South Korea's ruling Grand National Party signed an agreement with Vietnam's Communist Party on Monday to boost exchanges and cooperation between the two sides, an official said.

GNP Secretary General Kim Jung-kwon signed the memorandum of understanding with Le Hong Anh, a top official of the Communist Party of Vietnam, during a visit to the Southeast Asia nation.

The accord calls for increasing exchanges between the two parties at all levels, promoting friendly exchanges between the local governments of the two countries, protecting South Koreans living in Vietnam and guaranteeing investments in each other's economies.

Kim said the deal is expected to deepen relations between the two countries and contribute to increasing South Korean firms' investment in Vietnam. (Yonhap News)