Finance ministers of Korea, Vietnam meet in Seoul

Korean Finance Minister Choi Sang-mok, left, poses for a photo with the Minister of Finance of Vietnam, Ho Duc Phoc, in Seoul on Friday. [NEWS1]

Korea's finance minister, Choi Sang-mok, and his Vietnamese counterpart, Ho Duc Phoc, met in Seoul on Friday to discuss ways to strengthen bilateral economic cooperation and improve the business environment for domestic firms operating in Vietnam.

During the meeting, Choi said the government will make efforts to smoothly implement the pledge made in June to offer $4 billion worth of low-interest loans through the Economic Development Cooperation Fund and the Economic Development Promotion Facility to Vietnam, according to the Ministry of Finance and Economy Friday.

The two sides also shared ideas on improving the business environment for Korean firms operating in Vietnam.

Choi especially requested Vietnamese authorities to provide incentives for companies investing in Vietnam and make efforts to avoid double taxation.

"Korea holds the position as the top foreign direct investor in Vietnam, making the nation a key economic partner in Southeast Asia," the ministry said in a statement.

BY SEO JI-EUN, YONHAP [seo.jieun1@joongang.co.kr]