Seoul(VNA) - The 16th session of the Joint Economic Committee between Vietnam andthe Republic of Korea convened in Seoul on October 24, reviewing outcomes ofbilateral cooperation over the past year and set out new tasks.

The Vietnamese delegationwas led by Deputy Minister of Planning and Investment Nguyen The Phuong, whilethe RoK delegation was headed by Deputy Foreign Minister for Economic Affairs YunKang-hyeon.

In their opening speeches,both officials underscored bilateral ties have grown in all fields since thetwo countries set up the diplomatic relations 25 years ago (December 22, 1992).

In addition to bilateral cooperation, the two countries are important partnerswith significant contributions to multilateral forums and cooperationframeworks in the region and in the world.

At the event, the twosides took note of remarkable progress made in economic engagements since theirlast session held in Hanoi on September 22, 2016, despite difficulties anduncertainty across the globe.

They exchangedpoints of views on tackling difficulties and measures to further promotebilateral cooperation in various economic areas, including the participation ofboth nations in regional and multilateral arenas.

They shared acommon view that the Joint Economic Committee has played an important role inpromoting Vietnam - RoK cooperation and should be utilised by both sides tocontinue its contribution.

Delegates talkedabout joint activities across sectors, including trade, labour, officialdevelopment assistance (ODA), consular affairs and justice.

As heard at thefunction, the RoK continued to be a top foreign investor in Vietnam with totalregistered capital amounting to 55.6 billion USD by August 2017. Bilateraltrade hit 43.45 billion USD in 2016 and 39.2 billion USD in the first eightmonths of 2017. Vietnam is one of the RoK’s top priority ODA partners,receiving 300 – 400 million USD per year from the RoK Government. About 50,000 Vietnameselabourers are working in the RoK.

Both sides alsodiscussed measures to reduce the deficit Vietnam recorded in trading with theRoK, to lift barriers for Vietnamese and Korean investors, and to effectivelymake use of the two countries’ human resources.

Both sides notedwith satisfaction about the encouraging outcomes of their joint works inagriculture, science-technology, urban planning, education, culture, andtourism, among other sectors.

They agreed tohold the committee’ next session in Vietnam, whose date and agenda would bedecided through diplomatic channels.-VNA