By UN Journal Lee Jon-young

 

President Lee Jae-myung held a summit with General Secretary of the Communist Party of Vietnam, To Lam, the top official in the Vietnamese government, at the Presidential Office in Yongsan on Aug. 11, 2025.

 

The two leaders adopted the "Joint Statement on Deepening the Comprehensive Strategic Partnership between South Korea and Vietnam," which aims to foster future-oriented cooperation between the two countries.

 

 

This marks the first visit by a Vietnamese leader to South Korea in 11 years, since 2014, and the first foreign guest and state guest since the new administration took office 67 days ago.

 

In a joint press release, President Lee stated, "The General Secretary and I agreed that cooperation between South Korea, which aims to become a responsible global power that pragmatically addresses the changing global order, and Vietnam, which aims to become a high-income developed country by 2045, is more important than ever. Based on this shared understanding, we agreed to further develop cooperation between our two countries in a comprehensive and future-oriented manner."

 

The two countries agreed to strive to achieve their goal of reaching $150 billion (approximately 208 trillion won) in trade volume by 2030 and expand cooperation into future-oriented strategic areas such as science and technology, energy, and supply chains.

 

First, they will strengthen strategic communication and cooperation in the areas of diplomacy, security, and defense. The two countries agreed to actively pursue high-level exchanges, utilizing various opportunities, such as the Association of Southeast Asian Nations (ASEAN) and Asia-Pacific Economic Cooperation (APEC) summits this year.

 

President Lee said, "I invited Vietnam to attend the APEC Summit scheduled to be held in Gyeongju this year, and the Party Secretary-General responded positively."

 

He continued, "Vietnam is also scheduled to host the APEC Summit in Phu Quoc in 2027, and our two countries have agreed to actively cooperate to ensure the success of both APEC summits."

 

Building on solid political trust, the two countries agreed to strengthen cooperation in the defense industry and public security sectors to contribute to regional peace and stability. They also agreed to further invigorate cooperation at the National Assembly and local government levels.

 

 

They agreed to further accelerate mutually beneficial economic cooperation, including trade, investment, and large-scale infrastructure. Korea and Vietnam are each other's third-largest trading partners.

 

This year, marking the 10th anniversary of the Korea-Vietnam Free Trade Agreement (FTA)'s entry into force, the two countries agreed to further strengthen their efforts to achieve US$150 billion in trade by 2030. Last year, bilateral trade reached US$86.7 billion.

 

The two countries shared the view that the approximately 10,000 Korean companies operating in Vietnam contribute to Vietnam's economic development and mutually beneficial cooperation. President Lee requested continued support for the stable economic activities of Korean companies in Vietnam.

 

President Lee noted that the recently signed "Memorandum of Understanding (MOU) on Cooperation between Central Banks" will contribute to strengthening cooperation between the two countries, including on monetary policy and financial stability.

 

The two countries also agreed to strengthen cooperation in large-scale infrastructure areas of strategic importance, such as nuclear power plants, high-speed railways, and new city development.

 

 

President Lee stated, "Large-scale national projects, such as the construction of new nuclear power plants and the North-South high-speed railway, are crucial for ensuring a stable power supply and establishing a modernized transportation and logistics system in Vietnam. I hope that our companies' outstanding technological prowess and extensive experience will lead to successful examples of cooperation."

 

Secretary-General Lâm responded, "I am well aware of the outstanding competitiveness of Korean companies," adding, "We will actively consider Korea's participation."

 

In this regard, the two countries also signed a "Cooperation Document on Nuclear Power Industry Human Resource Development." This document establishes a foundation for cooperation between companies in the field of human resource development, which is essential for the development of Vietnam's nuclear power industry, and outlines plans to expand cooperation to various nuclear power sectors in the future.

 

They also agreed to actively support cooperation between institutions and companies in urban development, including the Bac Ninh Province Southeast New City project, which is expected to be the first export case of Korea's K-New City.

 

Cooperation will be expanded to future-oriented fields such as advanced science and technology, renewable energy, and core minerals. They will further strengthen the capabilities of the Korea-Vietnam Institute of Science and Technology and actively pursue joint research in cutting-edge science and technology fields such as artificial intelligence (AI), biotechnology, and energy.

 

 

Cooperation in renewable energy fields such as solar and wind power will be expanded, and cooperation in power grid expansion and smart grid development will also be strengthened.

 

Both countries agreed to further strengthen cooperation in core minerals by combining Vietnam's abundant rare earth resources with Korean technology. To this end, the Korea-Vietnam Core Mineral Supply Chain Center, which will be established starting this year, will be the focal point, exploring cooperative measures for the supply, processing, and utilization of core minerals.

 

People-to-people and cultural exchanges and cooperation between the two peoples will also be strengthened. Last year, human exchanges between the two countries exceeded 5 million people.

 

There are 340,000 Vietnamese nationals living in Korea and 190,000 Korean nationals living in Vietnam. The number of Korean-Vietnamese multicultural families reaches 100,000.

 

The two countries will strengthen cooperation to ensure the stable residence and welfare of their citizens in each other's country, and expand policy sharing and cooperation in the area of overseas Koreans.

 

They also agreed to continue close cooperation to achieve substantive progress in peace on the Korean Peninsula and the resolution of the North Korean nuclear issue.

 

President Lee said, "I explained our government's vision for a Korean Peninsula where the two Koreas coexist and prosper based on a solid peace, and I requested the special support and cooperation of the Vietnamese side, including the Party Secretary General, to ensure these efforts bear fruit."

 

Secretary General Lâm stated, "We welcome and support the Korean government's efforts to resume dialogue and cooperation between the two Koreas. We will actively contribute to peace and stability on the Korean Peninsula."

 

Cooperation between the two countries will also be strengthened in multilateral forums such as APEC and the UN. The two leaders stated, "Our two governments will work together to faithfully implement follow-up measures so that the measures discussed today can provide tangible benefits to the lives of our peoples."