South Korea and Vietnam on Friday agreed to raise bilateral relations to that of strategic partners, and to increase trade to $100 billion by 2020.

The agreement was included in the Korea-Vietnam joint declaration announced following President Moon Jae-in’s summit with Vietnamese President Tran Dai Quang in Hanoi. 

In a joint declaration released shortly after their summit, the two leaders noted each of their countries had become one of the most important partners.

“The leaders of the two countries highly evaluated the fact that the countries have greatly improved their relations over the past 25 years since the South Korea-Vietnam diplomatic ties were established,” read the joint declaration at a joint press conference.

“In addition, the leaders agreed on the need to upgrade the South Korea-Vietnam strategic cooperative partnership by expanding and deepening their exchange in each area while solidifying their complementary, active and creative cooperation by continuing their achievement in the development of bilateral ties over the past 25 years under the spirit of mutual respect,” they said in their declaration.

Efforts to enhance their ties must include increased exchanges between their governments and people in all areas.

Moon and Quang also agreed to increase their countries’ diplomatic and defense cooperation.

The countries will launch regular dialogue between their foreign ministers, while their defense ministries will seek to announce a joint statement on defense cooperation and shared vision at an early date, they said.

As part of the plans for increasing trade, the two leaders agreed to seek Regional Comprehensive Economic Partnership negotiations this year and cooperate in facilitating free trade in the region. In 2017, trade between the two countries came to just under $64 billion.

The two sides also signed six memorandums of understanding for increasing trade, and industrial cooperation. Areas the two countries agreed to seek further cooperation include materials and components manufacturing, transport and infrastructure, construction and urban development. The memorandums signed Friday also include one on drawing up plans for boosting bilateral trade.

Friday’s summit also led to the conclusion of negotiations for a social security agreement, under which some 13,000 South Korean business people and laborers currently in Vietnam will be exempt from Vietnam’s new mandatory social welfare program over the next five years, according to Cheong Wa Dae.

Ahead of the summit talks, Moon also expressed regret over South Korean soldiers’ conduct during the Vietnam War.

“(I) express regret over the unfortunate history between the two countries that remains in our minds, while Korea and Vietnam continue to develop exemplary cooperative relationship,” Moon said.

His comment marked the second time the president had expressed such sentiment over developments that arose from the country’s participation in the Vietnam War in support of the US.

By Choi He-suk and news reports (cheesuk@heraldcorp.com)