Vietnam and South Korea have set an ambitious trade target of $100 billion by 2025 following a successful official visit by Prime Minister Pham Minh Chinh to South Korea. The high-level Vietnamese delegation engaged in a diverse agenda, including meetings with political figures, economic leaders, experts, scientists, and NGOs.
During the visit, Prime Minister Pham Minh Chinh held talks with South Korean Prime Minister Han Duck Soo, signed cooperation agreements between ministries of both countries, and met with South Korean President Yoon Suk Yeol and National Assembly Speaker Woo Won Shik. The visit also included participation in forums on economics, labor, tourism, and culture, as well as meetings with economic organizations and experts in semiconductors and artificial intelligence.
The leaders of both countries emphasized the importance of deepening political trust and strengthening cooperation in various areas such as politics, diplomacy, trade, investment, science and technology, culture, tourism, labor, and people-to-people exchanges. A joint press statement outlined eight major areas of cooperation, highlighting the progress in Vietnam-South Korea relations since upgrading to a comprehensive strategic partnership in 2022.
The visit resulted in the signing of 40 cooperation documents in digital transformation, renewable energy, climate change, semiconductors, artificial intelligence, small and medium enterprises, cultural cooperation, and tourism. Both countries aim to increase bilateral trade to $100 billion by 2025 and $150 billion by 2030 through balanced and sustainable growth.
South Korea expressed support for Vietnamese businesses to integrate into its supply chain, while Vietnamese grapefruit and South Korean melons are set to enter each other’s markets by 2024. Additionally, South Korean businesses showed interest in investing in supporting industries, digital transformation, green economy, semiconductors, renewable energy, biotechnology, 5G networks, and smart cities in Vietnam.
The visit also focused on enhancing human resources, labor, cultural, and tourism cooperation. South Korea pledged to support the opening of the Vietnamese Consulate General in Busan in 2024 and the establishment of the Vietnam Cultural Center in South Korea. Prime Minister Pham Minh Chinh proposed simplifying visa procedures for Vietnamese citizens entering South Korea to boost tourism cooperation.
Overall, the visit has laid a strong foundation for cooperation between Vietnam and South Korea, particularly in new fields such as innovation, high technology, renewable energy, digital transformation, and climate change response. Both countries are committed to exploring specific projects in areas like semiconductors, artificial intelligence, and innovation-driven human resource training, with South Korea offering $30 million for R&D projects in Vietnam.
