S. Korea president's Vietnam visit aims to deepen trade ties

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S. Korea president's Vietnam visit aims to deepen trade ties
South Korean President Moon Jae-in, left, and his Vietnamese counterpart Tran Dai Quang attend a press conference at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (AP Photo/ Minh Hoang, Pool)

HANOI, Vietnam (AP) — Vietnam and South Korean aim to substantially increase their bilateral trade during President Moon Jae-in’s three-day visit to the Southeast Asian country.

South Korea has become Vietnam’s largest foreign investor and second-biggest trading partner since diplomatic relations were established in 1992. Bilateral trade stood at .5 billion last year.

Speaking to reporters at a joint press briefing in Hanoi, Moon said the two leaders aim for $ 100 billion by 2020.

Moon’s counterpart Tran Dai Quang says the two leaders are committed to further develop their relations and he also encouraged South Korean companies to expand their investment in Vietnam, particularly in infrastructure, high-tech industries, energy and supporting industries.