By Lee Kap-soo

Trade, Industry and Energy Minister Bang Moon-kyu met with Vietnam’s Industry and Trade Minister Nguyen Hong Dien on December 7 at the Shilla Seoul to hold the 13th Korea-Vietnam Industrial Joint Committee and 7th Korea-Vietnam FTA Joint Committee meetings, where they discussed measures for stronger economic cooperation.

During the Industrial Joint Committee meeting, the two leaders agreed to push forward the establishment of a critical minerals supply chain center and cooperation in materials and parts technology development as a swift follow-up to the memorandum of understanding (MOU) signed on the occasion of President Yoon Suk-yeol’s state visit to Hanoi in June, and the two sides entered the Critical Minerals Supply Chain Joint Research MOU.

Moreover, they decided to continue supporting the 111 MOUs signed between their private sectors for implementing the goal of reaching USD 150 billion in bilateral trade by 2030 as declared by the two countries’ leaders this June. They also agreed to hold 10 private sector economic cooperation events, including trade shows and investment conferences led by their trade promotion institutions like Korea Trade-Investment Promotion Agency (KOTRA) and Vietnam Trade Promotion Agency (VIETRADE).

The two sides further discussed cooperation in joint projects for the reduction of greenhouse gases (GHG), Vietnam’s LNG project and other measures for achieving carbon neutrality. Minister Bang also asked Vietnam’s support and participation in the Carbon Free (CF) Alliance proposed by President Yoon Suk Yeol at the United Nations General Assembly in September.

Talks on the Korea-Vietnam Free Trade Agreement (FTA) followed, with discussions on measures to utilize their FTA in strategic ways in view of the 10th anniversary of their FTA entering into force approaching in 2025. They also focused on measures for collaboration regarding import controls, updating country-of-origin standards per each item, resolving non-tariff barriers, trade of agricultural products and other major issues in implementing the Korea-Vietnam FTA, and discussed how companies can make use of the FTA.

In his opening message, Minister Bang assessed that, since the two countries' establishment of diplomatic ties in 1992, their ties have grown closer than ever through the last two summit meetings, and stated that based on the past outcomes, Korea will expand cooperation with Vietnam in not only the traditionally core industries like manufacturing, but also in supply chains, clean energy and other new areas.