Korea and Vietnam are set to enhance cooperation on export controls to manage their advanced industry supply chains more effectively. With the implementation of Vietnam's export control system increasing uncertainty for local businesses, a permanent consultation channel between the two countries will be established.
The Ministry of Trade, Industry and Energy held the 'First Korea-Vietnam Export Control Dialogue' in Seoul on September 11. This meeting follows the memorandum of understanding (MOU) on export control cooperation signed by both countries in April. Kim Tae-woo, Director of Trade Security Policy at the Ministry, and Nguyen Anh Son, Director of the Department of Foreign Trade at Vietnam's Ministry of Industry and Trade, served as the lead representatives.
Korea and Vietnam aim to expand their trade volume to $150 billion by 2030. Given the deep integration of their production networks, the predictability of export control procedures is crucial not only for individual companies' regulatory compliance but also for the stability of the advanced industry supply chain between the two nations.
Vietnam introduced its export control system in October last year and began full implementation in June. With numerous Korean companies in the electronics and semiconductor sectors operating in Vietnam, the need for local businesses to respond to regulations and manage supply chains has increased.
During the meeting, the Ministry shared its experiences in designing and operating export control systems that meet international standards and conveyed the challenges faced by local businesses to the Vietnamese side. The two countries plan to exchange information on legal and regulatory changes and the management of controlled items through regular consultation bodies.
This dialogue was also linked to training for Vietnamese officials responsible for export controls, which took place from September 8 to 11. Vietnamese representatives visited Incheon Customs and the exemplary company Samsung Electronics, a compliant trader, to observe customs clearance and strategic goods management practices.
Kim Tae-woo stated, "Vietnam is a key partner in our supply chain, and we will strengthen export control cooperation to support the stability of the advanced industry ecosystem. We will share Korea's advanced export control capabilities and enhance tailored local support to help our companies respond swiftly and smoothly to the new regulatory changes."
* This article has been translated by AI.
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