Prime Minister Nguyen Xuan Phuc called on the Republic of Korea’s investors to increase presence in ASEAN countries in a bid to raise ASEAN-RoK trade volume to US$200 billion by 2020. 

Prime Minister Nguyen Xuan Phuc addresses the closing ceremony of the 2019
ASEAN-RoK CEO Summit in Busan city, RoK on November 25, 2019. Photo: VGP

Phuc made the call before more than 500 business leaders from 10 ASEAN member States and the RoK, at the closing ceremony of the ASEAN-RoK CEO Summit in Busan on Monday.

The RoK is one of Viet Nam’s top trade partners with the two-way trade increasing to nearly US$70 billion in 2019, accounting for 40% of the total trade between ASEAN and the RoK, according to Phuc.

He highlighted that sustainable development and comprehensive connectivity are among ASEAN’s top priorities, adding that businesses play a key role in throughout this process.

From economic perspective, ASEAN became the 3rd and 5th largest economy in Asia and the world with combined GDP of nearly US$3 trillion in 2018.

Cooperation potential between ASEAN and the RoK remains vast as the former is moving ahead with community building efforts while the latter has deployed its New Southern Policy.

In his remarks, the host President, Moon Jae-in, said that centuries-old legacy of trade is now gradually pushing East Asia into the center of the global economy once again.

The ASEAN-Korea Dialogue Partnership established 30 years ago and the ASEAN-Korea FTA that came into effect 12 years ago are the results of vibrant exchanges throughout the history of East Asia, Moon said.

By concluding the Regional Comprehensive Economic Partnership (RCEP) agreement, we are heralding the era of an East Asia trade network, he added.

* During his tour to the RoK, PM Phuc will attend the 2019 ASEAN-RoK Commemorative Summit, the first Mekong-RoK Summit and make an official visit to the RoK from November 24-28 at the invitation of President Moon Jae-in./.