Jabar Ekspres – South Korean President Yoon Suk Yeol and Vietnamese President Vo Van Thuong on Friday agreed to strengthen cooperation against North Korea’s nuclear threat and develop bilateral trade.
Yoon agreed to provide a $4 billion soft loan to Vietnam by 2030 as part of development assistance.
This came after the two held a meeting at the presidential palace in Hanoi on the second day of Yoon’s three-day state visit in Vietnam.
“North Korea’s nuclear and missile programs are the most pressing security threats in the region,” Yoon told a joint press conference with Thuong.
“South Korea and Vietnam will enhance coordination both at the Association of Southeast Asian Nations (ASEAN) level and bilaterally to draw a joint response from the international community,” Yoon said, adding.
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Yoon said the two countries will hold annual foreign ministerial talks and expand defense industry cooperation based on the growing political trust between the two sides.
The South Coast Guard and Vietnam’s Ministry of Public Security also signed a memorandum of understanding so that South Korea will be able to help strengthen Vietnam’s maritime security capabilities.
“South Korea and Vietnam have built a close and mutually beneficial cooperative relationship for more than 30 years,” Yoon said.
“Last year, we upgraded bilateral cooperation to a Comprehensive Strategic Partnership on the occasion of 30 years of diplomatic relations,” he said.
“Today, President Thuong and I discussed how to enhance our cooperation in a way that is commensurate with improved bilateral relations and contributes to freedom, peace and prosperity in the Indo-Pacific region.” he continued.
With the aim of increasing bilateral trade to US$150 billion, the two sides agreed to establish an Electronic Origin Data Exchange System.
The system allows businesses to submit proof of origin of export and import goods online to qualify for preferential duties under the two countries’ free trade agreements.
