By Na Jeong-ju
Staff Reporter
South Korea and Vietnam agreed Wednesday to upgrade their bilateral relations to a "strategic cooperative partnership," boosting ties in the economic, diplomatic and security areas.
The agreement was made at a summit between President Lee Myung-bak and Vietnamese President Nguyen Minh Triet in Hanoi. Lee arrived there a day earlier as part of his six-day Southeast Asian trip.
The leaders agreed to establish annual dialogue between their defense and foreign ministries to strengthen cooperation on regional security and political issues.
They also pledged to double trade between Korea and Vietnam to $20 billion by 2015 and begin a joint feasibility study for a free trade deal, according to a joint statement.
"Presidents Lee and Triet discussed ways to further improve the Korea-Vietnam relationship that developed so rapidly in a short period of time since the countries established diplomatic ties in 1992," Cheong Wa Dae spokeswoman Kim Eun-hye said.
South Korea became the fifth nation to establish a strategic partnership with Vietnam following China, Russia, India and Japan. The agreement means there will be more active economic and cultural exchanges in the future, Kim said.
Vietnam promised to allow South Korean firms to participate in its planned infrastructure development projects, including the $7-billion scheme to develop the Red River.
Lee also expressed hope for Korea's participation in Vietnam's $9-billion railway project. President Triet said he will positively review the request, according to the spokeswoman.
The two countries will work closely together in international forums, such as ASEAN, to promote their mutual interests.
"For the improvement of the Korea-ASEAN relationship, President Lee called for close cooperation with Vietnam, which will take the chair of the Southeast Asian economic bloc in 2010," spokeswoman Kim said.