Bilateral trade with Vietnam likely to reach $10 bn
16 Nov '07
1 min read
In an attempt to boost bilateral trade to US $10 billion in the coming five to seven years, the Korean President and the Vietnamese Communist Party leader met at a summit in Seoul on November 14.
A declaration was passed by President Roh Moo-hyun and Secretary General Nong Duc Manh celebrating the expansion of bilateral ties and assuring to build mutual, complementary relations.
Both the countries agreed upon exchanging information technology and resolve bilateral trade conflicts.
Last year, the trade between the two countries jumped to US $4.85 billion from $490 million in 1992. Besides, the average investment of Republic of Korea in Vietnam reached over $11 billion in October this year.
The economic trade between the two countries is expected to grow even further since more South Korean investors find Vietnam a better alternative market than China. Vietnam on the other its part will enhance its exports to Korea, which will mainly include textiles, machinery and crude oil.