Korea-Vietnam Summit: "Trade Volume to Reach $150 Billion by 2030"

General Secretary To Lam Makes State Visit...
President Lee and To Lam Sign MOUs in 10 Areas
State Dinner Hosted by General Secretary To Lam...
Chey Taewon, Chung Euisun, and Other Business Leaders Expected to Attend

On August 11, President Lee Jaemyung met with To Lam, General Secretary of the Communist Party of Vietnam, who is on a state visit, and adopted a joint statement aimed at advancing the comprehensive strategic partnership between the two countries. Notably, the two leaders exchanged memoranda of understanding (MOUs) in ten areas, including science and technology and human resource exchange, and agreed to expand bilateral trade volume to $150 billion by 2030. In addition, President Lee will host a state dinner that evening at the invitation of General Secretary To Lam. The event will be attended by major business leaders, including Chey Taewon, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry; Chung Euisun, Chairman of Hyundai Motor Group; Koo Kwangmo, Chairman of LG Group; and Shin Dongbin, Chairman of Lotte Group.

Yonhap News

According to the Office of the President, President Lee began his official summit schedule with Vietnam by meeting General Secretary To Lam at 9:30 a.m. at the presidential office in Yongsan, starting with an official welcome ceremony. General Secretary To Lam holds the highest rank in Vietnam’s state protocol, and this marks the first visit by a Vietnamese General Secretary to Korea in 11 years since 2014. For the current administration, To Lam is both the first foreign guest and the first state guest to visit within 67 days of taking office. Following the welcome ceremony, President Lee held a small-group meeting with General Secretary To Lam at 10:00 a.m., followed by an expanded meeting at 10:20 a.m., and at noon, they issued a "Joint Statement on Deepening the Comprehensive Strategic Partnership between Korea and Vietnam."

The two leaders also exchanged MOUs to enhance cooperation. The documents cover ten areas: ▲cooperation in science and technology ▲exchange and cooperation in copyright and related rights ▲cooperation in renewable energy ▲issues related to the dispatch and acceptance of human resources ▲cooperation between central banks ▲cooperation between financial supervisory authorities ▲supplementary agreement to the MOU on educational cooperation ▲cooperation in fisheries ▲cooperation in nuclear power workforce development ▲cooperation between Pyeongtaek City and Da Nang City.

The Office of the President expressed expectations that this summit would strengthen strategic and future-oriented cooperation with Vietnam, a key partner country. In the fields of diplomacy and security, the two sides held ministerial-level talks on defense and the defense industry, and agreed to resume the bilateral Defense Industry Joint Committee, which had been suspended since 2008. In addition, the two countries agreed to expand cooperation in maritime security, United Nations peacekeeping operations, joint responses to non-traditional security threats, and transnational crime.

In economic areas such as trade, investment, and large-scale infrastructure, the two countries agreed to further develop the Korea-Vietnam Free Trade Agreement (FTA), and reached a consensus to increase bilateral trade from $86.7 billion last year to $150 billion by 2030. The Vietnamese side pledged to create a favorable environment for Korean companies to participate in Vietnam's large-scale infrastructure projects, including new towns, high-speed railways, and nuclear power plants. Furthermore, the two countries plan to seek opportunities to expand cooperation through the ministerial-level Korea-Vietnam Joint Committee on Science and Technology, and to promote joint research and human resource exchanges in fields such as artificial intelligence (AI), semiconductors, and biotechnology.

Yonhap News

Following the announcement of the joint statement, a state dinner will be held that evening. On the Korean side, 66 people will attend, including President Lee and the First Lady, as well as figures from politics and business. On the Vietnamese side, 55 people will participate, including General Secretary To Lam and his wife Ngo Phuong Lien, Nguyen Duy Ngoc, Chairman of the Central Inspection Commission, Luong Tam Quang, Minister of Public Security, and Phan Van Giang, Minister of National Defense. General Secretary To Lam arrived the previous day leading a large economic delegation consisting of ministers from eight ministries?including defense, public security, foreign affairs, industry and trade, finance, science and technology, and culture?as well as senior officials from the National Assembly and local governments, and representatives from about 140 companies.

From the private sector, major business leaders will attend in large numbers. Chey Taewon, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry; Chung Euisun, Chairman of Hyundai Motor Group; Koo Kwangmo, Chairman of LG Group; and Shin Dongbin, Chairman of Lotte Group, are among the invitees. Kang Yoojeong, spokesperson for the Office of the President, noted, "These are business leaders who have been actively expanding into Vietnam." In addition, Park Hangseo, former head coach of the Vietnamese national football team who received a medal from the Vietnamese government, and actor Ahn Jaewook, who has gained significant popularity locally, will also attend the dinner.

The dinner will begin with the national anthems of both countries played in succession, followed by a dinner speech and toast by President Lee. General Secretary To Lam will then deliver a response and propose a toast, after which the dinner and informal conversations will continue. The menu will feature specialty products from Bonghwa, North Gyeongsang Province. The Office of the President explained that Bonghwa is the region where the Hwasan Lee clan, descendants of Vietnamese prince Lee Yong-sang who settled on the Korean Peninsula at the end of the Goryeo Dynasty, resettled after the Korean War. The toast will feature "Omyrose Yeon," a Korean wine that won the grand prize in the Korean Wine category at last year's Korea Liquor Awards.

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