South Korean trip of Party General Secretary Tô Lâm yields notable results, according to Deputy PM's account

Vietnam and South Korea Strengthen Economic Ties

Following a successful state visit by Party General Secretary Tô Lâm to South Korea in August 2021, both countries have set ambitious targets to deepen their economic cooperation. The aim is to reach $100 billion in two-way trade by 2025 and $150 billion by 2030, reflecting a strong desire to expand bilateral commercial ties.

The visit has outlined concrete targets and collaborative sectors, with a focus on trade growth, technological innovation, infrastructure development, and sustainable energy cooperation.

Trade and Investment

Vietnam is committed to improving its institutional framework and investment climate, removing bottlenecks, and restructuring its economy towards innovation-driven growth. This will facilitate Korean businesses’ sustainable and long-term development in Vietnam. Key sectors for cooperation include clean and green energy, heavy industries such as electronics, automobiles, shipbuilding, chemicals, and steel, advanced technology fields like semiconductor technology, artificial intelligence (AI), and blockchain, and high-quality services in healthcare, education, and urban development, particularly in green and smart urban areas.

Official Development Assistance (ODA)

Both sides have emphasized increasing ODA focused on strategic infrastructure development, including transport, energy, digital infrastructure, and climate-resilient infrastructure projects.

Science, Technology, and Innovation

Recognized as a crucial pillar of bilateral cooperation, fostering innovation to boost business and socio-economic development is a key focus. Enterprises from both countries have identified production and value chain integration in high-tech and clean energy sectors as priority areas for enhanced collaboration.

Energy Security Cooperation

South Korea has expressed readiness to collaborate with Vietnam to diversify supply sources and ensure energy security, confirming growing strategic linkages.

Bilateral Support Framework

Vietnam has reaffirmed its commitment to creating favorable conditions for Korean investors and businesses, with promises of close cooperation and support from the Party and State to the business communities of both countries.

The outcomes of the visit are reflected in five major aspects, including political trust, multifaceted cooperation, social foundations, and multilateral engagement. The two sides will continue to coordinate and support each other at regional and international forums such as ASEAN, the United Nations, APEC, and the Mekong sub-region, and ensure the success of the Mekong-RoK Summit at the end of 2025, and the APEC Economic Leaders' Meetings in the RoK in 2025 and in Vietnam in 2027.

General Secretary Lâm called on Korean businesses to continue seeing Vietnam as a global production hub and strategic destination for establishing R&D centres and expanding investment in key sectors. The leaders of both nations underscored the importance of social foundations and people-to-people exchanges as a strong glue for friendship and mutual understanding.

New cooperation opportunities were opened in priority areas such as science-technology, strategic infrastructure development, high-tech agriculture, sustainable development, and climate change response. The two sides will also explore expanding job categories and increasing the number of Vietnamese workers in the RoK. Senior Korean leaders viewed Vietnam as a top priority partner in implementing the RoK's foreign policy in the region.

The deepening of political trust and consolidation of good personal relations between the two countries' top leaders was the first aspect mentioned. The leaders also agreed to enhance mutual support at international and regional forums such as ASEAN, the United Nations, APEC, and the Mekong sub-region.

The RoK will share its experience with Vietnam in developing the entertainment industry and support Vietnam in building and implementing its cultural industry development strategy. General Secretary Lâm proposed a shift from economic cooperation to economic linkage between the two countries, including joint development of production chains and mutual market access.

Finally, General Secretary Lâm urged friendship unions and organizations to enhance their role as effective bridges, connecting the unions, localities, and people of both countries more vibrantly and substantially. The RoK will also support Vietnam in establishing a Vietnam Culture Centre in the RoK, and promote cooperation between Vietnamese educational institutes and leading Korean universities and enterprises to develop high-quality human resources.

South Korean trip of Party General Secretary Tô Lâm yields notable results, according to Deputy PM's account