South Korea, Vietnam eye doubling trade to US$150 billion by 2030
South Korean companies are expected to participate in major projects in Vietnam, according to a separate statement from Lee’s office
[SEOUL] Top leaders of South Korea and Vietnam agreed to step up efforts to nearly double their bilateral trade to US$150 billion annually by 2030, as the two Asian export powerhouses seek to mitigate the impact from US President Donald Trump’s tariffs.
“We agreed to further accelerate the mutually beneficial economic cooperation that has served as a solid foundation for the development of our bilateral relations,” South Korean President Lee Jae Myung said at a joint press event after meeting with Vietnamese Communist Party chief To Lam in Seoul on Monday (Aug 11).
Lam is the first foreign leader to visit South Korea since Lee took office in early June, a trip Lee described as a demonstration of Vietnam’s strategic importance to South Korea. “Vietnam is a very important neighbouring country for South Korea in terms of both trade and security,” Lee said.
South Korea is Vietnam’s largest investor and its third-largest bilateral trading partner, according to the Vietnamese government. As at May 2025, South Korea had 10,203 registered investment projects in Vietnam, with a total capital of US$94 billion. Bilateral trade between the two nations reached US$81.5 billion last year, a 7.3 per cent increase from the previous year.
In addition to economic cooperation, Lam said the two countries have been increasing military ties and hoped their evolving relations would contribute to regional security, according to a pool report.
Both export-driven Asian nations secured a trade deal with the US last month, under which Vietnamese exports will face a 20 per cent tariff, while South Korean exports will be subject to a 15 per cent tariff.
The two leaders agreed to strengthen collaboration in key sectors, including critical minerals, national defence, and infrastructure development. South Korean companies are expected to participate in major projects in Vietnam such as new city construction, high-speed railways, and nuclear power plants, according to a separate statement from Lee’s office.
“The visit will open up new areas of cooperation, including semiconductor and artificial intelligence,” according to Vietnamese Deputy Foreign Minister Nguyen Minh Vu, in a post on the Vietnamese government’s website. BLOOMBERG
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