President Lee: "Korea Is Vietnam's Optimal Partner for 'Becoming an Advanced Country'"... Vo Van Thuong: "Welcoming Investment in Infrastructure, Nuclear Power" (Comprehensive)

Korea and Vietnam Hold Joint Press Conference After Summit
Aiming for $150 Billion in Trade by 2030
Accelerating Cooperation to Boost Agricultural and Livestock Trade; Expanding Intellectual Property Collaboration
Working Together Amid Supp

On April 22 (local time) in Hanoi, Vietnam, President Lee Jae-myung held a summit meeting with Vo Lam, General Secretary of the Communist Party of Vietnam and State President. The two leaders agreed to expand trade and investment cooperation with the goal of reaching a bilateral trade volume of 150 billion dollars (approximately 222 trillion won) by 2030. In particular, both countries agreed to cooperate on energy security to stabilize supply chains, which have become unstable due to recent developments in the Middle East. They also agreed to strengthen collaboration in infrastructure and future industries, including railways, new airports, semiconductors, artificial intelligence (AI), and biotechnology. Secretary General Vo Lam stated that Vietnam would support Vietnamese companies' participation in the production and supply chains of Korean companies and welcomed increased investment from Korean businesses in sectors such as infrastructure development, semiconductors, nuclear power, and the construction of smart and next-generation ports.

Yonhap News

During the joint press conference following the summit, President Lee stated, "Korea is the optimal partner for realizing Vietnam's vision to become a high-income, advanced country by 2045. We are pursuing comprehensive cooperation ranging from hardware sectors such as logistics, transportation, energy, and infrastructure to future industries like science and technology, intellectual property, and creative industries." He also emphasized that the summit further solidified their "Comprehensive Strategic Partnership." Vietnam is Korea's third largest trading and investment partner, with around 10,000 Korean companies engaged in a wide range of fields, including petrochemicals, shipbuilding, steel, and electronics, achieving a high level of economic cooperation.

Through this summit, both countries decided to broaden the scope of trade and investment, aiming for a trade volume of 150 billion dollars by 2030. President Lee explained, "For the first time, the two countries have agreed to mutually export heat-processed poultry. Based on the 'Memorandum of Understanding (MOU) on Animal Health and Quarantine Cooperation' signed during this visit, we will accelerate collaboration to boost trade in agricultural and livestock products." In addition, through the 'MOU on Cooperation in Food, Pharmaceuticals, Cosmetics, and Medical Device Safety,' the two sides will enhance food safety and promote trade. The 'MOU on Deepened Cooperation in Intellectual Property' will establish a system to block counterfeit goods and prevent trademark infringement.

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

Energy and infrastructure cooperation were also key agenda items at the summit. President Lee noted the increasing instability of supply chains due to recent developments in the Middle East, stating, "The need for cooperation between our two countries has become even greater." He announced that Korea and Vietnam would work closely together to strengthen energy security and stabilize supply chains.

President Lee also introduced the planned signing on the 23rd of a contract to export Korean subway rolling stock to Ho Chi Minh City, expressing hope that this would serve as a catalyst for expanding cooperation across Vietnam's major transportation and logistics infrastructure projects. The two countries agreed to continue dialogue to create exemplary cases of infrastructure partnership in new city and new airport projects. The export value of rolling stock for Ho Chi Minh Metro Line 2 is 110 million dollars. In addition, the government plans to support Korean companies' participation in the Dongnam New City Development Zone 1 project and in consulting for the operation of the Gia Binh New Airport.

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

In future industries, the two countries agreed to strengthen joint research and human resources development in semiconductors, secondary batteries, and biotechnology, based on a master plan for scientific and technological innovation cooperation. The digital cooperation MOU signed during the summit focuses on expanding collaboration in digital areas such as AI and semiconductors and on supporting the local market entry of Korean information technology (IT) companies. The agreement also includes cooperation on climate change and environmental issues. The two countries signed an MOU on water security cooperation to prevent flood damage and ensure water security. In the fields of culture and education, they agreed to strengthen cultural cooperation, including media, and to expand Korean language education in Vietnam.

The expansion of people-to-people exchanges and support for overseas Koreans and multicultural families were also discussed as separate agenda items. Vietnam is the second most visited country by Koreans worldwide, with approximately 4.5 million Koreans visiting annually, and it ranks first as the country for international marriages. President Lee stated, "Vietnam is the 'country of in-laws,' with 100,000 multicultural families, and is home to the largest overseas Korean community in ASEAN." He added, "Secretary General Vo Lam has pledged to support the safety of Korean visitors to Vietnam, as well as the convenience of local overseas Koreans and second-generation Korea-Vietnamese residents." President Lee also said he would continue efforts to improve the rights and interests of Vietnamese workers and marriage migrants living in Korea.

The two leaders also exchanged views on peace and stability issues in the region, including the Korean Peninsula. President Lee explained his vision for a Korean Peninsula where the South and North coexist peacefully and prosper together, and stated that "Secretary General Vo Lam highly appreciated our government's willingness to resume dialogue and cooperation and pledged to contribute to peace and stability on the Korean Peninsula." President Lee further noted, "Our two countries have agreed to continue close communication and further expand cooperation on the international stage, including at the United Nations."

Secretary General Vo Lam: "Promising Sectors for Korean Investment Include Infrastructure Development, Nuclear Power, and Smart Ports"

Earlier, at the joint press conference, Vo Lam, General Secretary of the Communist Party of Vietnam and State President, announced that the two countries had agreed to expand practical cooperation in key areas such as diplomacy, defense, and security, as well as to closely cooperate on non-traditional security and transnational crime issues. In the economic sphere, he explained that the countries would facilitate access to each other's markets for their goods, support the participation of Vietnamese companies in Korean production and supply chains, and work together to help Vietnam build a more self-sufficient economic foundation.

He specifically mentioned infrastructure development, smart cities, semiconductors, large-scale AI data centers, nuclear power, and the construction of smart and next-generation ports as promising areas for Korean investment. He stated, "The Vietnamese government will create an open and transparent investment environment and provide maximum convenience for foreign investors, including Korean companies, to invest stably and sustainably in Vietnam."

Secretary General Vo Lam also addressed the strengthening of scientific and technological cooperation. He proposed, "Let us jointly develop a cooperation framework to expand applied AI research based on shared AI computing infrastructure," and expressed his intention to expand technological cooperation and technology transfer, focusing on Korea's strengths in semiconductors, quantum technology, and life sciences. He also stated that cooperation in education, digital transformation, and the cultural and entertainment industries would be further strengthened.

Additionally, Secretary General Vo Lam said that the two countries would jointly promote security, economic stability, and development agendas within the ASEAN-Korea cooperation framework and enhance mutual support in international and regional forums. He stated, "The two countries have agreed to cooperate closely and strengthen mutual support at international and regional forums and organizations of joint participation and interest," and added, "We will continue to pursue effective cooperation within the ASEAN-Korea framework, advancing security, economic stability, and development together."

Meanwhile, on the occasion of the summit, the two countries exchanged 12 MOUs and cooperation documents covering a wide range of areas, including security and protection, digital, scientific and technological innovation, intellectual property, power infrastructure, water security, animal health and quarantine, culture, underwater cultural heritage, food, pharmaceuticals, cosmetics, medical device safety, nuclear power development, and financial cooperation for nuclear power projects.

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