(VNA): Vietnam and the Republic of Korea (RoK) have concluded bilateral negotiations on the former's accession to the World Trade Organisation (WTO).

An agreement to this effect was officially signed in Hanoi on July 11 by Vietnamese Deputy Trade Minister Luong Van Tu and RoK Ambassador to Vietnam Kim Eui-ki on behalf of the two Governments.

Deputy Trade Minister Tu said the two countries have held eight rounds of talks on this issue in Geneva, Hanoi and Seoul since 2002.

At the end of the eighth round of talks held in Seoul in June this year, the two countries reached an agreement for all the issues on the working agenda, including Vietnam's commitment to open up its commodity and service market. 

The agreement reflects the two countries' friendly ties and will help utilise their great potential for bilateral economic co-operation in the future, the Vietnamese trade official noted.

He said the RoK is an important partner in the WTO, and the new resolution between the two countries will create a new environment and great opportunities for Vietnamese and Korean businessmen to work together.

This will boost the two countries' economic and commercial ties and help Vietnam realise its target of gaining WTO membership soon, Deputy Minister Tu said.

Two-way trade between Vietnam and the RoK has been growing continuously over recent years. Last year, it was close to US $4 billion.

The RoK has, as of June this year, ranked fourth among foreign investors in Vietnam with its investment capital amounting to nearly US $4.8 billion in a total of 916 projects.