Vietnam and the Republic of Korea (RoK) target $150 billion in two-way trade turnover by 2030.

The target was revealed at talks between State President Vo Van Thuong and South Korean President Yoon Suk Yeol in Hanoi on June 23, the Government News reported.

The two leaders agreed to effectively implement the Vietnam-Korea Free Trade Agreement (VKFTA) and measures to facilitate the operations of businesses in the two countries.

The RoK agreed to continue opening more markets for products from Vietnam such as farm produce, seafood and fruit; support Vietnamese businesses to move deeper into the global supply chains of RoK enterprises; and encourage RoK enterprises to invest in or expand operations in Vietnam, particularly in prioritized fields such as infrastructure, the production of high-technology electronic products, bio-technology, and smart cities.

The two applauded the signing of the Economic Development Promotion Facility (EDPF), worth $2 billion, between the two countries, to implement large-scale investment projects in the fields of transport and urban infrastructure in Vietnam.

Both also agreed to expand labor cooperation and diversify cooperation in science and technology.