Seoul: President Lee Jae Myung held a summit with Vietnam’s top leader To Lam on Monday and agreed to deepen cooperation across the economy, security, technology, and culture with the major trading partner. The summit between Lee and Lam, general secretary of Vietnam’s Communist Party, marked Lee’s first time hosting a foreign leader since taking office in early June and the first visit by Vietnam’s party chief to South Korea in 11 years.
According to Yonhap News Agency, during the talks, Lee emphasized the close economic ties between the two nations and expressed hope for deepening the Comprehensive Strategic Partnership established three years ago. “Vietnam is the Republic of Korea’s very important neighboring nation in terms of trade and security,” Lee said at the start of the talks, referring to South Korea’s official name. Lee also sought Hanoi’s support for Korean companies and nationals in Vietnam, highlighting Vietnam as South Korea’s third-largest trading partner and home to about 10,000 Korean companies.
“I expect this visit could elevate the Korea-Vietnam Comprehensive Strategic Partnership to a higher level,” he added. Lam expressed his hope to expand strategic partnership and practical cooperation during his visit and invited Lee to visit Vietnam soon for further discussions.
During the summit, the two leaders will agree on a goal to increase bilateral trade volume to US$150 billion by 2030, up from $86.7 billion in 2024, according to Lee’s office. The two countries also plan to sign at least 10 memoranda of understanding, which will pledge cooperation in nuclear energy, renewable energy, technology and science, culture, education, and people-to-people exchanges, it noted.
Later in the day, 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.