(4th LD) S. Korean, Vietnamese leaders agree to forge 'strategic partnership'

(ATTN: UPDATES with outcome of President Lee's talks with Cambodian prime minister,
secretary-general of the Communist Party of Vietnam at bottom)
By Byun Duk-kun

HANOI, Oct. 21 (Yonhap) -- South Korean President Lee Myung-bak and his
Vietnamese counterpart Nguyen Minh Triet agreed Wednesday to upgrade the
relationship between their countries to a "strategic cooperative partnership."
The leaders also agreed to establish dialogue between their defense and foreign
ministries to forge cooperative security and political ties, according to a joint
statement issued by Lee and Triet after their summit here.
"The leaders of the two countries discussed ways to further improve the
Korea-Vietnam relationship that developed so rapidly in such a short period of
time since the countries established diplomatic ties in 1992," Lee's presidential
office Cheong Wa Dae said in a press release.
Vietnam is the third nation to establish a strategic partnership with South Korea
following China and Russia, according to South Korean officials accompanying
their president.
The partnership "means the countries will expand their cooperation not only in
the economic sector, but also in the diplomatic and defense sectors," the South
Korean president said at a joint press conference with Triet.
Lee and the Vietnamese president also called for efforts to double their nations'
bilateral trade to US$20 billion by 2015.
"We two leaders highly evaluated the fact that bilateral trade between our two
countries increased 20 times from about $500 million in 1992 when diplomatic ties
were established to $10 billion in 2008," they said in the joint statement.
The leaders also agreed to launch a joint study on the feasibility of a bilateral
free trade agreement before the year's end.
Lee agreed to recognize Vietnam's Market Economy Status, a move that could
significantly improve protection for Vietnamese businesses and their products in
trade with South Korea, especially against anti-dumping regulations, according to
Lee Dong-kwan, the president's public relations secretary.
The Vietnamese president expressed gratitude for the decision at the joint press
conference, saying it will be a "great help" to his country as it looks to
further integrate itself with the international community.
The bilateral summit provided new opportunities for South Korean businesses,
according to Cheong Wa Dae spokeswoman Kim Eun-hye.
"The joint statement stipulated guarantees for our companies' participation (in
Vietnamese projects). This means we have secured the basis for participation in
Vietnam's $7-billion Red River development project," Kim told reporters.
Lee also expressed hope for South Korean companies' participation in Vietnam's
$9-billion railway project. The Vietnamese president said his government will
positively review the request, she said.
The South Korean president arrived here Tuesday as part of his three-nation tour
that will also take him to Cambodia and Thailand, where he will attend a regional
summit of the Association of Southeast Asian Nations (ASEAN).
South Korea and Vietnam will work closely together in international forums, such
as ASEAN, to promote their mutual interests, the Cheong Wa Dae press release
said.
Lee said he has invited his Vietnamese counterpart to visit South Korea next
year, a trip South Korean officials say could coincide with the G-20 economic
summit South Korea will host in November.
"Korea will host a G-20 meeting next year as the chair of that conference.
Therefore, Korea and Vietnam, which will head ASEAN next year, agreed to work
together very closely," Lee told the press conference, adding the Vietnamese
president has agreed to visit South Korea at an early date.
The South Korean leader met separately with Vietnam's Prime Minister Nguyen Tan
Dung and Communist Party Secretary-General Nong Duc Manh and asked for their
support in advancing bilateral relations.
"President Lee praised Vietnam's successful efforts to reform and open up to the
rest of the world and said that was why his country decided to recognize
Vietnam's market economy status," Cheong Wa Dae said of Lee's meeting with the
Vietnamese prime minister.
Dung expressed gratitude and said he will work to help further develop
Korea-Vietnam relations, Cheong Wa Dae sid.
Lee will leave Thursday for Cambodia.
bdk@yna.co.kr
(END)