South Korea's National Assembly will ratify the Vietnam – 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 meets with Vietnamese Deputy Prime Minister Vu Van Ninh (left) in Seoul. — Photo VGP
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 Vietnam wanted to develop, but needed assistance from South Korea, as well as the personal support of the parliament speaker.
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"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 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 South Korea.
"Vietnam 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 Vietnam, Chung Ui-hwa said.
He urged Vietnam to continue assisting South Korean enterprises and banks so they could perform effectively.
In return, the Deputy PM said Vietnam had received dossiers from banks and would 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'd continue signing agreements on mutual legal assistance, and promoting exchanges among people from both sides.