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Vietnam Today

PM heads to South Korea

Released at: 17:35, 08/12/2014

PM heads to South Korea

PM to attend ASEAN-RoK Summit and pay working visit.

by Hoang Vu

Prime Minister Nguyen Tan Dung will travel to the Republic of Korea (RoK) from December 10 to 12.

He will attend the ASEAN-RoK Commemorative Summit in celebration of the 25th anniversary of ASEAN-RoK Dialogue Relations (1989-2014) and pay a working visit to the country from December 10-12, according to the Ministry of Foreign Affairs (MoFA). The PM’s visit and attendance at the summit are at the invitation of RoK President Park Geun-hye.

In a statement released last week, MoFA said that the visit aims at boosting bilateral comprehensive cooperation between Vietnam and the RoK, while the summit is to mark the 25th anniversary of ASEAN-RoK Dialogue Relations.

The RoK and ASEAN, whose relationship was upgraded to a strategic partnership in 2010, have continuously boosted their dialogue ties. Both sides have agreed to increase two-way trade to $150 billion by 2015 and $200 billion by 2020.

The RoK is the second largest provider of Official Development Assistance (ODA) to Vietnam, with total commitments of $1.2 billion in 2012-2015.

The country is also Vietnam’s second-largest foreign investor and trade partner, with two-way trade reaching $27.5 billion in 2013, according to the Ministry of Planning & Investment. Samsung is the largest foreign investor in Vietnam to date, with total registered capital of up to $11 billion following its recently-licensed second factory in northern Thai Nguyen province.

In November the RoK Government agreed to fund most of the $6.5 million project for green urban planning in the northern province of Thai Nguyen and Rach Gia city in the Mekong Delta province of Kien Giang. The funding will be made through the World Bank and disbursement will be made by June 2015 at the latest, according to the Korea International Cooperation Agency (KOICA) in Vietnam.

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