Korea and Vietnam Discuss Exchange of 10 MOUs... "Trade Volume to Reach $150 Billion by 2030"

To Lam, General Secretary of the Communist Party of Vietnam, Makes State Visit
President Lee to Hold Summit with General Secretary To Lam on the 10th

Also, the General Secretary of the Communist Party of Vietnam, To Lam, and his wife arrived at Seoul Airport on the 10th, waving their hands as they got off the plane. Photo by Yonhap News

On August 11, President Lee Jaemyung will meet with To Lam, the General Secretary of the Communist Party of Vietnam, who is on a state visit, to issue a joint statement aimed at advancing the comprehensive strategic partnership between the two countries. The two leaders are expected to exchange memorandums of understanding (MOUs) in 10 areas, including science and technology and personnel exchanges, and to agree to expand bilateral trade volume to $150 billion by 2030.

According to the Presidential Office, President Lee will hold an official welcome ceremony for General Secretary To Lam at 9:30 a.m. at the Yongsan Presidential Office. To Lam holds the highest rank in Vietnam's national hierarchy, and this marks the first visit to Korea by a Vietnamese General Secretary in 11 years since 2014. For the current administration, he is also the first foreign guest and state visitor received in 67 days.

Following the welcome ceremony with General Secretary To Lam, President Lee will hold a small-group meeting at 10:00 a.m., followed by an expanded meeting at 10:20 a.m., and then a joint press announcement at 12:00 p.m. The two countries plan to issue a "Joint Statement on Deepening the Comprehensive Strategic Partnership between Korea and Vietnam."

The two leaders will also exchange MOUs to promote cooperation. The documents cover 10 areas: ▲ cooperation in science and technology ▲ exchange and cooperation in copyright and related rights ▲ cooperation in renewable energy ▲ matters related to the dispatch and introduction of personnel ▲ cooperation between central banks ▲ cooperation between financial supervisory authorities ▲ supplementary agreement to the MOU on educational cooperation ▲ cooperation in fisheries ▲ cooperation in training personnel in the nuclear power sector ▲ cooperation between Pyeongtaek City and Da Nang City.

The Presidential Office explained that strategic and future-oriented cooperation with Vietnam, a key partner country, is expected to be strengthened. In the diplomatic and security sectors, ministerial-level meetings on defense and the defense industry will be held with Vietnam, and the bilateral Defense Industry and Logistics Joint Committee, which has been suspended since 2008, is also expected to resume. In addition, the Vietnamese side is expected to express support and welcome for the Korean government's efforts to resume dialogue and cooperation between South and North Korea.

On the economic front, the two countries have agreed to further develop the Korea-Vietnam Free Trade Agreement (FTA) and plan to increase bilateral trade volume from $86.7 billion last year to $150 billion by 2030. The Vietnamese side will also emphasize its commitment to creating a transparent and stable environment to facilitate the business activities of the 10,000 Korean companies operating locally.

In addition, the two countries will seek opportunities to expand cooperation through the ministerial-level Korea-Vietnam Joint Committee on Science and Technology and plan to promote joint research and personnel exchanges in fields such as artificial intelligence (AI), semiconductors, and biotechnology.

This content was produced with the assistance of AI translation services.