South Korea and Vietnam agreed Tuesday to further promote bilateral trade and investment.

South Korean Industry Minister Sung Yun-mo met his Vietnamese counterpart, Tran Tuan Anh, and exchanged various ideas on expanding trade of the two countries, according to the Ministry of Trade, Industry, and Energy.

Vietnam is the third largest export partner of South Korea.

The meeting came during the two-day special group summit between South Korea and the 10 member countries of ASEAN, which kicked off in the southern port city of Busan on Monday.

The two countries also inked a memorandum of understanding that centers on fostering the retail and service industries of Vietnam under cooperation with South Korea.

Sung asked Vietnam, which will chair ASEAN in 2020, to continue to make efforts to successfully finalize the upcoming mega Asia-Pacific trade pact, known as the Regional Comprehensive Economic Partnership as well.

Earlier this month, ASEAN member states, South Korea and five other countries reached the mega trade deal, which marks the biggest trade deal ever clinched by South Korea. The economic bloc accounts for a third of the world's gross domestic product. (Yonhap)