Vietnam, RoK enhance financial cooperation

During his meeting with Minister of Strategy and Finance Bahk Jae-wan on March 27 as part of his visit to the RoK, Minister Hue expressed his hope that the growing cooperation between the two ministries will foster bilateral economic and trade relations.

The Finance Ministry of Vietnam will actively work with the RoK Strategy and Finance Ministry, as well as RoK investors in Vietnam, to build an open, transparent and friendly business environment for investors to carry out long-term operation.

Minister Bahk Jae-wan thanked the Vietnamese Government and the Finance Ministry in particular for their support for RoK agencies and enterprises operating in Vietnam.

He spoke highly of new cooperative contents between the two sides, showing his belief that comprehensive cooperation will see further developments, contributing significantly to the two countries’ strategic partnership.

At his talks with President of Korea Eximbank Kim Dong-soo, Minister Hue praised the bank’s positive contributions and effective operation in Vietnam, especially the comprehensive cooperation between the Finance Ministry and Korea Eximbank.

They also reviewed Vietnam-RoK cooperative activities in preferential loan provision and talked about orientations for future cooperation.

Minister Hue called for Korea Eximbank’s further support given Vietnam’s high demand for investment in infrastructure.

The bank executive informed that the RoK government will continue to invest in infrastructure, green growth projects and climate change programs in Vietnam.

The same day, Finance Minister Hue also met with National Tax Service Commissioner Lee Hyun-dong to evaluate the two agencies’ cooperative program.

Lee Hyun-dong affirmed that the RoK National Tax Service is willing to cooperate effectively with the Vietnam General Department of Taxation, contributing to the development of the Vietnam-RoK strategic partnership.

The RoK is one of the most important partners of Vietnam in the fields of economics, investment, culture, education and labor, while Vietnam is an important partner of the RoK in Southeast Asia.

It is always among the top three investors in Vietnam. In 2011, the country committed 411.8 million USD to Vietnam, a year-on-year increase of 39 per cent.