South Korea, Vietnam join forces amid US-China rivalry, pledge US$150 billion in trade
South Korea this week has offered a first glimpse into President
Lee Jae-myung 's new foreign policy direction for Southeast Asia, as both countries seek to navigate US-China rivalry and Washington's economic upheaval.
The four-day visit began on Monday, with the two leaders pledging to deepen economic cooperation and expand bilateral trade to US$150 billion by 2030, a big boost from the current US$86.8 billion.
Lee noted that South Korea had invested heavily in
Vietnam 's economic growth over the years, with about 10,000 Korean companies now operating in the Southeast Asian nation.
These companies not only contributed to economic development but fostered 'mutually beneficial cooperation between the two countries', Lee said in a televised address, stressing that developing the semiconductor industry would be a joint priority.
Workers stitch shoes at a Korean-owned factory in Ho Chi Minh City in 1997. South Korean companies have invested an estimated US$92.5 billion in Vietnam over the years. Photo: AP
Lam, the general secretary of Vietnam's Communist Party, led a high-level delegation to Seoul including ministers of industry, trade, foreign affairs and technology. He called on Seoul to continue nurturing Vietnamese talent in advanced fields such as artificial intelligence, biotechnology and shipbuilding.
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