Vietnam seeks collaboration with South Korea in acquiring K9 howitzers and shipbuilding initiatives
The recent summit between President Lee Jae Myung of South Korea and General Secretary To Lam of the Communist Party of Vietnam, held at the presidential office in Yongsan, central Seoul on Aug. 11, marked a significant step forward in the relationship between the two nations.
The focus of the discussions was on enhancing trade, defense, rare earth resources cooperation, and strategic partnerships, as part of a broader goal to deepen bilateral ties.
Trade and Economic Cooperation
Both countries have set a target to nearly double the bilateral trade volume to USD 150 billion by 2030, up from USD 81.5 billion in 2024. South Korea encourages investment in Vietnamese industries such as LNG power, clean energy, nuclear energy (including small modular reactors), electric vehicles, battery manufacturing, and machinery. The Ministry of Industry and Trade of Vietnam is actively promoting Korean investment in infrastructure and industrial projects including ports and consumer goods. Cooperation extends to monetary policies through an MOU between central banks to foster financial stability and economic collaboration.
Rare Earth and Critical Minerals
Both countries have committed to strengthening cooperation in core technology fields related to rare earth and critical minerals, aiming to leverage Vietnam’s abundant rare earth resources alongside Korea’s technology. A significant initiative is the joint implementation of the Essential Mineral Supply Chain Technology Cooperation Center project, which facilitates Korean enterprises' participation in Vietnam's critical mineral supply chains, considered crucial for energy and technology sectors.
Defense and Security
South Korea and Vietnam agreed to expand defense cooperation, specifically to revive and strengthen the Korea-Vietnam Defense and Military Cooperation Committee, which had been inactive since 2008. The agreement includes expanding the stage for Korean defense exports to Vietnam and enhancing security collaboration to contribute to regional peace and stability, especially amid the complex geopolitical environment in the South China Sea. This defense partnership upgrade makes the bilateral relationship more strategic beyond economic ties.
Strategic Partnerships and Future Events
Both countries plan collaboration on hosting the APEC Leaders' Meeting in 2027 in Vietnam, further cementing their strategic cooperation. They are also focused on strengthening cooperation between national assemblies and local governments, aiming to deepen institutional ties. Infrastructure projects of strategic importance, such as nuclear power plants, high-speed railways, and new city developments, are part of their cooperation agenda.
The location of the K9 howitzer, which was mentioned in the context of the Korea-Vietnam summit, was not provided in the article. The K9 howitzer was not mentioned as being a subject of trade or military cooperation between South Korea and Vietnam. Vice Chairman of HD Hyundai Chung Ki-sun and CEO of FPT Corporation Nguyen Van Khoa had a conversation at a state dinner for the Korea-Vietnam summit at the Blue House Guest Hall on Aug. 11.
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- The recent progress in the relationship between South Korea and Vietnam includes discussions about strengthening cooperation in the technology sector, specifically in core technology fields related to rare earth and critical minerals.
- South Korea encourages investment in various Vietnamese industries, such as clean energy, nuclear energy, electric vehicles, battery manufacturing, and machinery, with a focus on infrastructure and industrial projects like ports and consumer goods.
- The defense partnership between South Korea and Vietnam aims to expand defense cooperation and strengthen security collaboration, contributing to regional peace and stability, particularly in the complex geopolitical environment of the South China Sea.
