VietNamNet Bridge – The Republic of Korea will accelerate negotiations of a free trade agreement (FTA) with Vietnam, striving to sign the trade pact late this year.

Yoon Sang Jik, Minister of the Korean Ministry of Trade, Industry and Energy (MOTIE), made the commitment at a working session in Seoul with Pro. Dr. Vuong Dinh Hue, head of the Party Central Committee’s Economic Commission during the latter’s visit from August 10-13.

The RoK Minister proposed that Hue pay due attention to and step up negotiations to ensure the agreement is signed in 2014 as scheduled.

Vietnam is an attractive investment destination for RoK businesses and the signing of the agreement facilitate Korean investments in Vietnam, opening plenty of cooperation opportunities for the two business communities, Yoon said.

He suggested increasing bilateral cooperation in agro-forestry and fisheries which captures attention from both sides. In this regard, the Vietnamese government should further develop infrastructure, especially its transport system, to attract Korean investment.

Yoon and Hue agreed that the RoK and Vietnam need to expand cooperation in economics, trade and investment in new areas to fully tap their potential.

Yoon acknowledged Hue’s proposal seeking Korean government assistance for the establishment of another Vietnam-RoK incubator park in northern Vietnam, and said he would submit the proposal to the government for consideration.

He also welcomed Hue’s initiative to boost Korean garment and textile investment in Vietnam to anticipate a new wave of investment as soon as the Trans-Pacific Partnership (TPP) agreement is signed.

Both host and guest said the two countries should cooperate closely in developing the support industry, broaden human resource training programmes in Vietnam, promote connectivity in developing regional and global supply chains, and support their small and medium-sized enterprises (SMEs).

For his part, Prof Hue appreciated the RoK Minister’s proposals, saying that the Party Central Committee’s Economic Commission will encourage relevant agencies to soon conclude FTA negotiations.

VOV/VNN