(VOVworld) - Over two hundred delegates representing the business communities in Vietnam and South Korea, gathered in Hanoi on Thursday to discuss ways of increasing two-way trade turnover to 20 billion USD by 2015.

With more than 3,000 investment projects capitalized with 20 billion USD, South Korea is Vietnam’s fourth major partner after China, the US and Japan. The country is also Vietnam’s fourth largest importer and the second biggest market for Vietnamese exporters. In recent years, many Vietnamese exports including aquatic products, garments and textiles, timber, rubber, and coffee have been available in South Korea and are now much sought-after by Korean consumers. On addressing the seminar, Deputy Minister of Industry and Trade Tran Quoc Khanh said that he hoped that in the future, bilateral ties will flourish so both business communities will be presented with more opportunities. Khanh added ‘Both countries have a tremendous potential to develop trade. A Free Trade Agreement would also boost political, economic, and cultural relations and tighten the strategic partnership between Vietnam and Korea. Together with our cultural similarities, businesses from both nations will have plenty of chances to find new partners and enter new markets’.