Vietnam, South Korea Aim for $100 Billion Bilateral Trade in 2026: PM Lê Minh Hưng
Hanoi, The Gulf Observer: Vietnamese Prime Minister Lê Minh Hưng on Monday called for stronger comprehensive cooperation between Việtnam and the Republic of Korea (RoK), urging both countries to work towards achieving bilateral trade of US$100 billion in 2026 and US$150 billion by 2030.
The remarks came during a farewell reception for outgoing Republic of Korea Ambassador to Việtnam, Choi Young-sam, who is concluding his diplomatic assignment in the country.
Prime Minister Hưng congratulated Ambassador Choi on the successful completion of his tenure and commended his significant contributions to strengthening the Việtnam–RoK Comprehensive Strategic Partnership, describing bilateral relations as increasingly deep, effective, and beneficial for the people of both nations.
Reviewing key achievements during the ambassador’s tenure, the Prime Minister highlighted the successful exchange of high-level delegations, including General Secretary Tô Lâm’s state visit to the Republic of Korea in August 2025 and President Lee Jae Myung’s state visit to Việt Nam in April 2026. He also noted the steady expansion of cooperation in defence, security, local-level partnerships, and people-to-people exchanges, which have further strengthened mutual political trust.
Expressing confidence in the future of bilateral relations, PM Hưng proposed expanding cooperation across all sectors by promoting regular high-level exchanges, strengthening defence and security collaboration, and pursuing balanced and sustainable trade growth.
He also encouraged more South Korean enterprises to invest in Việtnam and expand existing operations, particularly in high-tech electronics manufacturing, semiconductors, renewable energy, urban railway systems, and smart city development.
The Prime Minister reaffirmed the Vietnamese Government’s commitment to maintaining a stable, transparent, and favourable investment environment for foreign businesses, including those from the Republic of Korea.
In addition, PM Hưng called for enhanced cultural cooperation and greater support for Việtnam’s cultural industries. He also proposed expanding people-to-people exchanges by increasing quotas and recruitment opportunities for Vietnamese workers in sectors where the Republic of Korea faces labour shortages, including information technology, services, nursing, and shipbuilding. He further stressed the importance of stronger cooperation between local governments to boost economic ties and community exchanges.
For his part, Ambassador Choi welcomed the Prime Minister’s proposals, reaffirming that the Republic of Korea places great importance on its relationship with Việt Nam and seeks to further strengthen cooperation in emerging sectors such as science and technology, semiconductors, renewable energy, LNG-fired power generation, artificial intelligence, and infrastructure development.
He described the Republic of Korea as a reliable partner committed to supporting Việt Nam in achieving its long-term development objectives through 2030 and toward its 2045 vision.
Ambassador Choi also expressed hope that Việtnam would continue providing favourable conditions for Korean businesses and citizens to invest, work, and live in the country over the long term.
Concluding the meeting, the ambassador thanked the Vietnamese Party, State, and Government leaders, as well as ministries and relevant agencies, for their support throughout his tenure, pledging to continue contributing to the substantive and comprehensive development of the Việtnam–Republic of Korea Comprehensive Strategic Partnership.
