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

On April 22 (local time), President Lee Jae-myung held a summit meeting in Hanoi, Vietnam, with To Lam, General Secretary of the Communist Party of Vietnam and State President. The two leaders agreed to expand trade and investment cooperation, aiming to achieve a bilateral trade volume of 150 billion dollars (approximately 222 trillion won) by 2030. In particular, the two countries decided to cooperate on energy security and other areas to stabilize supply chains that have recently become unstable due to the situation 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

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During a joint press announcement between Korea and Vietnam following the summit, President Lee stated, "Korea is promoting comprehensive cooperation as Vietnam's optimal partner in realizing the vision of joining the ranks of high-income advanced nations by 2045, ranging from hardware sectors such as logistics, transportation, energy, and infrastructure to future industries like science and technology, intellectual property, and creative industries." He added, "In this meeting, we further solidified our 'comprehensive strategic partnership' cooperation." Vietnam is Korea's third-largest trade and investment partner, with around 10,000 Korean companies engaged in various fields 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 to reach a trade volume of 150 billion dollars by 2030. President Lee explained, "The two countries have, for the first time, agreed to mutually export heat-treated poultry products," and added, "Based on the 'Memorandum of Understanding (MOU) on Cooperation in Animal Health and Quarantine' signed this time, we will accelerate cooperation to promote trade in agricultural and livestock products." In addition, through the 'MOU on Cooperation for Safety in Food, Pharmaceuticals, Cosmetics, and Medical Devices,' the two countries will work to enhance food safety and vitalize trade. The 'MOU on Deepening Cooperation in Intellectual Property' will also establish a cooperative system to block counterfeit goods and prevent trademark infringements.

Energy and infrastructure cooperation were also key topics at the summit. President Lee referenced the growing supply chain instability due to the recent situation in the Middle East, emphasizing that "the need for cooperation between the two countries has become even greater." He announced that the two countries will work closely together to strengthen energy security and stabilize supply chains.

In particular, President Lee introduced that a contract for the export of railway vehicles for Ho Chi Minh City's urban metro will be signed on the 23rd and said he hopes this occasion will lead to expanded cooperation in Vietnam's large-scale transportation and logistics infrastructure projects. The two countries also agreed to continue communication to create a model case for infrastructure cooperation in new city and new airport projects. The export scale for rolling stock for Ho Chi Minh Metro Line 2 is 110 million dollars. Additionally, the government plans to support the participation of Korean companies in the District 1 project for the development of 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

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In the area of future industries, the two countries agreed to strengthen joint research in semiconductors, secondary batteries, and biotechnology, as well as support for cultivating research talent, grounded in a master plan for cooperation in science and technology innovation. The digital cooperation MOU signed this time is focused on expanding cooperation in digital fields such as AI and semiconductors, and on broadening the foundation for Korean IT companies to enter the local market. Cooperation to address climate change and environmental challenges was also included. The two countries signed a 'Water Security Cooperation MOU' to prevent flood damage and secure water resources. In culture and education, they agreed to strengthen cultural cooperation including media and to expand Korean language education in Vietnam.

Expanding people-to-people exchanges and supporting overseas Koreans and multicultural families were also addressed as separate agenda items. Vietnam is the second most visited country by Koreans in the world, with about 4.5 million Koreans visiting annually, and is the top country for international marriages. President Lee stated, "Vietnam is a 'country of in-laws' with 100,000 multicultural families and is the country with the largest overseas Korean population in ASEAN." He added, "Secretary-General To Lam promised to support the safety of Korean visitors to Vietnam, as well as the convenience of local overseas Koreans and second-generation Korean-Vietnamese residents." President Lee also pledged to continue efforts to improve the rights and interests of Vietnamese workers and marriage migrants in Korea.

The two leaders also exchanged views on issues of peace and stability in the region, including the Korean Peninsula. President Lee explained his vision for building a Korean Peninsula where the North and South can coexist peacefully and grow together, stating, "Secretary-General To Lam highly appreciated our government's willingness to resume dialogue and cooperation, and expressed his commitment to contributing to peace and stability on the Korean Peninsula." President Lee added, "The two countries also agreed to expand their cooperation by communicating closely on the international stage, including at the United Nations."

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