Korea and Vietnam agreed to accelerate FTA talks so that the deal can be signed
some time next year.
President Park Geun-hye and Vietnamese President Truong Tan Sang, during their bilateral summit on Monday, decided to hold two additional FTA rounds of negotiations this year, with the first one set to take place in October, which will be the third round of their trade talks.
Under the regulatory structure of the FTA, the two leaders also agreed to work towards expanding bilateral trade to 70 billion dollars by the year 2020, which is more than triple the figure reached last year.
The energy and resources sector is another important area of cooperation.
The two countries decided to continue working together in nuclear power plant development, with Vietnam planning to build 10 nuclear reactors by the year 2030.
"We agreed that sharing Korea's experiences and technology in developing nuclear power plants will contribute to nurturing Vietnam's nuclear power plant industry."
The Vietnamese president also vowed to support Korean companies so that they could take part in its other energy infrastructure projects, such as construction of thermal power plants and oil storage facilities.
With regard to North Korea, the two leaders made it clear that they will not tolerate Pyongyang's possession of nuclear weapons.
President Sang showed support for President Park's trusting-building process with North Korea and her vision for a multilateral dialogue process in Northeast Asia.
"President Park will continue on with her sales diplomacy on Tuesday during her visit to Vietnam's largest economic city of Ho Chi Minh. There she is scheduled to meet with high-ranking city officials, during which she will call for the support of some 18-hundred Korean companies operating there, and tour a Korean company, Hansae.
Eoh Jin-joo, Arirang News, Hanoi."