Vietnam and South Korea aim to raise the value of bilateral trade between the countries to $100 billion next year and to $150 billion by 2030, up from $78 billion last year, the Vietnamese government said.
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. Samsung Electronics is the biggest single foreign investor in the Southeast Asian country.
Han and Chinh also agreed to seek ways to narrow the gap in bilateral trade, the statement said.
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.
During the call, Han and Chinh also shared views on the importance of maintaining peace and stability and maritime safety and freedom in the South China Sea, the statement said.