S. Korea and Vietnam agree to accelerate economic cooperation

By Park Sae-jin Posted : April 18, 2018, 10:51 Updated : April 18, 2018, 11:07

South Korean Finance Minister Kim Dong-yeon (left) and his Vietnamese counterpart Dinh Tien Dung shake hands at their meeting in Seoul on April 17.  [Yonhap Photo]


SEOUL -- Vietnam called for South Korea's active participation in the privatization of state-run firms and financial restructuring at talks this week between the economic chiefs of the two countries.

The meeting Tuesday between South Korean Finance Minister Kim Dong-yeon and his Vietnamese counterpart, Dinh Tien Dung, followed a summit between the leaders of the two countries in Hanoi in March.

Dung urged South Korean companies to expand their participation in the privatization of Vietnamese state-owned companies and pay close attention to financial restructuring, according to Kim's office. "We wish to develop future-oriented cooperation with South Korea," he was quoted as saying.

For his part, Kim stressed that Vietnam should provide special care to South Korean enterprises so that they can actively participate in large-scale infrastructure projects such as a $10.8 billion project for a new expressway and a $5.2 billion project for the new Long Thanh international airport near Ho Chi Minh City.

Kim also wanted Vietnam to help South Korean financial firms establish their branches in the Southeast Asian Country.

The two ministers agreed to boost economic cooperation, with the aim of raising their bilateral trade to more than $100 billion by 2020 as agreed at the summit between South Korean President Moon Jae-in and Vietnamese President Tran Dai Quang.

"The summit meeting in March holds a significant meaning as we have come up with a blueprint for the future of cooperation with ASEAN countries," Kim said.
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