March 23, 2018

HANOI -- 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 $61.5 billion (6.5 billion yen) last year.

Speaking to reporters at a joint news briefing with Vietnamese President Tran Dai Quang in Hanoi, Moon said the two leaders aim for $100 billion by 2020.

"President Quang has said the country aims to build itself into a modern industrial state by 2020. I emphasized (to him) that close and mutually beneficial cooperation between the countries will greatly contribute to achieving our mutual goal of reaching $100 billion in mutual trade by 2020," Moon said.

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