RoK to approve trade deal with Vietnam

The National Assembly of the Republic of Korea will ratify the Vietnam – RoK Free Trade Agreement to complete the necessary legal corridor, accelerating investment and trade between the two countries.

Speaker of the RoK’s National Assembly Chung Ui-hwa announced the impending ratification during a meeting with Vietnamese Deputy Prime Minister Vu Van Ninh, who is on a four-day visit to the country that ends on May 20.

Deputy PM Ninh stressed that Vietnam wants to develop, but needed assistance from the RoK, as well as the personal support of the parliament speaker.

"The signing of a free trade agreement between the two countries [early this month] further motivates our bilateral relationship," Ninh said, expressing his hope that the RoK's National Assembly will ratify the pact.

He also called for the RoK's National Assembly to support increased funds for Vietnam to help the country develop infrastructure projects.

The Deputy PM thanked Chung Ui-hwa for raising his voice to protect the rights and life of Vietnamese studying and working in the RoK.

"Vietnam has taken positive actions to manage the country's labourers in the RoK, ensuring that they abide by the laws of the country and defending their rights," Ninh said.

The two countries will develop their relationship, as more than a million people from both sides visited each country and more than 4,000 RoK enterprises are doing business in Vietnam, Chung Ui-hwa said.

He urged Vietnam to continue assisting RoK enterprises and banks so they could perform effectively.

In return, the Deputy PM said Vietnam has received dossiers from banks and will help them do their business smoothly in Vietnam.

Reports show that the number of RoK banks operating in Vietnam makes up the largest percentage of banks from foreign countries. The State Bank of Vietnam is supporting these banks to ensure they meet the criteria to operate in Vietnam.

During their talks, the two sides agreed they will continue signing agreements on mutual legal assistance, and promoting exchanges among people from both sides.


RoK to approve trade deal with Vietnam