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South Korean President Lee Myung-bak and Vietnamese Prime Minister Nguyen Tan Dung agreed Monday to work together for the early conclusion of free trade negotiations between the two countries, the presidential office said.
Lee and Dung reached the agreement when they held one-on-one talks in Phnom Penh on the sidelines of annual cooperation summits hosted by the Association of Southeast Asian Nations (ASEAN).
They also agreed to continue cooperation to expand trade between the two countries to US$20 billion earlier than the target year of 2015, and then further to US$30 billion.
South Korea and Vietnam have seen their trade volume rising sharply in recent years from US$9.68 billion in 2009 to US$12.98 billion in 2010 and to US$18.54 billion last year.
In an effort to further boost trade, the two sides launched free trade negotiations, with the first round of talks held in September.
Lee and Dung also agreed to continue close cooperation in atomic energy, green growth and development cooperation, the presidential office said in a statement.