Seoul: President Lee Jae Myung announced on Monday that he and Vietnam’s top leader, To Lam, have agreed to enhance efforts to increase their countries’ bilateral trade volume to US$150 billion by 2030. This decision comes as the two nations commit to expanding cooperation amidst global trade uncertainties.
According to Yonhap News Agency, during their summit, the two leaders adopted a joint declaration to deepen the Comprehensive Strategic Partnership established three years ago. This partnership covers various areas such as trade, security, science and technology, and people-to-people exchanges. President Lee emphasized the significance of the 10th anniversary of the Korea-Vietnam free trade agreement, highlighting the goal to boost bilateral trade to $150 billion by 2030.
Vietnam stands as South Korea’s third-largest trading partner and hosts approximately 10,000 Korean companies. In 2024, the bilateral trade volume was recorded at $86.7 billion. President Lee mentioned the countries’ commitment to enhance cooperation in large-scale infrastructure projects across strategic sectors, including nuclear power, high-speed railways, and new city developments.
This summit marked President Lee’s first time hosting a foreign leader since assuming office in early June, as well as the first visit by Vietnam’s party chief to South Korea in 11 years. During the discussions, President Lee underscored Vietnam’s importance to South Korea in terms of trade and security, and sought Hanoi’s support for Korean companies and nationals in Vietnam.
Lam expressed a desire to expand the strategic partnership and practical cooperation during his visit and extended an invitation to President Lee to visit Vietnam for further discussions. The expanded meeting resulted in the signing of at least 10 memoranda of understanding, outlining cooperation in areas like nuclear energy, renewable energy, technology and science, intellectual property rights, education, and people-to-people exchanges.
The leaders also agreed to enhance diplomatic coordination at international events and to bolster cooperation in security and the defense industry. As part of these efforts, both sides decided to hold regular high-level meetings on defense and arms industry cooperation and to resume the joint defense industry and logistics committee, which had been suspended since 2008.
During the talks, President Lee shared his government’s vision for a peaceful Korean Peninsula where coexistence and prosperity are possible, and sought Hanoi’s support and cooperation. Lam expressed support for Seoul’s efforts to resume inter-Korean dialogue and pledged active contribution to peace and stability on the Korean Peninsula, as reported by President Lee.
President Lee extended an invitation to Lam to the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, to which Lam responded positively. Vietnam is set to host APEC in 2027.
Later in the day, President Lee will host a state dinner attended by leaders of major economic organizations and businesses, along with prominent figures from various sectors. Among the attendees are Chey Tae-won, SK Group chairman and head of the Korea Chamber of Commerce and Industry; Hyundai Motor Group Executive Chair Euisun Chung; LG Group Chairman Koo Kwang-mo; and Lotte Group Chairman Shin Dong-bin, according to the office.