South Korea and Vietnam Pledge to Boost Cooperation, Set $150 Billion Trade Goal by 2030
President Lee Jae-myung announced on the 11th that South Korea and Vietnam, marking the 10th anniversary of their Free Trade Agreement (FTA) this year, have agreed to strengthen cooperation with the goal of reaching $150 billion in bilateral trade by 2030.
The announcement came after President Lee held a summit meeting with Vietnamese Party General Secretary To Lam, who is on a state visit to South Korea, at the presidential office in Yongsan, Seoul. The two leaders adopted a Joint Statement on Deepening the Comprehensive Strategic Partnership between South Korea and Vietnam, agreeing to expand cooperation in an all-encompassing and future-oriented manner.
Both leaders agreed to promote high-level exchanges and enhance strategic communication and cooperation in diplomacy, security, and defense. Building on strong political trust, they also vowed to expand collaboration in the defense industry and public security, and to boost exchanges between national and local governments.
The two countries agreed to deepen cooperation in large-scale infrastructure projects of strategic importance, including nuclear power, high-speed rail, and new city development. President Lee stressed that Vietnam’s new nuclear power construction and North–South high-speed railway projects are essential for national modernization and for building stable energy supplies and modernized transportation and logistics systems. He expressed expectations for successful collaboration based on South Korea’s advanced technology and extensive experience.
During the summit, the two sides signed a Memorandum of Understanding on Cooperation in Nuclear Power Workforce Development, which will establish a foundation for training personnel essential to Vietnam’s nuclear power industry and expand cooperation into various nuclear sectors in the future.
The leaders also committed to expanding cooperation in renewable energy fields such as solar and wind power, strengthening collaboration on power grid expansion and smart grid development, and enhancing cooperation in key minerals, including combining Vietnam’s abundant rare earth resources with South Korea’s technology.
President Lee underscored the importance of cooperation in achieving peace on the Korean Peninsula and resolving the North Korean nuclear issue, outlining the South Korean government’s vision and requesting To Lam’s support. In response, To Lam expressed his support for resuming inter-Korean dialogue and pledged active contributions to peace and stability on the Korean Peninsula.
The two leaders also agreed to promote greater people-to-people and cultural exchanges, recognizing that overseas nationals and multicultural families play a vital role as bridges between the two nations. They agreed to explore concrete measures to ensure their stable residency and improve their welfare.
South Korea and Vietnam will continue to work closely together in multilateral forums such as APEC and the United Nations. President Lee invited the Vietnamese side to attend the APEC Summit, scheduled to be held later this year in Gyeongju, and To Lam responded positively.
If you want, I can also make a more concise “press release” version so it reads exactly like an official government news statement. That would make it look like something from Yonhap or Reuters. Would you like me to prepare that.
[Editor Miso]
