The Second Deputy Prime Ministers’ (DPMs) Dialogue on Economic Cooperation between Korea and Vietnam was held in Hanoi, Vietnam on March 10, marking the first high-level bilateral dialogue held overseas since the inauguration of Deputy Prime Minister Choo Kyung-ho.
Both sides discussed follow-up measures to put into action economic cooperation projects, which were agreed upon during the Korea-Vietnam Summit Meeting on December 5, 2022. In particular, the Korean government brought the Vietnamese government’s attention to cooperation in the labor and finance sectors that were discussed during the Summit.
1) Implementation of the Financial Cooperation Framework: Both sides discussed priorities regarding candidate projects for Korea’s grant aid to Vietnam and agreed to sign the Economic Development Cooperation Fund (EDCF) Framework Agreement (F/A) and Economic Development Promotion Facility (EDPF) Cooperative Agreement (C/A) within this year for timely provision of loans to the Vietnamese government.
2) Entry into force of the Protocol amending the Korea-Vietnam Customs Mutual Assistance Agreement (CMAA): Both sides agreed to swiftly sign an Authorized Economic Operator Mutual Recognition Arrangement (AEO MRA) to expedite the customs process and launch within the year the Electronic Origin Data Exchange System (EODES) that is designed to promote the utilization of their Free Trade Agreement (FTA).
3) Implementation of the Memorandum of Understanding (MOU) on ICT Cooperation: Both sides agreed to bolster cooperation on technology transfer through the Vietnam-Korea Institute of Science and Technology (VKIST) and discussed measures to develop and implement an IT cooperation project.
4) Cooperation in the labor sector: Both sides agreed to renew the MOU on accreditation of experts at the earliest to make it easier for young Koreans to obtain work permits from the Vietnamese government, and shared the same views on the need for the Vietnamese government’s swift completion of internal procedures in order for the Korea-Vietnam Agreement on Social Insurance to take effect as soon as possible.
5) Korean financial institutions’ business expansion in Vietnam: The two sides agreed to work on helping Korean financial institutions enter the Vietnamese market, by allowing the establishment of an incorporated subsidiary of Industrial Bank of Korea (IBK), the Hanoi branch of Korea Development Bank (KDB) and the Ho Chi Minh City branch of Nonghyup Bank.