Yoon Holds First Summit with New Vietnamese President... "An Unprecedented Model Case"

by Seo Sojeong

Published 17 Nov.2024 05:23(KST)

Trade, Infrastructure, Critical Minerals Supply Chain, and Defense Cooperation

President Yoon Suk-yeol is applauding at the 2nd session retreat of the 31st Asia-Pacific Economic Cooperation (APEC) Summit held at the Lima Convention Center in Peru on the 16th (local time). Photo by Yonhap News

President Yoon Suk-yeol, who is visiting Lima, Peru to attend the Asia-Pacific Economic Cooperation (APEC) Summit, held his first summit meeting with Le Duong Cuong, the newly appointed President of Vietnam, on the 16th (local time), agreeing to expand trade, infrastructure, critical minerals supply chains, and defense industry cooperation between the two countries.

First, congratulating President Cuong on his inauguration, President Yoon said, "The relationship between Korea and Vietnam is an exemplary case that is hard to find in terms of the speed of development and the breadth of cooperation," adding, "Let us further advance the bilateral relationship."

President Yoon emphasized, "As each other's third-largest trading partner, the two countries will continue to strengthen cooperation to expand investment, and I hope that Korean companies will continue to participate in infrastructure projects such as Vietnam's high-speed rail, fostering mutually beneficial cooperation." He also expressed hope that the two countries would accelerate supply chain cooperation centered on the 'Critical Minerals Supply Chain Center' to be constructed in Vietnam.

President Cuong responded, "The Korea-Vietnam relationship is very special and important," and said, "I hope that the two countries will strengthen trust through active high-level exchanges and accelerate cooperation in comprehensive fields."

He continued, "There are still many opportunities for further cooperation between the two countries, and Vietnam will strive to strengthen cooperation with Korea," adding, "It is important for the two countries to fully utilize their respective strengths to enhance mutually beneficial cooperation and support the activities of businesses."

The two leaders expressed satisfaction with the expanding exchanges and cooperation in defense and security based on deep trust as comprehensive strategic partners, and agreed to deepen mutually beneficial cooperation in the defense industry sector while continuing support to strengthen Vietnam's maritime security capabilities, such as through the transfer of decommissioned vessels.