South Korea, Vietnam set to deepen strategic ties with over 10 MOUs
South Korea and Vietnam pledged deeper economic and strategic cooperation as their leaders held a summit on Monday, with the countries seeking to leverage their business ties to navigate a challenging global trading environment.
South Korean President Lee Jae Myung is hosting Vietnamese leader To Lam as his first state guest since taking office on June 4 and discussed promoting trade and investment in the Southeast Asian country, Lee’s office said.
Lam, who is the Vietnamese Communist Party general secretary, leads a delegation of industry, trade, foreign and technology ministers and senior party and parliament members on the four-day state visit.
“Our countries agreed that about 10,000 Korean companies operating in Vietnam contribute to Vietnam’s economic development and mutually beneficial cooperation between the two countries.” Lee said in a televised address,”
“I asked for a continued interest in the stable economic activities of our companies in Vietnam.”
Lam said the countries agreed to further open up their markets and expand trade to $150 billion by 2030, adding Vietnam welcomed an increase in investment by South Korean businesses along with greater technological cooperation.
The countries are due to sign at least 10 memoranda of understanding at the summit meeting, pledging cooperation in areas including nuclear and renewable energy, monetary and financial policies, and science and technology, Lee’s office said, adding that other agreements will cover cooperation in infrastructure, including high-speed rail.
