(VOVworld) - The Republic of Korea will accelerate negotiations on a free trade agreement (FTA) with Vietnam, striving to sign the trade pact later this year. 

Yoon Sang Jik, Minister of the Korean Ministry of Trade, Industry and Energy (MOTIE), made the commitment at a working session in Seoul with Pro. Dr. Vuong Dinh Hue, head of the Party Central Committee’s Economic Commission during the latter’s visit between August 10-13. The Minister said Vietnam was an attractive investment destination for RoK businesses, and the signing of the agreement will facilitate Korean investments in Vietnam, opening plenty of cooperative opportunities for both business communities. Yoon acknowledged Hue’s proposal seeking Korean government assistance for the establishment of another Vietnam-RoK incubator park in northern Vietnam, and said he would submit the proposal to the government for consideration. Both host and guest said the two countries should cooperate closely in developing the support industry, broaden human resource training programmes in Vietnam, promote connectivity in developing regional and global supply chains, and support their small and medium-sized enterprises (SMEs).