Vietnam, S.Korea target $150bn trade, pledge stronger investment, high-tech cooperation

The agreement was reached on Wednesday during high-level talks in Hanoi between Vietnamese Party General Secretary and State President To Lam and South Korean President Lee Jae Myung, according to the Vietnamese Ministry of Foreign Affairs.

The talks followed a state welcome ceremony hosted by Lam for Lee as part of his state visit to Vietnam from April 21 to 24.

Lam welcomed Lee’s visit as the first by a foreign head of state since Vietnam’s National Assembly completed a restructuring of the state apparatus, including the election of Party chief Lam as state president.

He described the visit as the clearest demonstration of the strong, effective comprehensive strategic partnership and the high level of political trust between Vietnam and South Korea.

Lee expressed his pleasure at returning to Vietnam and witnessing its dynamic development, saying that relations between the two countries are ‘special and as close as brothers.’

He emphasized that South Korea will remain a reliable partner in supporting Vietnam to achieve its development goals, including becoming an upper-middle-income developing country by 2030 and a high-income developed nation by 2045.

Lee also affirmed his readiness to work with Lam and other key Vietnamese leaders to further advance the comprehensive strategic partnership toward a shared prosperous future.

On economic cooperation, both sides underscored the strategic importance of deepening economic ties amid a rapidly changing global environment, setting a shared target of reaching US$150 billion in bilateral trade by 2030.

In 2025, total import-export turnover between the two countries reached $89.5 billion, up 9.6 percent compared with 2024.

In the first three months of this year, two-way trade stood at $26.9 billion, marking a 30-percent increase year on year.

The two leaders pledged to facilitate trade and improve market access for each other’s goods, while enhancing Vietnam’s participation in South Korean supply chains and supporting Vietnam’s efforts to build a more independent and resilient economy.

On the investment front, Lam praised the contributions of South Korean businesses to Vietnam’s socio-economic development and welcomed their expansion of investment in priority areas, including infrastructure, smart cities, semiconductors, large-scale AI data centers, smart seaports, and next-generation seaports.

In response, Lee expressed appreciation for Vietnam’s continued support for South Korean investors and called for further assistance in addressing challenges faced by South Korean enterprises operating in the country.

He also committed to closer coordination in the effective use of funding from the Economic Development Cooperation Fund and the Economic Development Promotion Fund, particularly for Vietnam’s strategic infrastructure projects.

On science and technology, both leaders agreed that innovation, digital transformation, and high-tech development should serve as key drivers of bilateral cooperation and national growth strategies.

Lam called for stronger research collaboration and technology transfer, while urging continued South Korean support for the Vietnam-Korea Institute of Science and Technology.

Lee said South Korea is ready to share advanced technologies in artificial intelligence, semiconductors, clean energy, and human resource development, and proposed strengthening links between innovation and startup ecosystems in both countries.

Both sides agreed to expand cooperation in foreign affairs, defense and security, and to strengthen coordination in addressing non-traditional security challenges and transnational crime.

Cultural, educational, and people-to-people exchanges were highlighted as key foundations for long-term bilateral ties.

The two countries also pledged to further facilitate the protection of the legal rights and interests of their citizens living, working and studying in each other’s territories, including multicultural families, while promoting cooperation between localities.

During exchanges on multilateral cooperation, Lam said Vietnam is ready to work with South Korea to effectively implement the ASEAN–South Korea Action Plan for the 2026–30 period, and to coordinate with Mekong countries to promote the Mekong–South Korea Summit in 2026.

Both sides reaffirmed the importance of maintaining peace and stability in the East Sea, in accordance with international law and the 1982 United Nations Convention on the Law of the Sea, and supported efforts to preserve peace on the Korean Peninsula.

Following the talks, the two leaders witnessed the signing of 12 cooperation agreements across various sectors, reflecting the substantive and wide-ranging outcomes of the visit.

They also co-chaired a joint press briefing on the outcomes of their talks.