President Lee Jae Myung said Monday he and Vietnam’s top leader To Lam agreed to step up efforts to raise their countries’ bilateral trade volume to US$150 billion by 2030, as the two nations vowed to expand cooperation amid uncertainties in global trade.
During their summit, the two leaders adopted a joint declaration on deepening the Comprehensive Strategic Partnership established three years ago, covering areas such as trade, security, science and technology, and people-to-people exchanges.
“Marking the 10th anniversary of the Korea-Vietnam free trade agreement, the two countries agreed to step up efforts to reach the goal of increasing bilateral trade volume to $150 billion by 2030,” Lee said at a joint press briefing.
Vietnam is South Korea’s third-largest trading partner and home to about 10,000 Korean companies. Bilateral trade volume stood at $86.7 billion in 2024.
Lee said the two countries agreed to bolster cooperation in large-scale infrastructure projects in strategic areas, including nuclear power, high-speed railways and new city developments.
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.
During the talks, Lee described Vietnam as “a very important neighboring nation” in terms of trade and security, seeking Hanoi’s support for Korean companies and nationals in Vietnam.
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 an expanded meeting, the two countries signed at least 10 memoranda of understanding outlining cooperation in nuclear energy, renewable energy, technology and science, intellectual property rights, education and people-to-people exchanges.
The leaders also agreed to strengthen diplomatic coordination at international events and expand cooperation in security and the defense industry.
As part of these efforts, the two 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 has been suspended since 2008.
During the talks, Lee said he outlined his government’s vision for a peaceful Korean Peninsula where the two Koreas coexist and prosper, and sought Hanoi’s support and cooperation.
Lam voiced support for Seoul’s efforts to resume inter-Korean dialogue and pledged to actively contribute to peace and stability on the Korean Peninsula, according to Lee.
Lee invited Lam to the upcoming Asia-Pacific Economic Cooperation (APEC) summit to be held in the southeastern city of Gyeongju and Lam responded positively to the invitation. Vietnam will be hosting the APEC in 2027.
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.
Source: YONHAP NEWS AGENCY