Vietnam, S.Korea set sights on $150bn trade target by 2030

The agreement was reached during their talks in Seoul on Monday, part of General Secretary Lam’s four-day state visit to South Korea from August 10 to 13, accompanied by his spouse and entourage, according to the Vietnam News Agency.

President Lee welcomed Lam as his first state guest since taking office in June, affirming that South Korea considers Vietnam a key partner in its regional foreign policy.

He emphasized that Lam’s visit would help generate strong momentum to advance the comprehensive strategic partnership.

General Secretary Lam thanked President Lee for the invitation soon after his election victory, affirming Vietnam’s strong commitment to its all-round cooperation with the East Asian country.

The two leaders expressed satisfaction with the progress in bilateral ties over the past 33 years, especially since the relationship was elevated to a comprehensive strategic partnership.

They agreed to further ease trade, open markets for each other’s goods, and enable Vietnamese businesses to integrate more deeply into South Korean enterprises’ global supply chains, aiming to increase two-way trade to US$150 billion by 2030.

Both sides also agreed to strengthen cooperation in science and technology, making it a new pillar of bilateral ties and positioning Vietnam as a value-creating partner for South Korea in innovation and technological development.

President Lee expressed hope that Vietnam would continue supporting South Korean enterprises in expanding operations and enhancing investment efficiency, while calling for favorable conditions for Korean firms to engage in Vietnam’s key projects.

General Secretary Lam pledged continued support for South Korean investment in sectors that leverage South Korea’s strengths and align with Vietnam’s development priorities, including infrastructure, high-tech electronics, semiconductors, artificial intelligence, renewable energy, and smart urban development.

Lee pledged to expand official development assistance to Vietnam in priority sectors such as infrastructure, research and development, and climate change adaptation.

He was also committed to increasing labor quotas and broadening the range of occupations available to Vietnamese workers in South Korea.

The two sides agreed to enhance cooperation in defense, education, culture, tourism, and people-to-people exchanges.

On regional and global issues, they stressed the importance of maintaining peace and stability in the East Vietnam Sea, safeguarding lawful rights in accordance with international law and the 1982 United Nations Convention on the Law of the Sea.

They agreed that progress in inter-Korean relations and lasting peace on the Korean Peninsula are essential for prosperity both on the peninsula and in the wider international community.

Following their talks, the leaders witnessed the signing of 10 cooperation agreements spanning various fields, including defense, security, economy, trade, labor, and culture.

The two sides also issued a 23-point joint statement aimed at deepening their comprehensive strategic partnership.

They later held a press briefing to outline the key outcomes of their meeting.