Vuong Dinh Hue (R), head of the Communist Party Central Committee’s Economic Commission, shakes hands with South Korean Minister of Trade, Industry and Energy Yoon Sang Jik during a working session in Seoul on August 12, 2014. Photo: Thanh Liem
South Korea will strike a free trade agreement (FTA) with Vietnam by the end of this year, South Korea's Minister of Trade, Industry and Energy Yoon Sang Jik said on Tuesday.
Yoon made the announcement during a working session with Vuong Dinh Hue, head of the Vietnamese Communist Party Central Committee’s Economic Commission, in Seoul.
Yoon asked Hue, who led a delegation to South Korea from August 10 to 13, to help step up negotiations to ensure the agreement is signed soon.
Vietnam is an attractive investment destination for South Korean businesses and the signing of the FTA will create a new wave of Korean investment into Vietnam, opening many cooperation opportunities for investors, Yoon said.
He suggested that the two countries boost bilateral cooperation in agriculture, forestry and aquaculture, especially in the Mekong Delta.
Once the FTA is signed, South Korean investors will flood into Vietnam, and investment will be expanded in all fields.
For his part, Hue welcomed Yoon's cooperation proposals and said the Party Central Committee’s Economic Commission is willing to push relevant agencies to wrap up FTA negotiations by the end of the year.