A seminar to foster trade ties between Vietnam and the Republic of Korea (RoK) was held in Hanoi on July 19, as part of activities to mark the 20 th anniversary of the two countries’ diplomatic ties.

According to Deputy Minister of Industry and Trade Tran Quoc Khanh, Vietnamese commodities such as seafood, wooden products, rubber and coffee have been welcomed RoK.

High quality products such as farm produce, processed food, handicraft, household utensils and construction materials have entered RoK and other high-end markets, like the US, Europe and Japan.

The Deputy Minister said he believed that the two sides have great potential to develop trade relations. The countries issued a joint statement to push up economic cooperation for the benefit of both sides during a visit to the RoK in March by Vietnamese Prime Minister Nguyen Tan Dung.

He added the talks on a free trade agreement would commence after completing necessary administration. The agreement is expected to further boost Vietnam-RoK political and economic ties and enhance the two countries’ strategic partnership.

Yoon Sang Jick, RoK Deputy Minister for the Economy, said since the two countries set up diplomatic ties, Vietnam and RoK have cooperated in many fields, such as culture, society, economics and politics.

Two-way trade value reached a record high of 18 billion USD in 2011, a 37-fold increase over the level 20 years ago.

The RoK official also expressed his belief that the two countries’ trade exchange will further develop thanks to Vietnam’s economic growth and the efforts of the business circles of both nations./.

(CPV/VNA)