Under an agreement reached at the 13th meeting of the Vietnam-South Korea Joint Committee for Trade, Industry and Energy Cooperation, held in Seoul on December 7, two-way trade between the two countries will be increased from $100 billion to $150 billion by 2030, the Government News has reported.

The meeting was co-chaired by Minister of Industry and Trade Nguyen Hong Dien and South Korean Minister of Trade, Industry and Energy Bang Moon-kyu.

The two ministers agreed on measures and new cooperative mechanisms in fields under their management while supporting each other in bilateral and multilateral cooperation frameworks, contributing to economic recovery and development in both countries.

Regarding the industrial sector, they pledged to work together to craft an action plan to implement an MoU on the establishment of a Vietnam-South Korea key mineral research center, which was signed on June 23, 2023.

The South Korean side agreed to support Vietnam in formulating policies in the fields of minerals, rare earths, research, exploitation, processing, and human resources training.

In terms of energy, they hailed positive cooperation results in developing LNG power plants and oil and gas exploitation in Vietnam as well as exchanging information on green energy.

South Korea pledged to help Vietnam build new energy development policies and bolster its energy transition process, thus achieving its net-zero emissions target by 2050.