The commitment was made at a recent meeting between RoK and Vietnamese officials to seek import and export opportunities. 

The two sides signed a new memorandum on boosting trade co-operation. Last February, the Ministry of Industry and Trade's Promotion Agency and the Korean Importers Association established a joint committee based on a memorandum signed in 2009.

”Coming to Vietnam this time, we plan to sign a new memorandum based on more detailed terms and commitments,” said Association President Ju Tae Lee ahead of the ceremony. He said that because Vietnam was concerned over imbalanced trade, the RoK government would expand its imports.

Deputy Minister of Industry and Trade Nguyen Thanh Bien said that in an effort to achieve balanced trade, Vietnam and the RoK aim to reach a trade turnover of US$20 billion by 2015.

Also on October 19, Deputy Prime Minister Nguyen Xuan Phuc showed his appreciation for the key issues the two sides would co-operate further in including the auxiliary industry, human resources in hi-tech sectors and atomic energy for peaceful use. 

The RoK is the largest investor in Vietnam, with total capital valued at more than US$20 billion to date.