Vietnam-RoK cooperation should continue to focus on economy: Participants at the talks. (Photo: VNA)

NA Vice Chairman Hai, who is making an official visit to the RoK, noted that the political trust between the two countries has been continuously strengthened, and they have maintained a regular exchange of delegations at all levels.

The most recent visit to Vietnam 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 Vice Chairman said the two sides need to work closely to effectively implement the Vietnam - Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP) agreement. The goal is to lift two-way trade to 100 billion USD this year and 150 billion USD by 2030 in a sustainable and balanced direction.

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

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

He suggested the RoK continue providing official development aid (ODA) for Vietnam, including increasing preferential loans for Vietnam from its Economic Development Co-operation Fund (EDCF). Vietnam is also looking to promoting new forms of labour cooperation, and hopes that the RoK will expand professions and fields for receiving Vietnamese labourers, he said, urging the two sides to early implement the social insurance agreement between the two nations to ensure the rights of workers in each country.

Relations between localities of the two countries should also be promoted in the coming time through investment, trade, culture and tourism promotion activities, Hai added.

Vietnam is willing to work with the Rok to strengthen cooperation in international and regional issues of mutual concern, Hai stressed. He said Vietnam will coordinate closely with the RoK to successfully fulfill its role as the coordinator for the ASEAN-RoK relations in the 2021-2024 tenure.

Vietnam-RoK cooperation should continue to focus on economy: Participants takes a group photo. (Photo: VNA)

Vietnam is always interested and ready to make active contributions to the process of denuclearization 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 guest spotlighted 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 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 Vietnam for helping the RoK to overcome the crisis of urea supply in 2022, and suggested Vietnam 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-Vietnam 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.