South Korea's prime minister Han Duck-soo speaks during a ceremony marking the 72nd anniversary of the start of the 1950 -- 1953 Korean War in Seoul on June 25, 2022. The Vietnamese government said that Vietnam and South Korea aim to raise the value of bilateral trade between the countries to $100 billion next year and $150 billion by 2030, up from $78 billion last year.
The trade targets were agreed during a telephone call between South Korean Prime Minister Han Duck-soo and his Vietnamese counterpart Pham Minh Chinh late on Tuesday, a government statement said.
South Korea is an important economic partner for Vietnam and the largest source of foreign direct investment. The biggest foreign investor in the Southeast Asian country is Samsung Electronics.
The statement said that Han and Chinh agreed to work together to narrow the gap in bilateral trade.
Vietnam incurred a trade deficit of $34 billion with South Korea last year, according to Vietnamese customs data. Vietnam's main imports from South Korea include electronics, machinery, metals, plastics, fabrics and fuels.
The statement said that Han and Chinh shared views on the importance of peace and stability and maritime safety and freedom in the South China Sea during the call.
AS more people get vaccinated, South Korea should relax its virus curbs as more people get vaccinated.