Workers process pineapples for export at a factory in the northern province of Ninh Binh. (Photo: VNA)

The Vietnam-Korea Plus Joint Working Group held its third online meeting on February 7, focusing on measures to enhance cooperation and achieve the goal of raising bilateral trade to 150 billion USD by 2030.

The meeting, which took place in Seoul, was attended by Kim Jong Cheol, Director-General for the International Trade Relations Bureau under the Republic of Korea (RoK)'s Ministry of Trade, Industry, and Energy; and Do Quoc Hung, Director of the Asia-Africa Market Department at Vietnam's Ministry of Industry and Trade, among other officials.

The two sides reviewed the current state of trade and investment and exchanged views on recent economic developments. Discussions also covered potential cooperation in various sectors, including nuclear power plant construction and addressing challenges faced by businesses.

Kim emphasised the importance of expanding future-oriented economic cooperation with Vietnam, the RoK’s third-largest trading partner. He noted the growing need for such collaboration amid the global uncertainty.

On the occasion of the 10th anniversary of the Vietnam-Korea Free Trade Agreement (VKFTA), Kim stressed that both sides should intensify efforts to further expand trade and investment.

Meanwhile, Hung highlighted that the RoK is the largest investor in Vietnam and reiterated Vietnam’s strong desire to grow alongside the RoK. He also stated that Vietnam would pay close attention to the challenges faced by Korean companies operating in the country.

The Vietnam-Korea Plus Joint Working Group serves as a collaborative platform for the two countries' governments, trade ministries, and trade support organisations to discuss ways to expand trade and investment. The target of reaching 150 billion USD in bilateral trade by 2030 was agreed upon by the leaders of both nations in 2022.

The group held its first meeting in September 2023./.