President Lee: "Korea Is Vietnam's Optimal Partner for Advanced Nation Vision"...$150 Billion Trade Goal by 2030

President Lee Announces at Joint Press Briefing After Summit

Accelerating Cooperation to Boost Trade in Agricultural and Livestock Products

Expanding Intellectual Property Partnership

Joint Response to Supply Chain Instability from th

President Lee Jae-myung held a summit with To Lam, Secretary-General of the Communist Party of Vietnam and State President, in Hanoi, Vietnam, on the 22nd (local time). The two leaders agreed to expand trade and investment cooperation with the aim of achieving bilateral trade volume of 150 billion dollars (approximately 222 trillion won) by 2030. In particular, the two countries decided to cooperate on energy security to stabilize supply chains, which have become volatile due to recent events in the Middle East. They also agreed to strengthen cooperation in infrastructure such as railways and new airports, as well as in future industries including semiconductors, artificial intelligence (AI), and biotechnology.

President Lee Jae-myung is speaking at a joint press conference with Secretary-General and State President To Lam held at the Presidential Palace in Hanoi, Vietnam, on the 22nd (local time). Photo by Yonhap News Agency

During the Korea-Vietnam joint press announcement held after the summit, President Lee stated, "Korea is the optimal partner for Vietnam to realize its vision of becoming a high-income advanced nation by 2045. We are pursuing comprehensive cooperation ranging from hardware fields such as logistics, transportation, energy, and infrastructure to future industries like science and technology, intellectual property, and creative industries." He further emphasized, "During the summit, we solidified our cooperation as 'Comprehensive Strategic Partners'." Vietnam is Korea's third-largest trading and investment partner, with more than 10,000 Korean companies present across sectors including petrochemicals, shipbuilding, steel, and electronics, achieving a high level of economic cooperation.

Through this summit, the two countries agreed to broaden the scope of trade and investment, with the goal of reaching a trade volume of 150 billion dollars by 2030. President Lee noted, "The two countries have, for the first time, agreed to the mutual export of heat-processed poultry products." He explained, "Based on the 'Memorandum of Understanding (MOU) on Animal Hygiene and Quarantine Cooperation' signed during this visit, we will accelerate cooperation to promote trade in agricultural and livestock products." Furthermore, through the 'MOU on Cooperation for the Safety of Food, Pharmaceuticals, Cosmetics, and Medical Devices,' the two countries will work to enhance food safety and stimulate trade. The 'MOU on Deepened Cooperation in the Field of Intellectual Property' will establish a cooperative framework to block counterfeit goods and prevent trademark infringement.

Energy and infrastructure cooperation were also key agendas at this summit. President Lee highlighted the increased instability in supply chains due to recent developments in the Middle East and stated, "The need for cooperation between our two countries has grown even greater." He announced that both sides agreed to work closely together to strengthen energy security and stabilize supply chains.

In particular, President Lee mentioned that a contract for the export of Korean-made metro railcars for Ho Chi Minh City will be signed on the 23rd, expressing hope that this would serve as an opportunity to expand cooperation to Vietnam's broader transportation and logistics infrastructure projects. The two countries also agreed to continue communication to establish model cases of infrastructure cooperation in new city and new airport projects. The Ho Chi Minh Metro Line 2 railcar export deal is valued at 110 million dollars. Additionally, the government plans to support Korean companies' participation in the first district development project of the Southeast New City and the consulting project for the operation of Gia Binh New Airport.

President Lee Jae-myung and Vo Van Thuong, General Secretary of the Communist Party of Vietnam and President of Vietnam, are holding an expanded summit at the Presidential Palace in Hanoi on the 22nd (local time). Photo by Yonhap News

In the field of future industries, the two countries agreed to strengthen joint research on semiconductors, secondary batteries, and biotechnology, as well as support the cultivation of research talent, based on a master plan for cooperation in science and technology innovation. The digital cooperation MOU signed during this summit focuses on expanding collaboration in digital fields such as AI and semiconductors, as well as providing a broader foundation for Korean IT companies to enter the local market. Cooperation for responding to climate change and environmental issues was also included. The two countries signed a 'Water Security Cooperation MOU' to prevent flood damage and secure water security. In the fields of culture and education, both sides pledged to enhance cultural cooperation, including media, and to expand Korean language education in Vietnam.

Expanding people-to-people exchanges and supporting overseas citizens and multicultural families were addressed as separate topics. Vietnam is the second most visited country by Koreans, with approximately 4.5 million Koreans visiting annually. It is also the top country for international marriages involving Koreans. President Lee stated, "Vietnam is a 'country of in-laws,' home to 100,000 multicultural families, and the largest host country for overseas Koreans in ASEAN." He added, "Secretary-General To Lam pledged to ensure the safety of Korean nationals visiting Vietnam, and to support the convenience of local Koreans and second-generation Korea-Vietnamese residents." President Lee also declared his commitment to continue efforts to promote the rights and interests of Vietnamese workers and marriage migrants in Korea.

The two leaders also exchanged views on peace and stability in the region, including the Korean Peninsula. President Lee explained his vision for creating a Korean Peninsula where the North and South coexist peacefully and grow together, stating, "Secretary-General To Lam highly valued our government's willingness to resume dialogue and cooperation, and pledged to contribute to peace and stability on the Korean Peninsula." He added, "The two countries will continue to closely communicate and further expand cooperation in the international arena, including at the United Nations."

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