(VOVworld) – Vietnam has approved the Vietnam-RoK free trade agreement and called on Korea to ratify it soon so that it can be given effect in the relatively near future.

PM Nguyen Tan Dung (R) and Korean Deputy Minister of Strategy and Finance Joo Hyung Hwan (Photo: VOV)

Prime Minister Nguyen Tan Dung made the statement at Friday’s reception in Hanoi for the visiting Deputy Minister of Strategy and Finance, Joo Hyung Hwan. 

Deputy Minister Hwan said his Ministry will closely coordinate with Vietnamese agencies regarding the trade pact and its implementation, particularly singling out a preferential loan package of US$12 billion that the RoK provided for an urban transport project.

Hwan noted that the Korean government was making the necessary preparations for submitting the trade pact to the parliament for approval soon.

He said that he hoped that the Vietnamese government would continue to create favorable conditions for Korean banks to open their branches in Vietnam to enable Korean businesses to invest in Vietnam.