Vietnam steps up as a regional leader

Bangkok Post

a day ago

Vietnam wisely chose South Korea to showcase a new strategic-economic partnership in the region, focusing on growing trade, investment, and diplomatic cooperation. As the first country to dispatch a top leader to meet newly elected President Lee Jae-myung, the Hanoi government sends a clear signal to both Northeast and Southeast Asia that South Korea and Vietnam are emerging together as a driving force of regional connectivity and economic growth.
The two leaders made an impressive pledge -- US$150 billion (4.9 trillion baht) in trade within the next five years, nearly double last year's trade volume of US$87 billion. Achieving this ambitious target will require their full commitment, reinforcing a partnership that extends beyond economics into technology, education, and cultural exchange.
After six months of political uncertainty at home, Seoul has bounced back with a more assertive regional policy. The highly visible optics of the trip of Vietnam's Party Secretary General To Lam were carefully calibrated, underscoring Seoul's recurrent effort to raise its profile globally. Both countries are deepening their comprehensive strategic partnership, which was upgraded in 2022, that blends economic ambition with strategic trust.
Mr Lee and Mr Lam affirmed that their countries are each other's leading and important partners across all fields, boosting a substantive and effective partnership to a new level. Among Asean members, Vietnam has also established the most comprehensive cooperation with Korea in science, technology, innovation, and digital transformation. This includes joint research, training, and exchanges in AI, semiconductors, biotechnology, materials, and energy.
The private sector, especially big-name Korean firms such as Samsung, Hyundai, LG, SK Group, POSCO, Lotte and other medium-sized and startups, have already built their strong presence in Vietnam, with more than 10,000 companies actively trading and investing. South Korea also hosts around 43,000-plus Vietnamese students, representing a future pool of talent to support investment and economic development.
At this juncture, it is also Vietnam's coming-out party as a confident regional leader. Last month, it marked its 30th anniversary as an Asean member. Vietnam this year is going to celebrate the 80th anniversary of the 1945 August Revolution (National Day, Sept 2). Three decades ago, when it joined Asean, few believed Vietnam could integrate and thrive in the bloc's demanding frameworks. Yet in Seoul, Vietnam proudly showed that the country is an emerging leader shaping future regional architecture in both economic integration and strategic autonomy.
From the beginning, Vietnam had two objectives in joining Asean: economic development to lift its people from poverty, and peace and stability in a transforming Asia. The early years required painful internal restructuring to align with Asean's complex rules. But by its second decade, Vietnam was outperforming peers in attracting investment, manufacturing, and exports. It embraced Asean's economic community pillars and steadily turned into one of the region's most open, business-friendly economies, albeit still denied market-economy status by the US.
Peace and stability have always been central to Hanoi's outlook. It has consistently backed Asean-led mechanisms -- from the Asean Regional Forum to the East Asia Summit, ADMM-Plus, and the Asean Outlook on the Indo-Pacific -- as shields against great-power rivalries. These platforms have allowed Vietnam to reinforce strategic peace while embedding itself in global value chains. Today, foreign investors -- particularly in high-tech and green sectors -- see Vietnam as a top destination, buoyed by reforms that stress transparency, efficiency, and governance.
Beyond economics and security, people-to-people exchanges are also shaping this emerging partnership. Cultural cooperation, tourism, education, and labour migration have given bilateral relationships a human dimension. Nearly 250,000 Vietnamese workers are in South Korea. In addition, the soft power element is also serving as an important bridge between the two countries, such as Korean pop culture, cuisine, and language, which are popular in Vietnam.
At the strategic level, both sides know their partnership must evolve with shifting geopolitical winds. The technological revolution, green transition, and supply chain disruptions are new challenges for both. Hanoi and Seoul are working closely together. Vietnam offers a dynamic production base and young workforce; Korea contributes capital, expertise, and innovation. This rare synergy could be a model to follow elsewhere.
Recent weeks have further highlighted Vietnam's agility. Its responses to the Trump administration's tariff threats demonstrated economic flexibility, diplomatic pragmatism, and resilience amid US–China rivalry and shifting supply chains. Punching above its weight, Hanoi has turned external shocks into opportunities. At the same time, as Vietnam's membership enters its fourth decade, the country is becoming a major driving force of economic integration, bridging divides between old and new members.
Apart from the Asean-South Korea Free Trade Agreement, Vietnam's overlapping trade frameworks include the Regional Comprehensive Economic Partnership, the Comprehensive and Progressive Trans-Pacific Partnership, and the US-led Indo-Pacific Economic Framework. These are part of the country's trade diversification strategy. In more ways than one, they dovetail with its "bamboo diplomacy", allowing balance without overdependence on any one partner.
At the 58th Asean Foreign Ministerial Meeting in Kuala Lumpur last month, the joint communique recognised Hanoi's Asean Future Forum as a platform for foresight and policy innovation, aligning neatly with Asean Vision 2045. Armed with high growth, a young workforce, and a carefully honed strategic profile, Vietnam is developing into a regional stabilising force in the increasingly volatile region.
In forging a strategic-economic partnership with South Korea, it further strengthens bilateral ties and redefines regional leadership. Vietnam is now Asean's poster boy -- an icon the bloc never knew it needed.