South Korea and Vietnam have agreed to deepen economic and strategic cooperation, targeting USD 150 billion in bilateral trade by 2030.
Korea (Rep.) and Vietnam have agreed to enhance economic and strategic cooperation amid increasing global trade challenges.
During his first state visit since taking office on 4 June 2025, Korea (Rep.) President Lee Jae Myung hosted Vietnamese Communist Party General Secretary To Lam.
The two leaders committed to increasing trade, investment, and technological collaboration, aiming to reach USD 150 billion in bilateral trade by 2030.
Lee noted that around 10,000 Korea (Rep.) companies operate in Vietnam and stressed the importance of stable economic activities for these firms. The summit is expected to produce at least 10 memoranda of understanding covering nuclear and renewable energy, infrastructure, high-speed rail, financial policies, and science and technology.
Vietnam’s government expressed support for increased Korean (Rep.) investment, especially in infrastructure and energy projects. Korea (Rep.) companies, including Samsung Electronics, have used Vietnam as an export base due to low labor costs and Hanoi’s free trade agreements.
The visit took place amid rising trade uncertainty following US tariffs of 15% on Korea (Rep.) and 20% on Vietnamese imports.
