Việt Nam, RoK stitch strategic ties for smarter trade future together

New approach aims to elevate Việt Nam–RoK economic ties to a higher level, aligning with the two countries’ needs and interests in the current context, and to help achieve the target of US$150 billion in bilateral trade by 2030.

Party General Secretary Tô Lâm and President of the Republic of Korea (RoK) Lee Jae Myung have agreed to jointly shape and implement a new strategic vision for Việt Nam–RoK economic cooperation, shifting from market-based collaboration to a partnership focused on developing production chains and cultivating high-quality human resources.

The new approach aims to elevate Việt Nam–RoK economic ties to a higher level, aligning with the two countries’ needs and interests in the current context, and to help achieve the target of US$150 billion in bilateral trade by 2030.

The agreement was reached on Monday during talks held as part of the Vietnamese Party leader’s ongoing state visit to the RoK.

Welcoming Party chief Lâm, his spouse and the high-ranking Vietnamese delegation, President Lee reaffirmed that the RoK always considers Việt Nam a key partner in implementing its foreign policy in the region. He expressed his belief that the visit would generate strong momentum to deepen mutual understanding, reinforce political trust and further advance the RoK–Việt Nam Comprehensive Strategic Partnership in the next stage.

Congratulating Việt Nam on its significant development achievements and growing international standing, President Lee voiced confidence that under General Secretary Lâm’s leadership, Việt Nam would soon become a developed country and a regional hub.

He stressed that the RoK stands ready to accompany Việt Nam on its future development path.

For his part, General Secretary Lâm reaffirmed that Việt Nam consistently values its relations with the RoK as part of its foreign policy and wishes to work with RoK leaders to guide bilateral cooperation towards more substantive, effective and sustainable progress across all sectors.

The two leaders exchanged comprehensive, strategic views on the situation in each country and Việt Nam–RoK relations over more than 30 years since diplomatic ties were established. They agreed to strengthen political trust and enhance strategic coordination in key areas such as diplomacy, defence and security.

They also agreed to broaden cooperation through all channels, creating a solid foundation to promote and expand bilateral cooperation in all fields.

The leaders committed to directing agencies and localities in both countries to work closely in implementing cooperation agreements, particularly the action programme for the implementation of the Việt Nam–RoK Comprehensive Strategic Partnership.

They also shared a common vision for the future of Việt Nam–RoK economic cooperation, prioritising quality, efficiency and sustainability while enhancing innovation capacity and delivering long-term, mutually beneficial development.

Both sides agreed to continue facilitating trade and opening their markets to each other’s goods, while supporting capacity-building for Vietnamese enterprises to participate more deeply in the global supply chains of Korean companies.

The two leaders also agreed to elevate science–technology cooperation into a new pillar and highlight of the bilateral relationship, enabling Việt Nam to become a value-creation partner with the RoK in science, technology and innovation.

General Secretary Lâm affirmed that Việt Nam is ready to facilitate the expansion of major Korean investments in priority sectors where the RoK has strengths and which align with Việt Nam’s new development orientation, such as infrastructure development, high-tech electronics manufacturing, semiconductors, artificial intelligence (AI), renewable energy and smart cities.

President Lee expressed his hope that Việt Nam would support Korean enterprises in expanding their presence, improving operational efficiency, and investing long-term in the country, as well as allowing them to participate in Việt Nam’s major projects.

He stressed that the RoK will continue to regard Việt Nam as a key strategic development partner, pledging to further increase official development assistance (ODA) in areas of Việt Nam’s interest, including infrastructure, research and development, and climate change adaptation. The RoK will also raise quotas and broaden sectors for admitting Vietnamese workers.

Both sides agreed to strengthen cultural, educational and people-to-people exchanges. General Secretary Lâm proposed that the RoK share experience in developing its cultural and entertainment industries, work together to establish a Việt Nam Cultural Centre in the RoK at an early date, and expand cooperation between Vietnamese educational institutions and leading Korean universities and businesses to develop high-quality human resources in line with both countries’ development strategies.

Pleased with the five million mutual visits recorded in 2024, the two leaders expressed their desire to further boost tourism cooperation. President Lee agreed to promote practical friendship and cooperation between localities, while closely coordinating to protect the legitimate rights and interests of each country’s citizens in the other.

During their talks, the two leaders also discussed regional and international issues of mutual concern. They underscored the importance of maintaining peace and stability in the East Sea (internationally known as the South China Sea), ensuring lawful and legitimate rights in line with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS). They also agreed that progress in inter-Korean relations and the establishment of lasting peace on the Korean Peninsula are essential for the prosperity and security not only of the Peninsula but also of the broader international community.

Immediately after the talks, the two leaders witnessed the exchange of ten cooperation documents between ministries, agencies and organisations of the two countries in defence, security, economy, trade, labour and culture.