The RoK is one of Viet Nam’s most important economic partners, ranking fourth (after Japan, Taiwan and Singapore) out of 96 countries and territories investing in Viet Nam. RoK investors are carrying out more than 3,200 valid projects in Viet Nam, with a total registered capital of about 25 billions USD.

The RoK is also Viet Nam’s fourth largest trading partner, while Viet Nam is its ninth largest export market. Two-way trade turnover between the two countries reached 21.12 billion USD in 2012, two years ahead of schedule.

The figure of the first four months this year is reported to at 8.4 billion USD.

The two sides launched negotiations for a bilateral Free Trade Agreement (FTA) last year, with two rounds taking place in Seoul in September, 2012, and in Ha Noi in May, 2013.

In terms of official development assistance (ODA), the RoK is Viet Nam’s second largest ODA provider after Japan, while Vietnam is RoK’s largest ODA recipient.

Under an ODA cooperation agreement, RoK is expected to provide 1.2 billion USD from the Economic Development Cooperation Fund (EDCF) for Viet Nam from 2012 to 2015, up 200 million USD as compared with the 2008-2011 period.

The two countries have also achieved positive results in culture, education and tourism cooperation. Several localities of Viet Nam and the RoK have set up their cooperative relations, such as Ha Noi and Seoul, Ho Chi Minh City and Busan city, Da Nang city and Deagu city.

Following his visit to the RoK, National Assembly Chairman Nguyen Sinh Hung will pay an official visit to Myanmar at the invitation of Speaker of the Myanmar Parliament cum Speaker of its Upper House Khin Aung Myint from July 24-26.

Viet Nam and Myanmar have consolidated and enhanced their traditional friendship and multi-faceted cooperation, especially in politics in recent years.

Two-way trade turnover between the two countries reached 227 million USD in 2012 and 85 million USD in the first four months of this year.

Vietnamese firms currently are implementing four projects in Myanmar, including a 400-million-USD project on the construction of a cultural and trade centre invested by Hoang Anh Gia Lai group.

The two sides have also taken measures to promote cooperation on agro-forestry, aquaculture, transport, energy, information, health care, culture, education, sports, tourism and science and technology, as well as coordinated at international and regional forums such as ASEAN, the Greater Mekong Sub-region (GMS) and Cambodia-Laos-Myamnar-Viet Nam (CLMV) cooperation mechanism.

Chairman’s Hung official visits to the two countries once again affirm Viet Nam’s consistent policy of boosting mutual understanding, mutual trust, friendship and cooperation with the RoK and Myanmar./.