Party leader prepares for Korea visit

This visit, the third visit to South Korea by a Party general secretary of Vietnam, will further push the strategic partnership the two countries signed in 2009, especially in economic co-operation.

Trong will have talks with Geun-hye, and meet with South Korea’s Prime Minister Chung Hongwon as well as Saeruni Party and National Assembly leaders.

The two sides will issue a joint statement after the talks.

Trong will also visit Samsung headquarters.

Samsung’s total committed investment in Vietnam is an approximate $8 billion. The firm is one of the country’s biggest foreign investors with big plants in Bac Ninh and Thai Nguyen provinces. Samsung has planned to develop another $1 billion plant to produce LCD screens and other components in Ho Chi Minh City.

During Trong’s visit, it is expected that VietJetAir would ink a deal with South Korea’s tourism authorities to open an air route between the two countries .

On September 7-11, 2013, President Geun-hye paid a state visit to Vietnam, her first to Southeast Asia and her third international visit (after the US and China) after she was elected.

The two nations agreed to boost bilateral trade to $70 billion in 2020, compared to $21.12 billion in 2012 during her visit. Seven agreements were also signed, including setting up a Vietnam-Korea Institute of Science Research in Vietnam, co-operation on infrastructure and land data, the environment, labour exports, development of Ho Chi Minh City’s Corridor 3 road, establishment of South Korea’s Financial Supervision Agency in Hanoi, and a memorandum of understanding on distribution and logistics.

Vietnam and South Korea in June 2013 also entered a joint pre-feasibilty study on constructing a nuclear power plant. It is expected that the study will be finished this year.

South Korea is the fourth largest economy in Asia and the 15th biggest economy in the world. It is Vietnam’s third largest trade partner. Bilateral trade turnover reached $27.5 billion in 2013, up fourfold against 2007.

As of September 20, 2014, South Korea was Vietnam’s second biggest foreign direct investor, with 3,983 inprojects registered at $33.4 billion.

South Korea is also Vietnam’s second biggest bilateral donor of official development assistance (ODA), with a committed $1.2 billion for 2012-2015, up $200 million from 2008-2011.