(VOVworld)- The relations between Vietnam and the Republic of Korea (RoK) have been strengthened and developed in all areas, notably the economy, over the past years, said Vietnamese Ambassador to the RoK Pham Huu Chi.

Vietnamese Ambassador to the RoK Pham Huu Chi

In an interview granted to Vietnam News Agency correspondents in Seoul on January 16, the Ambassador said based on the strategic cooperative partnership and sound politic ties, the two countries focused on developing economic cooperation, especially in the fields of trade, investment and labour.

Two-way trade has been on the rise, hitting 37 billion USD in 2015 and 43 billion USD in 2016. The figure is expected to reach 70 billion USD by 2020, as leaders of two countries set.

Many businesses from the RoK came to operate in Vietnam, with more than 5,000 investment projects worth over 50 billion USD as of now.
Cooperation in labour has been maintained, thanks to Vietnam’s efforts and the RoK’s close coordination. The two sides signed two memorandums of understanding related to the field.

Ambassador Chi held that the Vietnam-Korea Free Trade Agreement (VKFTA), which came into force in December 2015, has helped promote bilateral trade, investment and other economic areas.