Vietnam, South Korea seek deeper strategic partnership with trade as key pillar

THE HANOI TIMES — Vietnamese President Luong Cuong and South Korean President Lee Jae Myung agreed to strengthen their Comprehensive Strategic Partnership, focusing on trade, investment, and technology cooperation during talks on October 30 in Gyeongju on the sidelines of the 2025 APEC Leaders’ Week.

The two leaders reaffirmed their commitment to achieving US$150 billion in bilateral trade by 2030, making trade the foundation of their partnership and promoting balanced, sustainable growth.

They also agreed to expand collaboration in science, technology, innovation, digital transformation, and human resource development as new pillars of cooperation.

President Luong Cuong pledged Vietnam’s commitment to facilitating long-term South Korean investment, especially in infrastructure, clean energy, smart cities and supporting industries.

President Lee Jae Myung reiterated that South Korea considers Vietnam its top strategic partner in Southeast Asia and pledged to expand technology transfer, strengthen supporting industries, enhance workforce training and encourage Korean enterprises to invest more in Vietnam.

The two countries agreed to make science, technology, innovation, digital transformation and human resource development new pillars of their partnership.

President Luong Cuong proposed that South Korea enhance policies to protect the rights and welfare of Vietnamese citizens living and working in the country.

Both leaders also acknowledged to strengthen coordination in regional and international forums, accelerate the upgrade of the ASEAN–Korea Free Trade Agreement and prepare for the upcoming Mekong–Korea Summit.

They shared a common vision of maintaining peace, stability and freedom of navigation in the East Sea in line with international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS) 1982.

Consolidating foundation for future cooperation

On the same day, President Luong Cuong attended the “Vietnam Day in Korea” event co-hosted by Gyeongsangbuk Province, the Korea Saemaul Undong Center and the Vietnamese Embassy.

Speaking at the ceremony marking the 20th anniversary of the Saemaul Movement’s internationalization, he described the event as a vivid reflection of the historical and cultural bonds between the two nations and a solid foundation for long-term friendship.

Governor Lee Cheol Woo of Gyeongsangbuk noted that the Saemaul model has been implemented in 15 Vietnamese localities, improving rural infrastructure and living standards. He pledged continued cooperation with Vietnam for shared prosperity.

On this occasion, President Luong Cuong met leaders of some foreign corporations, including Shin Dong Bin, Chairman of Lotte Group, John Denton, Secretary General of the International Chamber of Commerce (ICC), and Li Li, Founder of MEBO International.

He praised the contribution of Korean businesses to Vietnam’s development and encouraged major groups like Lotte to expand investment, strengthen partnerships with local firms, and pursue sustainable growth tied to social responsibility.

Lotte Group, headquartered in Seoul, is one of South Korea’s largest conglomerates with operations in food, retail, chemicals, construction, finance and services. In Vietnam, Lotte has become a leading Korean investor with projects in real estate, retail, entertainment and food processing across major cities.

In his meeting with the ICC, President Luong Cuong called for stronger collaboration in training, digital transformation, SME support and global value chain integration. The ICC represents over 45 million companies in more than 170 countries, serves as a UN observer, and provides policy advice to platforms such as the G20 and WTO.

He also met founder Li Li of MEBO International – a global biotechnology company specializing in regenerative medicine, burn treatment and healthcare. Vietnam welcomes MEBO’s plans to expand investment, transfer technology and develop pharmaceutical supply chains, contributing to a modern and sustainable healthcare sector.

President Luong Cuong’s activities in South Korea promote practical cooperation, advance the US$150 billion trade goal and expand collaboration across emerging fields for the substantive cooperation of the two countries whose trade rose 9.2% on year to $86.7 billion in 2024.