Vietnam Seeks to Boost Economic Ties with S. Korea, Sang Says

CA - Vietnamese President Truong Tan Sang said Tuesday he is seeking to boost bilateral relations with South Korea and increase the volume of trade between the two nations as he embarks on a state visit to Seoul.

The Vietnamese president was set to hold summit talks with President Lee Myung-bak later Tuesday on the first day of his three-day state visit to South Korea. Sang was the first Vietnamese president who visited Seoul in more than 10 years.

"Vietnam wants to further strengthen relations with South Korea after their relationship was upgraded to a strategic cooperative partnership in 2009," Sang said in an interview with Yonhap News Agency ahead of his departure to Seoul.

"Throughout the visit, I hope to assess our bilateral ties over the past two decades and propose a direction that will cement our relationship," he said.

During the summit talks, Lee and Sang plan to discuss cooperation in diplomacy and security, economy and trade, and energy and resources as well as cooperation on the international stage, Lee's office said in a statement.

Sang's itinerary also includes a visit to industrial facilities in South Korea as well as meetings with business leaders to encourage Korean investment in Vietnam, according to the statement.

Sang's visit reflects growing ties between the two countries, which opened diplomatic relations in 1992.

South Korea fought alongside the United States in the Vietnam War, but Seoul and Hanoi have steadily expanded relations to ease their Cold War scars since forging diplomatic ties.

Seoul is now one of Hanoi's major trade partners and also one of the largest foreign investors there.

Two-way trade between South Korea and Vietnam totalled $12.9 billion last year and $11.4 billion for the first eight months of this year. Despite growing trade, Vietnam's trade deficit with South Korea widened to $6.7 billion last year.

In the interview, Sang said he wants to work toward narrowing the trade deficit.

"South Korea and Vietnam should actively cooperate to maintain sustainable trade relations and reduce the deficit," Sang said.

"Vietnam welcomes a visit by South Korean delegations that survey Vietnamese products and import them."