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Speaker of the Republic of Korea (RoK) National Assembly Chung Ui-hwa meets with Vietnamese Deputy Prime Minister Vu Van Ninh (left) in Seoul. — Photo VGP
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SEOUL (Biz Hub) — South Korea's National Assembly will ratify the Viet Nam – South Korea Free Trade Agreement to complete the necessary legal corridor, accelerating investment and trade between the two countries.
Speaker of the Republic of Korea (RoK) 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 today.
Deputy PM Ninh stressed that Viet Nam wanted to develop, but needed assistance from South Korea, 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 would ratify the pact.
Ninh also called for RoK's National Assembly to support increased funds for Viet Nam 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 South Korea.
"Viet Nam has taken positive actions to manage the country's labourers in South Korea, ensuring that they abide by the laws of the country and defending their rights," Ninh said.
The two countries would develop their relationship, as more than a million people from both sides visited each country and more than 4,000 RoK enterprises were doing business in Viet Nam, Chung Ui-hwa said.
He urged Viet Nam to continue assisting South Korean enterprises and banks so they could perform effectively.
In return, the Deputy PM said Viet Nam had received dossiers from banks and would help them do their business smoothly in Viet Nam.
Reports show that the number of RoK banks operating in Viet Nam makes up the largest percentage of banks from foreign countries. The State Bank of Viet Nam is supporting these banks to ensure they meet the criteria to operate in Viet Nam.
During their talks, the two sides agreed they'd continue signing agreements on mutual legal assistance, and promoting exchanges among people from both sides.— VNS
Co-operation tap
Viet Nam hoped to tap co-operative prospects with the Republic of Korea (RoK) towards achieving US$70 billion in trade before 2020, Prime Minister Nguyen Tan Dung told RoK National Assembly Member Ahn Sang-soo at a meeting in Ha Noi yesterday.
With the recently-signed bilateral free trade agreement, Dung said Viet Nam looked forward to strengthening bilateral co-operation across all fields on par with their strategic partnership.
He pledged all possible support to Korean investors in Viet Nam and asked the RoK to resume receiving Vietnamese workers and provide assistance to Vietnamese nationals in the country.
Ahn, who is also member of the RoK – Vietnam Friendship Association, promised to encourage Korean investors to conduct business in Viet Nam and welcome Vietnamese labourers as well as the Vietnamese community in the RoK.
He also assured Dung that he would convey his suggestions to President Park Geun-hye upon his return to the RoK. — VNS