President hopes for swift conclusion of free trade talks with RoK

(VGP - 21/12/2012) - Vietnamese President Truong Tan Sang voiced hope for a swift conclusion of negotiations with the Republic of Korea (RoK) on forging a bilateral free trade deal but noted that an agreement should take each other's interests into consideration.
 

State President Truong Tan Sang speaks during an interview with Yonhap News Agency on Dec. 20. (Yonhap)

In an interview with Yonhap News Agency on Thursday at the Presidential Palace, State President Sang also said he expected closer cooperation with RoK as the two nations marked the 20th anniversary of diplomatic ties on Friday.

"The two nations are working together to expand bilateral trade to US$20 billion earlier than the target year of 2015, and then further to US$30 billion," Sang said.
 
"Free trade negotiations are aimed at achieving the target, and I hope the two nations will swiftly conclude the negotiations in a direction that meets the interests of both sides."

RoK and Viet Nam have seen their trade volume rise sharply in recent years from US$9.68 billion in 2009 to $18.54 billion last year. In an effort to further boost trade, the two sides launched free trade negotiations, with the first round of talks held in September.

"Based on the achievements made so far, I am confident that the bilateral relationship will be further promoted," State President Sang said.

Currently, RoK is Viet Nam's fourth-largest trading partner and second-largest foreign investor.

State President Sang thanked Korean firms operating in Viet Nam for helping solidify economic ties between the two nations over the past two decades.

"Korean firms created about 400,000 jobs in Viet Nam last year and their total tax payment stood at some US$1 billion," State President Sang said.

The bilateral relations were upgraded to a "strategic and cooperative partnership" during President Lee Myung-bak's state visit to Viet Nam in 2010, expanding their ties into the fields of not only the economy but also national strategy-related fields, such as national defense and security.

Last year, Viet Nam agreed to seek greater nuclear energy cooperation with RoK, paving the way for Korean companies to take part in a project to build nuclear power plants in the energy-hungry Viet Nam.

(Source: Yonhap)

 

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