooperation. He expressed his hope that the two sides will share experience in law-making and the procedures for drafting and issuing legal documents while stepping up bilateral cooperation in potential fields, and in solving arising problems in citizen protection and supporting businesses.

He thanked Việt Nam for helping the RoK to overcome the crisis of urea supply in 2022, and suggested Việt Nam back the RoK to host the World Expo 2030 in Busan.

A day earlier, on March 19, the Vietnamese delegation had a meeting with representatives of the Korea-Việt Nam Economic and Cultural Association (KOVECA), during which the association's Chairman Kim Kil-soo said KOVECA will continue its objective of promoting economic, cultural, and social service exchange based on a common understanding of the culture and history of both countries. — VNS