South Korea, Vietnam Strengthen Economic Ties Amid Global Challenges

South Korea and Vietnam have committed to strengthening their economic and strategic partnership during a recent summit between South Korean President Lee Jae Myung and Vietnamese leader To Lam. They agreed to expand bilateral trade to $150 billion by 2030, a significant increase from the current $86.7 billion, and signed memoranda of understanding covering cooperation in sectors such as nuclear and renewable energy, infrastructure, technology, and financial policies. Vietnam, hosting around 10,000 South Korean companies, remains a key investment hub despite uncertainties caused by new U.S. tariffs. The leaders emphasized fostering a favorable environment for South Korean participation in major Vietnamese projects, including urban infrastructure, high-speed railways, and nuclear power plants, aiming to support Vietnam's goal of becoming a high-income country by 2045. This summit marks President Lee's first state visit hosting since his inauguration, highlighting the importance of forward-looking and future-oriented bilateral cooperation amid a challenging global trading environment. Vietnam has consistently been South Korea's third-largest trading partner after the U.S. and China, underscoring the depth of their economic ties.