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Committee aims to boost trade ties with S Korean
The new South Korea-Viet Nam Joint Committee for Commercial Co-operation was introduced in the South Korean capital city of Seoul on Wednesday.
The committee was established to better facilitate trade exchanges between the two countries, pursuant to a memorandum of understanding signed by the Korean Importers Association (Koima) and the Viet Nam Trade Promotion Agency late last year.
The committee will also conduct research on markets and investment policies in the two countries in support of enterprises seeking partners and investment opportunities.
The minister at the Vietnamese embassy in Seoul, Hoang Xuan Hai, described the formation of the committee as a further step forwards meeting high-level commitment, including a target of US$20 billion in bilateral trade by 2015.
Koima president Kim Wan-hee, named chairman of the new committee, noted the progress made in trade co-operation since the two countries set up diplomatic relations in 1992, recalling the landmark visit in 2001 by former Vietnamese President Tran Duc Luong, which resulted in the signing of the bilateral agreement on comprehensive co-operation.
Viet Nam's persistent efforts in renewal and the establishment of a market-oriented economy had attracted a great number of foreign investors, with South Korea consistently among the top sources of foreign investment in Viet Nam, Kim said.
Investments from South Korea, totalling nearly $1.7 billion last year, have created 400,000 local jobs since 1992 and contributed some $1 billion a year to the Viet Nam's State budget, he added.
Viet Nam and South Korea committed to upgrading their bilateral relations during a visit by South Korean President Lee Myung-pak to Viet Nam in October last year.
Despite the global recession, two-way trade topped $10 billion last year, with Viet Nam's exports up 16 per cent over the previous year.
vietnamnews
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