Vietnam and South Korea, during the ninth Vietnam-RoK joint committee conference on Tuesday, agreed to enhance the countries' bilateral relations in terms of industry and trade.
According to local news site Nhan Dan, the two Asian countries agreed to boost cooperation in terms of industrial operations including manufacturing and processing. They also agreed to work together in boosting Vietnam's production capacity.
The conference focused on discussions regarding the methods through which the cooperation can help support Vietnam's bid to increase exports to the Republic of Korea (South Korea).
Co-chaired by Vice Trade Minister of the Korean Ministry of Trade, Industry and Energy (MOTIE), Kim Yong-are, and Vietnamese Deputy Minister of Industry and Trade, Tran Quoc Khanh, the event also discussed cooperation in the field technology.
To help support the cooperation, the two countries reaffirmed their willingness to work together in launching a technology solution center this year. Tech collaboration also seeks to establish a database system for companies in the support industry.
During the meeting, Vietnam and South Korea also agreed to continue their plan to implement a technical assistance program for trade dealings. The main goal of the project is to improve Vietnam's trade defense system to ensure information exchange for SoKor enterprises operating in the country.
Among the affirmations established during the conference was the agreement to increase Vietnamese exports of aquatic products and farm goods to the South Korean market. The pledge was part of the countries' trade agreement.
Aside from Tuesday's event, Vietnam is also expected to attend the 7th Asian Legislative Experts Symposium in Seoul on October 30. According to The Korea Herald, the Vietnamese ambassador to South Korea will deliver a congratulatory speech during the event.
The symposium is expected to discuss various aspects of the economy that Asian countries like South Korea and Vietnam can explore, including the possibility of developing smart cities in some eligible countries.
Ever since the Vietnamese and South Korean trade increased over the past years, SoKor companies have been trying to establish the business in the Vietnamese market or expand their existing business dealings in the country.
One of the most recent announcements is the expansion plan of South Korea's CU convenience store chain in the country. CU operator, BGF Retail, announced late in September that it signed a deal with Vietnam-based store operator, CUVN.
Under the deal, BGF Retail will help with business and brand reinforcement while CUVN will manage operations and investments in the Vietnamese market. The expansion is expected to help the CU chain to have a more solid presence in the Southeast Asian market as a whole.
