President Lee Jae-myung said South Korea will work with Vietnam to help reach $150 billion in bilateral trade by 2030 and to lay the groundwork for expanded cooperation in nuclear power and infrastructure.
Lee, on a state visit to Vietnam after visiting India, made the remarks on April 22 during a summit with To Lam, the Communist Party general secretary and state president. “Korea is the best partner for realizing Vietnam’s vision of becoming a high-income advanced country by 2045,” Lee said.
Vietnam is South Korea’s third-largest trading partner after China and the United States, and the two countries are each other’s top-three trading partners. South Korea is also Vietnam’s largest investor, the article said.
Bilateral trade totaled $94.6 billion last year, a record high. Through last year, South Korean investment in Vietnam totaled $56.8 billion, and about 10,000 South Korean companies operate there. In key export sectors such as semiconductors and home appliances, South Korea ships parts and materials and Vietnam produces finished goods, making Vietnam a key link in South Korea’s manufacturing value chain.
Lee said the summit would help further upgrade strategic economic cooperation and strengthen communication on an economic and security partnership, including energy, supply-chain stability and cooperation on critical minerals.
The two sides signed a memorandum of understanding to review possible cooperation on nuclear power development, including support for exploring new nuclear plant construction, jointly analyzing construction risks and developing ways to optimize construction schedules.
Lee also cited progress on major state-led infrastructure projects expected to play a central role in Vietnam’s development, including the Southeast New City and the Gia Binh new airport.
He said a contract is expected to be signed to export South Korean railcars for Ho Chi Minh City’s urban rail system. “I hope this contract will contribute to improving Vietnam’s rail infrastructure,” Lee said.
The leaders also agreed on building a mutually beneficial partnership to strengthen energy security and stabilize supply chains for critical minerals amid global uncertainty.
Through a Korea-Vietnam science and technology innovation cooperation master plan framework, the two countries will present a mid- to long-term vision for cooperation and expand support for training Vietnam’s future talent, including efforts aimed at easing labor shortages faced by South Korean companies there.
The government also said it will support broader cooperation in cultural industries and expand Korean-language education in Vietnam. During the visit, it plans to hold the “2026 Korea Culture and Tourism Festival,” linking Korean pop culture content with tourism promotion, and to support what it called an era of “5 million mutual visits” by boosting people-to-people exchanges, including tourism.
Lee said that in 2022, marking the 30th anniversary of diplomatic ties, South Korea and Vietnam elevated relations to a comprehensive strategic partnership and became key partners with wide-ranging cooperation. He said the visit further advanced the relationship in a more future-oriented and strategic direction.
The summit was the first state visit hosted by Vietnam’s new leadership, which took office earlier this month, and came eight months after Lam’s visit to South Korea in August last year.
Lee, on a state visit to Vietnam after visiting India, made the remarks on April 22 during a summit with To Lam, the Communist Party general secretary and state president. “Korea is the best partner for realizing Vietnam’s vision of becoming a high-income advanced country by 2045,” Lee said.
Vietnam is South Korea’s third-largest trading partner after China and the United States, and the two countries are each other’s top-three trading partners. South Korea is also Vietnam’s largest investor, the article said.
Bilateral trade totaled $94.6 billion last year, a record high. Through last year, South Korean investment in Vietnam totaled $56.8 billion, and about 10,000 South Korean companies operate there. In key export sectors such as semiconductors and home appliances, South Korea ships parts and materials and Vietnam produces finished goods, making Vietnam a key link in South Korea’s manufacturing value chain.
Lee said the summit would help further upgrade strategic economic cooperation and strengthen communication on an economic and security partnership, including energy, supply-chain stability and cooperation on critical minerals.
The two sides signed a memorandum of understanding to review possible cooperation on nuclear power development, including support for exploring new nuclear plant construction, jointly analyzing construction risks and developing ways to optimize construction schedules.
Lee also cited progress on major state-led infrastructure projects expected to play a central role in Vietnam’s development, including the Southeast New City and the Gia Binh new airport.
He said a contract is expected to be signed to export South Korean railcars for Ho Chi Minh City’s urban rail system. “I hope this contract will contribute to improving Vietnam’s rail infrastructure,” Lee said.
The leaders also agreed on building a mutually beneficial partnership to strengthen energy security and stabilize supply chains for critical minerals amid global uncertainty.
Through a Korea-Vietnam science and technology innovation cooperation master plan framework, the two countries will present a mid- to long-term vision for cooperation and expand support for training Vietnam’s future talent, including efforts aimed at easing labor shortages faced by South Korean companies there.
The government also said it will support broader cooperation in cultural industries and expand Korean-language education in Vietnam. During the visit, it plans to hold the “2026 Korea Culture and Tourism Festival,” linking Korean pop culture content with tourism promotion, and to support what it called an era of “5 million mutual visits” by boosting people-to-people exchanges, including tourism.
Lee said that in 2022, marking the 30th anniversary of diplomatic ties, South Korea and Vietnam elevated relations to a comprehensive strategic partnership and became key partners with wide-ranging cooperation. He said the visit further advanced the relationship in a more future-oriented and strategic direction.
The summit was the first state visit hosted by Vietnam’s new leadership, which took office earlier this month, and came eight months after Lam’s visit to South Korea in August last year.
* This article has been translated by AI.
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