Addressing an ASEAN-RoK business forum in Jeju on May 31, Mr Dung noted that economic and trade ties between ASEAN and the RoK have grown and flourished vigorously since the two sides established their dialogue relationship 20 years ago. The RoK is now ASEAN’s key trading partner, with two-way trade increasing from more than US$46 billion in 2004 to over US$90 billion in 2008.

Many cooperation pacts have been signed between the two sides, including the 2005 framework agreement on comprehensive economic cooperation, the 2006 goods and trade agreement and the 2006 service trade agreement.

The ASEAN-Korea Centre was inaugurated in March 2009 to help promote their investment, trade and tourism.

The Vietnamese PM praised the major role the business communities of the two sides have played in maintaining GDP growth, shifting economic structuring, increasing exports and generating jobs for the people.

However, he said the results have yet to match the friendly and cooperative ties as well as great potential and desires of the two sides.

He suggested that both ASEAN and the RoK promote cooperation to narrow the development gap, speed up the implementation of already-signed agreements, sign new ones and abolish barriers for the sake of common development.

He stressed that ASEAN is making every effort to establish a single economic community by 2015 to facilitate the free movement of commodities, services, skilled workers and capital. Together with the establishment of the ASEAN-RoK free trade area, changes in trade and investment ties between the two sides require their business communities to cooperate closely, share information, make future forecast and cope with new challenges.

After briefing the forum on Vietnam’s major socio-economic developments, Mr Dung said that the RoK is one of Vietnam’s leading economic partners, with two-way trade reaching nearly US$9 billion in 2008, up 34.7 percent against 2007. RoK businesses are carrying out 2,150 direct investment projects in Vietnam with a combined capital of nearly US$19 billion, ranking second among 90 foreign investors in the country.

Both countries have signed major agreements, providing further impetus for promoting comprehensive cooperation between Vietnam and the RoK and contributing to the cooperation framework between the RoK and ASEAN.

He expressed his belief that given great potential available and firm resolve by relevant countries and businesses, cooperative ties between ASEAN and the RoK will develop more fruitfully.

That is the business circles that play an important role in deciding the future of the two sides, for the goal of steady growth and sustainable development, said Mr Dung.

In the afternoon, Mr Dung had a talk with representatives of 10 leading RoK businesses and 10 leading Vietnamese economic groups and corporations. He affirmed that foreign investors are an indispensable part of the Vietnamese economy. He acknowledged RoK businesses’ efforts and contributions to increasing economic, investment and trade cooperation between Vietnam and the RoK.

He said that the Vietnamese government encourages businesses, including those from the RoK, to invest in agricultural production as well as infrastructure construction and heavy industries.

He said he will instruct ministries, agencies and localities to work closely with RoK businesses to iron out snags to facilitate their investment in the country.

Representatives of the leading RoK businesses expressed their desires to expand investment in Vietnam, especially in the areas of the RoK strength such as infrastructure, real estates and agricultural machine manufacturing.

They said they are ready to join hands with the two governments to boost bilateral cooperation in economics, trade and investment, as well as in culture, education, training, science and technology.