Vietnam and South Korea Target $150 Billion Trade by 2030

During talks at the Presidential Palace on the afternoon of April 22 following a state welcome ceremony, Party General Secretary and State President To Lam and South Korean President Lee Jae-myung emphasized executing a strategic vision for economic connectivity, according to the Ministry of Foreign Affairs. Both leaders committed to pushing two-way trade toward $150 billion by 2030. Bilateral trade hit $89.5 billion in 2025, up 9.6% from 2024. In the first three months of 2026, two-way merchandise turnover reached $26.9 billion, a 30% jump compared to the same period in 2025. Both leaders pledged to facilitate trade, open reciprocal import-export access, support Vietnamese firms entering South Korean production supply chains, and bolster an independent, self-reliant economy. General Secretary To Lam welcomed South Korean firms expanding investments into Vietnam’s priority sectors. These areas include infrastructure, smart cities, semiconductors, artificial intelligence (AI) data centers, and automated seaports. President Lee Jae-myung urged Vietnam to resolve operational bottlenecks for South Korean businesses. He pledged coordinated deployment of economic cooperation funds, prioritizing strategic infrastructure. The two leaders agreed to make science, technology, innovation, and digital transformation core growth drivers. The Vietnamese leader urged stronger joint research, technology transfers, and ongoing support for the Vietnam-Korea Institute of Science and Technology (VKIST). Party General Secretary and State President To Lam and South Korean President Lee Jae-myung hold talks on the afternoon of April 22. (Photo: VnExpress) South Korea expressed readiness to share expertise in artificial intelligence, semiconductors, clean energy, workforce training, and startup ecosystem connectivity. Both sides agreed to expand educational and cultural programs, people-to-people ties, and local governance partnerships. They reaffirmed protections for diaspora communities living, studying, and working across both nations, while boosting the cultural and tourism industries. On multilateral issues, both nations agreed to implement the 2026–2030 ASEAN–South Korea Action Plan and deepen Mekong–South Korea cooperation. They reiterated a shared commitment to peace and stability in the South China Sea, full compliance with international law and the 1982 UNCLOS, and peace on the Korean Peninsula. General Secretary To Lam stressed that President Lee’s visit showcases high mutual political trust and an enduring Comprehensive Strategic Partnership. Party General Secretary and State President To Lam and South Korean President Lee Jae-myung witness the exchange of bilateral cooperation agreements. (Photo: VnExpress) President Lee reiterated that South Korea values Vietnam as an essential partner. He committed Seoul to accompanying Vietnam toward its 2030 and 2045 development goals, aiming for shared prosperity. Following the talks, both leaders witnessed the exchange of 12 cooperation agreements covering security, science, energy, agriculture, culture, healthcare, and civil nuclear power. President Lee and his spouse are paying a state visit to Vietnam from April 21 to 24. This marks Lee’s first trip to Vietnam since taking office in June 2025, taking place after Vietnam consolidated its senior leadership following the 14th National Party Congress. According to Vietnamese Ambassador to South Korea Vu Ho, President Lee’s arrival as the first state guest of this new term holds profound political and symbolic weight. The visit reflects high mutual strategic regard and deep bilateral confidence. Subscribe to get the latest posts sent to your email. Type your email… Subscribe