Vietnam and the Republic of Korea (RoK) should seek measures to lift two-way trade to US$70 billion by 2020, a Vietnamese official told a Korean diplomat on Friday.  

The East Asian country’s government should also facilitate the export of Vietnamese agro-fishery products, Vuong Dinh Hue, chief of the Central Economic Committee, told Vice Minister for Strategy and Finance Rok Joo Hyung-Hwan at a reception in Hanoi.

The Korean diplomat is in Vietnam to attend the first meeting of the Vietnam-RoK Finance Coordination Committee, according to the Vietnam News Agency.

Hue also told Joo that the Southeast Asian country needs substantial capital for its industrialization and modernization, especially for infrastructure upgrades.

He added that he hopes concerned agencies of both countries will quickly develop specific plans and projects to implement the agreements reached in these fields.

Regarding the recently-signed Vietnam-RoK Free Trade Agreement (FTA), Hue called on the RoK to closely coordinate with Vietnam and support the country in implementing the FTA.

Meanwhile, Joo Hyung-Hwan affirmed that his ministry will closely work with Vietnamese agencies in implementing agreements on financial cooperation, including those relating to transport infrastructure development in the Southeast Asia.

In respect of the FTA, he said the RoK Government is preparing necessary procedures to submit to the country’s Parliament for ratification. He added that the RoK is willing to share experiences with and transfer technology to Vietnam and provide the country with financial assistance to build a high-speed railway system.

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