Vietnamese football coach Park Hang-seo and South Korean pianist Yiruma will be in attendance at a state dinner for the leader of the Communist Party of Vietnam.
South Korea and Vietnam Strengthen Economic Ties: To Lam's Visit Highlights Growing Partnership
In a significant step forward for their growing partnership, To Lam, the General Secretary of the Communist Party of Vietnam, visited South Korea on August 10. The visit was marked by a summit with President Lee Jae Myung at the presidential office in Yongsan, central Seoul, on August 11.
The visit was covered by the South Korean news outlet News1, and an article about it was translated from the JoongAng Ilbo using generative AI and edited by the website staff. Upon their arrival at Seoul Air Base in Gyeonggi, To Lam and his wife Ngo Phuong Ly were warmly received.
The South Korea-Vietnam relationship is characterised as a comprehensive strategic partnership focused on deepening economic cooperation and expanding bilateral trade. Recent meetings between the two leaders have resulted in formal agreements and joint statements pledging to significantly enhance economic ties and trade volumes.
One key point of this partnership is a strategic agreement to boost bilateral trade to $150 billion by 2030, nearly doubling current trade levels. This involves sectors such as semiconductors, machinery, agricultural products, textiles, and seafood, with mutual efforts to integrate supply chains and facilitate trade.
Both countries aim to diversify their export markets to reduce dependence on any single country, particularly in light of shifts in U.S. trade policy. This reflects their shared interest in economic resilience. Vietnam serves as South Korea’s third-largest trading partner and the largest overseas manufacturing base, with about 10,000 South Korean firms operating in Vietnam, emphasising deep industrial and investment linkages.
The leaders’ meetings have reaffirmed their commitment to a comprehensive partnership that balances symbolic diplomatic relations with practical economic goals. However, challenges remain around accountability and managing potential frictions in the relationship.
There is ongoing high-level coordination including business forums and cooperation in trade facilitation, infrastructure, and green technology research and development. The relationship between South Korea and Vietnam is a growing and strategic economic partnership with strong political commitment to deepen cooperation and expand trade, reflecting their mutual priorities of economic integration and diversification within East Asia.
- In the realm of sports, both South Korea and Vietnam share a growing passion for football, with their national teams competing against each other occasionally.
- The South Korean sports industry has been keen to collaborate with its Vietnamese counterpart in areas like training, exchange programs, and technology development.
- The government of South Korea has shown support for diplomatic initiatives aimed at resolving war-and-conflicts in Southeast Asia, especially those affecting Vietnam, demonstrating its commitment to regional peace and stability.
- The finance and business sectors in South Korea have been actively involved in the migration of skilled workers from Vietnam, contributing to the growth of the South Korean economy and the strengthening of their economic ties.
- In the arena of culture, there has been a surge in interest in Vietnamese literature, film, and music in South Korea, fostering mutual understanding and appreciation.
- The South Korean government has pledged to support the Vietnamese government in various sectors, from education to infrastructure development, as part of its general news and foreign aid policies.
- The diplomatic relations between South Korea and Vietnam have been instrumental in managing potential conflicts arising from waters shared by both countries, demonstrating the importance of diplomacy and politics in maintaining peaceful relationships.
