South Korea, Vietnam to double trade by 2030

President Lee Jae-myung held a summit with Tô Lâm, general secretary of Vietnam’s Communist Party, agreeing to strengthen cooperation to mark the 10th anniversary of the bilateral free trade agreement this year. The two sides aim to boost trade to $150 billion by 2030, up from $86.7 billion last year, as part of South Korea’s New Southern Policy to address shifts in the global trade order caused by U.S. reciprocal tariffs.

On August 11, President Lee met with General Secretary Lâm at the presidential office in Yongsan, Seoul, and adopted a joint statement reflecting the agreement. Lâm’s visit, which began the previous day, is the first by a Vietnamese general secretary since 2014 and the first state visit by a foreign leader under the Lee administration. Vietnam is South Korea’s third-largest trading partner after China and the United States.

“Vietnam is a very important neighbor to the Republic of Korea,” Lee said. “I hope our comprehensive strategic partnership will advance to a higher level.” Lâm said, “Korea is Vietnam’s top partner in direct investment and tourism, and I hope our cooperation develops in line with the comprehensive strategic partnership.”

The two leaders agreed in the joint statement to expand the comprehensive strategic partnership into future-oriented areas, such as advanced science and technology, energy, and supply chains. Lee said the two countries would strengthen cooperation in major infrastructure sectors, including nuclear power, high-speed rail, and new city development. He asked for support for Korean companies seeking to participate in large-scale national projects in Vietnam, such as new nuclear power plant construction and the North-South high-speed rail project.

The two nations also agreed to promote joint research in advanced fields such as artificial intelligence, biotechnology, and energy, and to expand cooperation in renewable energy. They will strengthen collaboration in critical minerals, as Vietnam holds the world’s second-largest reserves of rare earth elements, a key resource for industries including semiconductors and electric vehicle batteries.


Kyu-Jin Shin newjin@donga.com