HANOI -- Korea and Vietnam yesterday agreed to form a "strategic cooperative partnership" paving the way for a broader diplomatic and security cooperation.
President Lee Myung-bak and his Vietnamese counterpart Nguyen Minh Triet also agreed to make an effort to double bilateral trade volume to $20 billion by 2015 and consider studying the feasibility of a free trade agreement.
Triet promised to support Korean firms' participation in a range of projects to develop infrastructure, resources and financial businesses in Vietnam.
"The two leaders agreed to raise bilateral relationship to a 'strategic cooperative partnership' for peace, stability ad development," the two presidents said in a joint statement after their summit.
Lee on Tuesday arrived in Hanoi, the first leg of his weeklong Southeast Asia trip that will also take him to Cambodia and Thailand.
The summit marked a major progress in Korea-Vietnam ties since 2001 when they established a "comprehensive partnership in the 21st century."
Bilateral ties have focused on trade and economy since two countries established a diplomatic relationship in 1992.
"The new strategic partnership promises to broaden the relationship beyond the economy to all areas including diplomacy and security," Lee said during a press conference after the summit.
The two countries will launch annual vice minister-level strategic dialogue and boost defense industry cooperation and exchanges.
"Vietnam is the bridgehead country in Korea's expanding relationship with Southeast Asia," Lee Dong-kwan, the president's top press aide, told reporters.
"The agreement means that Vietnam became Korea's a key diplomatic partner," on a par with Russia and China, the senior secretary said. Seoul forged the strategic cooperative partnership with Beijing and Moscow last year.
The leaders also acknowledged development in their economic ties and pledged to deepen cooperation.
Vietnam is Korea's 12th-largest trade partner and Korea is Vietnam's sixth largest.
Seoul is also the second largest foreign investor in the nation with an accumulative investment reaching $20.4 billion as of this month.
Two-way trade reached $9.84 billion in 2008, 20 times as much as the $490 million recorded in 1992.
"We set the goal of increasing the trade volume to 20 billion by 2015," Lee said. Korea firms' investment in Vietnam will also broaden to high-tech and national backbone sectors, he added.
Lee also promised to recognize the market economy status of Vietnam, which would provide better protection for Viet businesses and products in the Korean market.
Triet expressed gratitude for the recognition, saying that it will help his country further develop the market economy and move forward toward the international community.
They also agreed that the countries will begin discussion within this year on forming a study group to look into the possibility of a bilateral FTA.
Lee asked the Vietnamese government to allow Korean firms' participation in the development of mineral resources, the banking industry, as well as the construction of high-speed and electric railways in Vietnam. Triet promised to consider the request.
The two leaders agreed that Korean businesses will take part in the development of the River Hong area in the Viet capital.
The project was first proposed by Lee when he visited Hanoi as Seoul mayor four years ago. Some $7 billion is expected to be poured into the project over 10 years.
Lee promised that Korea will continue to provide development aid and share its experience in industrialization.
They also confirmed that North Korea's possession of nuclear weapons should not be tolerated. They called for the North's denuclearization through the six-party talks.
The two countries will boost cooperation in international forums such as the Association of Southeast Asian Nations and Group of 20, which Vietnam and Korea chair in 2010, respectively.
The leaders also observed the signing of 11 memorandums of understanding between the two countries in construction, telecom service, resources development and other projects.
Before the summit, Lee visited the tomb of Ho Chi Minh, the founder of Vietnam.
Later in the day, Lee met with Prime Minister Nguyen Tan Dung and Communist Party Secretary-General Nong Duc Manh.
He will begin a two-day visit to Phnom Penh on Thursday for a summit with Cambodian Prime Minister Hun Sen.
On Friday, the president will fly to Hua Hin, Thailand, the venue for the annual summit of the ASEAN.
(jjhwang@heraldm.com)
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