S. Korea president's Vietnam visit aims to deepen trade ties

South Korean President Moon Jae-in, Left, and his Vietnamese counterpart Tran Dai Quang shakes hand after a press conference at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (AP Photo/Minh Hoang, Pool)
South Korean President Moon Jae-in, left, and his Vietnamese counterpart Tran Dai Quang arrive for a press conference at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (AP Photo/Minh Hoang, Pool)
South Korean President Moon Jae-in, left, and his Vietnamese counterpart Tran Dai Quang attend a press conference at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (AP Photo/ Minh Hoang, Pool)
South Korea's President Moon Jae-in, center, meets Vietnam's Communist Party General Secretary Nguyen Phu Trong at the Party's head office in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korean President Moon Jae-in, left, walks with his Vietnamese counterpart Tran Dai Quang during a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korean President Moon Jae-in, left, poses with his Vietnamese counterpart Tran Dai Quang for a photo as they meet at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (Nguyen Khanh/Pool Photo via AP)
South Korea's President Moon Jae-in, left, meets Vietnam's Communist Party General Secretary Nguyen Phu Trong at the Party's head office in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korean President Moon Jae-in reviews the honor guard during a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korean President Moon Jae-in attends a wreath laying ceremony at the mausoleum of Vietnamese late President Ho Chi Minh in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (Luong Thai Linh, Pool Photo via AP)
South Korean President Moon Jae-in, left, poses with his Vietnamese counterpart Tran Dai Quang for a photo as they meet at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (Nguyen Khanh/Pool Photo via AP)
Vietnamese soldiers march during a welcoming ceremony for South Korean President Moon Jae-in at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korean President Moon Jae-in attends at a press conference at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (AP Photo/Minh Hoang, Pool)
South Korean President Moon Jae-in, right, speaks to his Vietnamese counterpart Tran Dai Quang during a meeting at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (Nguyen Khanh/Pool Photo via AP)
South Korean President Moon Jae-in, second from left, and his wife Kim Jung-sook, left, pose with Vietnam'ese President Tran Dai Quang and his wife Nguyen Thi Hien for a photo prior to a meeting at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. Moon is on a three-day state visit to Vietnam. (Nguyen Khanh/Pool Photo via AP)
South Korea's President Moon Jae-in, left, meets Vietnam's Communist Party General Secretary Nguyen Phu Trong at the Party's head office in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
South Korea's President Moon Jae-in, left, meets Vietnam's Communist Party General Secretary Nguyen Phu Trong at the Party's head office in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
School girls hold Vietnamese and South Korean flags while waiting for arrival of South Korean President Moon Jae-in before a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)
Kim Jung-sook, wife of South Korean President Moon Jae-in, left, walks with Nguyen Thi Hien, wife of Vietnamese President Tran Dai Quang during a welcoming ceremony at the Presidential Palace in Hanoi, Vietnam, Friday, March 23, 2018. (Kham/Pool Photo via AP)

HANOI, Vietnam — Vietnam and South Korean aim to substantially increase their bilateral trade during President Moon Jae-in's three-day visit to the Southeast Asian country.

South Korea has become Vietnam's largest foreign investor and second-biggest trading partner since diplomatic relations were established in 1992. Bilateral trade stood at $61.5 billion last year.

Speaking to reporters at a joint news briefing with Vietnamese President Tran Dai Quang in Hanoi, Moon said the two leaders aim for $ 100 billion by 2020.

"President Quang has said the country aims to build itself into a modern industrial state by 2020. I emphasized (to him) that close and mutually beneficial cooperation between the countries will greatly contribute to achieving our mutual goal of reaching $100 billion in mutual trade by 2020," Moon said.

Moon said the two countries agreed to hold annual summits and that "heartfelt talks between the leaders will provide an opportunity to deepen trust between the two countries."

Quang said that after 25 years of establishing diplomatic relations, the ties have grown in "a rapid, comprehensive and effective manner." He also encouraged South Korean companies to expand their investments in Vietnam, particularly in infrastructure, high-tech industries, energy and supporting industries.

The two leaders on Friday witnessed the signing of several agreements promoting trade, transport, labor and infrastructure cooperation.

Soon after arriving on Thursday, Moon also met with South Korean coach Park Hang-seo and dozens of players from Vietnam Under 23 football team. Park led his team to runner-up title at the Asian U23 championship in China in January, the country's highest in Asia-wide football competition.

Park and the team were given a rock-star welcome in Hanoi.

Moon also met with the Communist Party General Secretary Nguyen Phu Trong on Friday morning and is scheduled to meet the prime minister and parliament speaker before departing Saturday.

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