The 14th Meeting of the Joint Committee on Trade, Industry and Energy Cooperation and the 8th Meeting of the Joint Committee on the Implementation of the Vietnam - Korea Free Trade Agreement

Attending the meetings were representatives of functional units under the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Agriculture and Environment , and the Ministry of Science and Technology. On the Korean side, there were representatives of units under the Ministry of Trade, Industry, and Energy of Korea, the Ministry of Economy and Finance of Korea, the Korean Embassy in Vietnam, and a large Korean enterprise in the energy sector.

14th Meeting of the Joint Committee on Trade, Industry and Energy Cooperation

At the meeting, the two Ministers expressed satisfaction with the results of the implementation of agreements between the two Ministries at the 13th Joint Committee Meeting and were delighted with the positive developments in the Vietnam-Korea trade, industry and energy cooperation. Bilateral trade turnover in 2024 will reach about 81.5 billion USD, an increase of 7.3% compared to 2023.

Recognizing that international trade in general, and Vietnam and Korea in particular, are being strongly affected by protectionism and trade tensions, the two Ministers affirmed that strengthening trade cooperation between Vietnam and Korea is extremely important to help remove difficulties for businesses of the two countries.

In that spirit, in trade cooperation, the two Ministers acknowledged the positive results after 2 years of implementing the Working Groups "Korea Plus in Vietnam" and "Viet Nam Plus in Korea", and agreed to continue to strengthen cooperation through these working groups to jointly research, propose cooperation projects and resolve difficulties and obstacles for businesses of the two countries in the coming time. The two sides also agreed to: Continue to closely coordinate, effectively implement activities and tasks according to the agreed Action Plan, towards the target of bilateral trade turnover of 150 billion USD in a more balanced direction by 2030; Further promote cooperation in a number of areas such as dialogue on distribution and logistics; Organize trade seminars, exchange trade promotion delegations to attend major Fairs and Exhibitions in each country; Resolve difficulties and create conditions for Korean textile enterprises to invest and expand production in Vietnam; Closely cooperate and support each other in multilateral frameworks, effectively utilize free trade agreements (ASEAN-Korea, RCEP...) and other economic frameworks (APEC, IPEF...).

In the industrial sector, the two Ministers agreed to assign technical levels of the two sides to closely coordinate and effectively implement the Vietnam - Korea Essential Mineral Supply Chain Technology Cooperation Center project on the basis of the Memorandum of Understanding signed by the two sides in June 2023. The two sides also discussed and agreed on activities to promote: Cooperation in the field of raw materials and components in the medium and long term through the operation of the Vietnam Technology and Solution Consulting Center Phase 2 (VITASK 2); Cooperation in training human resources in general as well as human resources in the shipbuilding industry for Vietnam to connect career opportunities in the context of Korea's labor shortage in this industry; Strengthening investment and cooperation connections, resolving difficulties in the automobile, tobacco, and machinery industries, etc. Korea also agreed to continue supporting Vietnam in developing the Law on Industrial Development.

In the energy sector, the two Ministers also discussed and agreed on cooperation contents in the fields of electricity, oil and gas, clean energy, nuclear power, etc. at the meeting. The Vietnamese side welcomed the participation and expansion of investment by Korean companies in LNG projects and oil and gas projects on the principle of ensuring investment efficiency and harmonizing interests, complying with legal regulations and being equal with other investors. The Vietnamese side highly appreciated the progress of testing ammonia co-firing technology in Korea and suggested that the Korean side closely coordinate with Vietnamese partners to research and deploy this technology in Vietnam.

The 8th meeting of the Joint Committee for the implementation of the Vietnam - Korea Free Trade Agreement

At the 8th Meeting of the Joint Committee for the Implementation of the Vietnam-Korea Free Trade Agreement, the two Co-Chairs welcomed the smooth and effective implementation of the Vietnam-Korea Free Trade Agreement over the past 10 years. Marking the significant and stable development of two-way trade in goods despite the uncertainties of the world economy, the two sides reaffirmed the importance of the Vietnam-Korea Free Trade Agreement for expanding trade and investment, contributing to the achievement of the bilateral trade turnover target of 150 billion USD by 2030.

The two Ministers discussed and agreed on the direction of implementing cooperation contents in areas such as customs and origin of goods, trade defense measures, food safety measures and animal and plant inspection, technical barriers to trade, etc. to remove difficulties, create a favorable legal corridor for implementation and maximize the benefits brought by the VKFTA Agreement.

At the end of the two meetings, the two Ministers signed three documents including: Minutes of the 14th meeting of the Vietnam-Korea Joint Committee on Trade, Industry and Energy Cooperation; Joint Statement of the 8th meeting of the Vietnam-Korea Free Trade Agreement Implementation Committee; Action Plan to achieve the target of bilateral trade turnover of 150 billion USD in a more balanced direction.

Immediately after the meetings, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Korean Minister of Trade, Industry and Energy Ahn Duk Geun signed cooperation documents.

The signed documents include: Minutes of the 14th Session of the Vietnam - Korea Joint Committee on Trade, Industry and Energy Cooperation; Joint Statement of the 8th Session of the Vietnam - Korea Joint Committee on the Implementation of the Vietnam - Korea Free Trade Agreement.

In addition, the two ministers also witnessed the ceremony of exchanging cooperation documents between functional units of the two sides.

In addition, the two Ministers also witnessed the signing and exchange of two documents: the Memorandum of Understanding on nuclear power between the Electricity Authority, Ministry of Industry and Trade of Vietnam and the Nuclear Industry Policy Department, Ministry of Trade, Industry and Energy of Korea; the Memorandum of Understanding between the National Power Transmission Corporation (EVNNPT) and the Korea Electric Power Corporation (KEPCO).

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Source: Foreign Market Development Department

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/ky-hop-lan-thu-14-uy-ban-hon-hop-ve-hop-tac-thuong-mai-cong-nghiep-nang-luong-va-ky-hop-lan-thu-8-uy-ban-hon-hop-thuc-th.html