Ambassador Tran Trong Toan made the statement in a recent interview granted to Vietnam News Agency.

After establishing diplomatic ties in 1992, Vietnam and the RoK decided to upgrade the relationship to the level of the comprehensive cooperation partnership in 2001 and the strategic cooperation partnership eight years later.

The partnership has developed well in all areas, from politics, economics, national defence and security, to education-training, science-technology, and people-to-people exchanges.

Economically, the RoK is Vietnam’s second biggest foreign investor and second biggest provider of official development assistance (ODA). It is Vietnam’s fourth biggest trading partner, while Vietnam is the RoK’s ninth biggest export market.

The RoK is Vietnam’s second biggest tourism market and the third biggest labour export market.

Both countries kick-started negotiations of a free trade agreement (FTA) in August 2012, and the first round of negotiations took place a month later.

When the agreement is signed, it will help promote bilateral economic ties to the fullest extent, said Toan.

Under the pact, both countries will lower tariffs, making it easier for their products to penetrate each other’s markets.

The agreement will help promote investment and technology transfer, facilitate customs procedures, and increase capacity building, along with other regulations on labour and the environment.

It will also help reduce the number of disputes between Vietnamese and Korean companies.

Currently, 123,000 Vietnamese nationals are residing in the RoK, and RoK nationals in Vietnam number 130,000, excluding 70,000 coming from other countries.

These two communities are playing an active role in developing the friendship and cooperation between Vietnam and the RoK, as they contribute to promoting bilateral economic, trade and investment ties, as well as tourism services, stressed the diplomat.

Toan confirmed that there are numerous opportunities for Vietnam and the RoK to foster ties in 2013. To its advantage, the RoK has investment, trade, finance and sci-tech power that can meet Vietnam’s development needs in national industrialization and modernization.

Vietnam has an abundant labourforce that can fill the RoK’s human resource gap to support its economic development.  

With a wealth of experience in developing a green economy, the RoK can assist Vietnam to develop green industries to effectively use natural resources and protect the environment.

Tourism is another potential area for strengthening bilateral cooperation as it can help promote exchanges and mutual understanding.

Last but not least, with its important position in Southeast Asia, Vietnam will be the gateway for the RoK to enter the region to form a large market of nearly 700 million consumers and total GDP of US$3 trillion.

Ambassador Toan concluded that relations between Vietnam and the RoK have stood the test of time over the past 20 years and will develop productively in 2013 and the years beyond.

VOV