Hanoi: South Korea expressed its hopes for closer communication with Vietnam regarding the potential effects of the recent U.S. reciprocal tariffs, as both nations committed to advancing cooperation in various sectors, according to Seoul's foreign ministry.
According to Yonhap News Agency, Seoul's Foreign Minister Cho Tae-yul met with Vietnamese President Luong Cuong and Prime Minister Pham Minh Chinh to discuss mutual understanding on the matter. This initiative arises as both countries aim to mitigate the impact of the increased U.S. levies imposed by the administration of President Donald Trump.
The Trump administration announced plans to implement 25 percent and 46 percent reciprocal tariffs on South Korea and Vietnam, respectively, starting July 9, following a 90-day suspension. South Korean firms are significantly invested in Vietnam, with Samsung Electronics manufacturing nearly half of its smartphones there.
During the discussions, both nations reaffirmed their commitment to advancing their strategic partnership and enhancing cooperation in areas such as diplomacy, security, trade, investment, energy, and infrastructure. They agreed to resume working-level talks on nuclear power cooperation, suspended since 2017, after Vietnam decided to restart its nuclear power plant business.
Vietnam ranks as South Korea's third-largest trading partner, with bilateral trade reaching US$86.8 billion in 2024. Cho requested Vietnam's support in addressing challenges faced by South Korean businesses, including residency permits and regulatory approvals, noting that approximately 10,000 South Korean companies operate in Vietnam.
Additionally, Cho sought Vietnam's assistance in ensuring the safety of Korean nationals traveling and residing in the country. He also met with the Korean community and businesspeople to discuss their concerns and other issues.
Cho's visit to Vietnam is part of his attendance at the fourth summit of the Partnering for Green Growth and the Global Goals (P4G) on climate change solutions.