Việtnam, South Korea Agree on Strategic Economic Vision, Target $150 Billion Trade by 2030

Hanoi, The Gulf Observer: Party General Secretary and State President Tô Lâm and President of the Republic of Korea Lee Jae Myung on Wednesday agreed on a forward-looking strategic vision to enhance economic connectivity, setting an ambitious target of achieving US$150 billion in bilateral trade by 2030.

The agreement was reached during high-level talks held in Hànội following an official welcome ceremony at the Presidential Palace.

President Tô Lâm praised President Lee’s visit as a significant milestone, noting that he is the first head of state to visit Việtnam following the country’s leadership consolidation after the election of the 16th National Assembly. He described the visit as a testament to the robust and effective Comprehensive Strategic Partnership and the deep political trust between the two nations.

President Lee highlighted the unique and close relationship between the two countries, likening it to that of brothers, and reaffirmed the Republic of Korea’s commitment to supporting Việtnam’s development goals of becoming an upper middle-income country by 2030 and a high-income, developed nation by 2045.

Both leaders held extensive discussions on bilateral ties, domestic developments, and regional and global issues of mutual interest. They pledged to further strengthen political trust and elevate strategic cooperation, while effectively implementing existing agreements and expanding collaboration across key sectors including diplomacy, defence, and security. The two sides also emphasized coordinated efforts to tackle non-traditional security threats and transnational crime.

In the economic sphere, both countries committed to facilitating trade, expanding market access, and integrating Vietnamese enterprises into South Korea’s production and supply chains. President Tô Lâm expressed appreciation for the contributions of South Korean businesses to Việt Nam’s socio-economic progress and encouraged further investment in priority areas such as infrastructure, smart cities, port development, semiconductors, artificial intelligence data centres, and next-generation seaports.

President Lee, in turn, expressed hope that the Vietnamese government would continue addressing challenges faced by South Korean investors, ensuring a conducive environment for ongoing and future projects. He also affirmed Seoul’s commitment to supporting Việt Nam through key financial mechanisms, including the Economic Development Cooperation Fund and the Economic Development Promotion Facility, particularly in strategic infrastructure development.

The two leaders identified science, technology, innovation, and digital transformation as central pillars of future cooperation. President Tô Lâm proposed enhanced joint research initiatives and technology transfer, urging continued support for the Việt Nam-Korea Institute of Science and Technology. President Lee welcomed the proposal and expressed readiness to share advanced technologies in areas such as artificial intelligence, semiconductors, clean energy, and workforce development, while also promoting stronger links between innovation ecosystems and start-up communities in both countries.

Cultural, educational, and people-to-people exchanges were also highlighted as vital to strengthening long-term bilateral ties. Both sides pledged to safeguard the rights and interests of their citizens residing, studying, and working in each other’s countries, including multicultural families.

President Tô Lâm further called for South Korea’s support in developing Việt Nam’s cultural and entertainment industries, as well as sharing expertise in tourism promotion.

On multilateral cooperation, Việt Nam reaffirmed its readiness to work closely with the Republic of Korea in implementing the ASEAN–RoK Plan of Action for 2026–2030 and coordinating with Mekong countries to host the Mekong–RoK Summit later this year.

Both leaders also underscored their shared commitment to maintaining peace, stability, and freedom of navigation in the East Sea (South China Sea), in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea. They further emphasized the importance of peace and stability on the Korean Peninsula.

Following the talks, the two leaders witnessed the signing of 12 cooperation agreements spanning multiple sectors, including security, digital transformation, and energy infrastructure. Notable agreements included memoranda of understanding between the Vietnamese Ministry of Public Security and the Republic of Korea’s Presidential Security Service, as well as between the respective ministries overseeing science, technology, and communications.

Later in the day, President Tô Lâm and President Lee Jae Myung co-chaired a joint press conference at the Presidential Palace to announce the outcomes of their discussions and reaffirm their commitment to deepening bilateral cooperation.