(Editorial by Nhan Dan Newspaper): Prime Minister of the Republic of Korea (RoK) Lee Hae-chan today (April 19) begins his official visit to Vietnam at the invitation of Prime Minister Phan Van Khai, just six months after a visit by his President Roh Moo-hyun in October last year, demonstrating his country's desire to enhance relations with Vietnam.

The visit marks a new development in the comprehensive partnership between Vietnam and RoK in the 21st century which was approved by the two countries’ leaders in 2001.

Since the establishment of diplomatic ties in 1992, the Vietnam-RoK relations developed rapidly and effectively in different fields. The two countries have become important trade partner to each other, especially since the framework of "comprehensive partnership in the 21st century" was formed.

On the basis of similarities in culture, history and the wish to boost co-operation, the two countries have exchanged regular high-level delegations. President Tran Duc Luong visited the RoK in August 2001. He was followed by Prime Minister Phan Van Khai in September 2003 and National Assembly Chairman Nguyen Van An in July 2004.

In return, President Kim Te Chung visited Vietnam and attended the Association of Southeast Asian Nations (ASEAN)'s sixth Summit in December 1998. Prime Minister Li Han Dong visited Vietnam in April 2002 and National Assembly Speaker Park Kwan Yong in October 2003.

The two countries’ bilateral co-operation, co-ordination and mutual support in the international arena also saw strong positive change.

The economic ties is developing significantly. A number of agreements have been signed, including the Agreement on Economic-Scientific Technological Co-operation and the Agreement on Investment Encouragement and Protection.

RoK currently ranks fourth in terms of foreign investment in Vietnam with a total registered capital of US $4.7 billion and over 700 projects. Most of RoK’s investment capital is poured in Vietnam’s industry namely shipbuilding, electronics, auto, textiles and garments and leather.

Regarding trade, the country ranks tenth in Vietnam’s export market and is fourth largest partner. Two-way trade turnover has increased 15%-20% per year, from US $2.75 billion in 2002 to more than 3.9 billion in 2004.

RoK’s senior officials have expressed their willingness to promote trade with Vietnam. Vietnam is trying to increase exports of agricultural products and seafood to RoK in order to reduce the balance of trade deficit between the two countries.

Remarkable progress has also been made regarding co-operation bilateral co-operation in the fields of science-technology, labour, tourism, culture, education, post and telecommunication, transport and construction was also boosted.

Currently, there are about 25,000 Vietnamese people working in RoK. The two countries have signed an agreement on sending Vietnamese labourers to RoK on the basis of RoK’s new labour law.

The ROK has so far disbursed US $169 million in soft credits from the Economic Development Co-operation Fund and US $54 million from grants. The funding has helped Vietnam upgrade its road system and build a number of water works, thermal electricity plants and pharmacies, reduce poverty, improve health care, education, environment and research.

RoK highly values Vietnam’s significant achievements made in the on-going renovation process and its increased status and prestige in the region and the world. The country also appreciates Vietnam’s open foreign policy for peace, independence and development. RoK affirms to continue co-operation and support Vietnam to early join the World Trade Organisation and pledges to strengthen co-operation with Vietnam at the international forums within the frameworks of ASEAN, the Asia-Europe Meeting, the Asia-Pacific Economic Cooperation forum and the United Nations.

Vietnam and RoK are developing opportunities and favourable conditions to accelerate bilateral ties, especially in economics for mutual benefit.

The Vietnamese people admire the significant achievements created by people in the Republic of Korea in the past half a century to lift from a poor country to the eleventh largest economy in the world, including an average GDP of over US $12,000 per capita per year.

Vietnam supports the policy of the RoK and its efforts to realise reconciliation and concord between the two Koreas to reach the target of national peace and reunification as well as the way to a non-nuclear Korean peninsula. Vietnam also appreciates the results of the inter-Korea summit on June 2000 and backs the RoK Government’s policy on promoting the process for peace and reconciliation, meeting the interest of the people in both Koreas.

The Vietnamese people are very pleased with the positive changes regarding friendship and comprehensive co-operation with RoK. It is believed that the visit by Prime Minister of the Republic of Korea (RoK) Lee Hae-chan and his wife, together with the important agreements to be signed, will be a success, thus contributing to further bilateral ties for mutual interest and for peace, stability, co-operation and development in the region and the world.