South Korea, Vietnam leaders pledge deeper ties amid trade headwinds
South Korea and Vietnam have committed to strengthening economic and strategic cooperation as they face mounting global trade challenges.
In his first state visit since taking office on June 4, South Korean President Lee Jae Myung hosted Vietnamese Communist Party General Secretary To Lam on Monday. The leaders agreed to boost trade, investment, and technological collaboration, targeting $150 billion in bilateral trade by 2030, News.Az reports, citing Reuters.
Lee highlighted that roughly 10,000 South Korean companies operate in Vietnam, contributing significantly to its economic growth. “I asked for continued interest in the stable economic activities of our companies in Vietnam,” Lee said in a televised address.
The summit is expected to yield at least 10 memoranda of understanding, covering cooperation in nuclear and renewable energy, infrastructure development, high-speed rail, financial policies, and science and technology.
Vietnam’s government welcomed greater South Korean investment, particularly in major infrastructure and energy projects. South Korean firms such as Samsung Electronics have long used Vietnam as an export hub, benefiting from low labor costs and Hanoi’s extensive free trade agreements.
However, trade uncertainty has risen after U.S. President Donald Trump imposed sweeping tariffs — 15% on South Korean goods and 20% on Vietnamese imports — prompting concerns about future investment flows.
Both leaders expressed optimism that expanded cooperation could help offset these challenges and create new growth opportunities for their countries.
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