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

On April 22 (local time) in Hanoi, Vietnam, President Lee Jae-myung held a summit meeting with General Secretary of the Communist Party of Vietnam and State President To Lam. The two leaders agreed to expand trade and investment cooperation, aiming to achieve a bilateral trade volume of USD 150 billion (approximately KRW 222 trillion) by 2030. In particular, both countries decided to cooperate on energy security and supply chain stabilization in response to recent instability in the Middle East, and to strengthen collaboration in infrastructure and future industries such as railways, new airports, semiconductors, artificial intelligence (AI), and biotechnology. General Secretary To Lam stated that Vietnam would support Vietnamese companies' participation in the supply chains of Korean companies, welcoming increased investment by Korean businesses in areas such as infrastructure development, semiconductors, nuclear power, and the construction of smart and next-generation ports.

Yonhap News

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During the joint press conference following the summit, President Lee said, "Korea is the optimal partner to help realize Vietnam's vision of becoming a high-income advanced nation by 2045, promoting comprehensive cooperation from hardware sectors such as logistics, transportation, energy, and infrastructure to future industries including science and technology, intellectual property, and creative industries." He added, "During the talks, we further solidified our 'Comprehensive Strategic Partnership' cooperation." Vietnam is Korea's third-largest trading and investment partner, with more than 10,000 Korean companies operating in fields ranging from petrochemicals, shipbuilding, and steel to electronics, achieving a high level of economic collaboration.

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

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.

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Energy and infrastructure cooperation was also a key agenda item at this summit. President Lee referred to the growing instability in supply chains due to the current situation in the Middle East and stated, "The need for cooperation between the two countries has increased even further," announcing that both sides have agreed to work closely together to strengthen energy security and stabilize supply chains.

President Lee also noted that a contract for the export of railway vehicles for Ho Chi Minh City's urban metro system is scheduled to be signed on the 23rd, expressing hope that this will serve as an opportunity to expand cooperation across Vietnam's major transportation and logistics infrastructure projects. The two countries agreed to continue communication to set a model for infrastructure cooperation in new city and new airport projects. The export scale for Ho Chi Minh Metro Line 2 railway vehicles is USD 110 million. Additionally, the government plans to support Korean companies' participation in projects such as the District 1 development of Southeast New City and the operation consulting for Ja Vinh 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

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In the field of future industries, both countries decided to strengthen joint research and support for developing research talent in semiconductors, secondary batteries, and biotechnology, based on the Science and Technology Innovation Cooperation Master Plan. The newly signed MOU on Digital Cooperation focuses on expanding collaboration in digital sectors such as AI and semiconductors, as well as enhancing the foundation for Korean IT companies to enter the local market. Cooperation on climate change and environmental response was also included. Both sides signed an 'MOU on Water Security Cooperation' to prevent flood damage and secure water resources. In the cultural and educational sectors, 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 was also addressed as a separate agenda item. Vietnam is the second most visited country by Koreans, with about 4.5 million Koreans traveling there annually, and is the top country for international marriages. President Lee said, "Vietnam is a 'country of in-laws' with 100,000 multicultural families and the largest overseas Korean community among ASEAN countries," adding, "General Secretary To Lam has pledged to support the safety of Korean nationals visiting Vietnam, as well as the convenience of overseas Koreans and second-generation Korean-Vietnamese residents living there." President Lee also pledged continued efforts to enhance 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 outlined his vision for a Korean Peninsula where South and North Korea coexist peacefully and grow together, stating, "General Secretary To 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 added, "Both countries will continue to communicate closely and expand cooperation in the United Nations and other international forums."

Earlier, General Secretary of the Communist Party of Vietnam and State President To Lam stated during the joint press conference that the two countries have agreed to expand practical cooperation in key areas such as diplomacy, defense, and security, and to work together closely on non-traditional security and transnational crime issues. In the economic field, he explained that both countries would facilitate the entry of each other's goods into their respective markets, support Vietnamese companies' participation in Korean companies' production supply chains, and cooperate in building Vietnam's self-reliant 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 sectors for Korean investment. He added, "The Vietnamese government will create an open and transparent investment environment and provide maximum convenience so that foreign investors, including Korean companies, can invest in Vietnam stably and sustainably."

He also addressed the strengthening of cooperation in science and technology. General Secretary To Lam proposed, "Let us jointly study a cooperation framework to expand AI application research based on shared AI computing infrastructure," and stated that Vietnam would promote increased technological cooperation and technology transfer focused on Korea's strengths in fields such as semiconductors, quantum science, and life sciences. He further stated that cooperation would also be strengthened in education, digital transformation, and the cultural and entertainment industries.

Additionally, General Secretary To Lam said the two countries have agreed to pursue security, economic stability, and development agendas within the framework of ASEAN-Korea cooperation, and to strengthen mutual support in international and regional forums. He said, "The two countries have agreed to cooperate closely and strengthen mutual support in international and regional forums and organizations in which both participate and share interest," and added, "We will continue to effectively promote cooperation within the ASEAN-Korea framework, pursuing security, economic stability, and development together."

Meanwhile, on the occasion of this summit, the two countries exchanged 12 MOUs and cooperation documents to broaden their cooperation base in a wide range of areas, including security and safety, digital, science and technology innovation, intellectual property, power infrastructure, water security, animal health and quarantine, culture, underwater cultural heritage, food, pharmaceuticals, cosmetics and medical device safety, nuclear power development, and financial cooperation for nuclear power projects.

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