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Two-way trade revenue between Vietnam and RoK increased 160 folds, from 500 million USD in 1992 to 80 billion USD last year. (Photo for illustration)

Assoc. Prof., Dr. Nguyen Huy Hoang, Director of the Institute for Southeast Asian Studies at the VASS, said the two countries have established a strategic partnership and are working towards a comprehensive strategic partnership.

Two-way trade revenue also increased 160 folds, from 500 million USD in 1992 to 80 billion USD last year, he said, adding that the RoK is among the biggest investors in Vietnam.

He suggested the two countries strengthen cooperation in security with other nations in and outside the region, towards economic development, stability and peace in the region.

Dr. Choi In-a, from the Korea Institute for International Economic Policy (KIEP), said Vietnam and the RoK should deal with trade imbalance by improving Vietnam’s capacity for intermediate goods supply, and forge cooperation in building a stable supply chain network in Indo-Pacific.

Participants also looked into collaboration in multilateral economic platforms like the Regional Comprehensive Economic Partnership (RCEP) and the Indo-Pacific Economic Framework for Prosperity (IPEF).

Source: VNA