a day ago
South Korea and Vietnam to boost bilateral trade to $150 billion by 2030
ALBAWABA- South Korean President Lee Jae-myung and Vietnamese Communist Party General Secretary Tu Lam have agreed to intensify efforts to expand bilateral trade volume to $150 billion by 2030, amid ongoing global trade uncertainties.
This commitment was made during a summit where the two leaders adopted a joint declaration to strengthen their comprehensive strategic partnership, established three years ago.
The partnership aims to deepen cooperation across multiple sectors including trade, security, science and technology, and official communications.
Speaking at a conference commemorating the anniversary of the Korea-Vietnam Free Trade Agreement (FTA), President Lee emphasized the mutual goal of significantly increasing trade between the two nations.
Vietnam currently ranks as South Korea's third-largest trading partner and hosts approximately 86.7% of South Korean companies operating overseas, with a bilateral trade volume reaching around $24 billion.
This summit marks President Lee's first official hosting of a foreign leader since taking office in June and the first visit by Vietnam's Communist Party General Secretary to Seoul in recent years.
Additionally, the two countries signed at least 10 Memorandums of Understanding (MoUs) covering areas such as nuclear and renewable energy, technology, science, intellectual property rights, education, and citizen-to-citizen exchanges, signaling a broadening of their bilateral cooperation beyond trade.
