Korea, Vietnam vow to bolster trade, expand cooperation in various sectors

Korea and Vietnam vowed to bolster economic exchanges to increase bilateral trade to $150 billion by 2030 and strengthen supply chain cooperation, Seoul’s Ministry of Trade, Industry and Resources said on Wednesday.

The two countries made the pledge during meetings of their joint industrial cooperation FTA committees in Seoul, according to the Industry Ministry.

During the meetings, Industry Minister Kim Jung-kwan and his Vietnamese counterpart, Le Manh Hung, discussed ways to achieve the 2030 target and vowed to make progress in quarantine negotiations on Vietnamese lychees and passion fruit and Korean tangerines and kiwifruit.

Bilateral trade between Korea and Vietnam was estimated at $94.6 billion in 2025, with the volume reaching $62.4 billion over the January-to-June period this year.

The countries agreed to address challenges faced by Korean firms operating in Vietnam while accelerating technology exchanges.

Vietnam vowed to work closely with its local governments to help Korean businesses secure local workers, and Korea agreed to help its firms share advanced technologies with Vietnamese partners.

Korea and Vietnam will seek to ensure the smooth launch of a critical minerals supply chain technology center.

The two countries vowed to continue talks on expanding cooperation across the critical minerals supply chain to ensure stable supplies for Korean firms operating in Vietnam.

The ministry said that the two countries also agreed to pursue long-term cooperation in the energy sector, including through crude oil stockpiles and the establishment of an emergency response mechanism.

During the meetings, the Korea National Oil Corporation and PetroVietnam Oil Stockpile signed a memorandum of understanding to build an oil storage facility in Vietnam.

The ministry said that the project is expected to lay the foundation for stable oil supply chain cooperation between the two countries and across the Asia-Pacific region.

“Since the FTA with Vietnam took effect, bilateral trade has grown by an annual average of 10 percent,” Kim said in his opening remarks, raising expectations that the figure could reach $100 billion this year.

“We will seek to expand the scope of trade and investment in a future-oriented manner, as Vietnam seeks to move beyond merely attracting investment toward adopting cutting-edge technologies, upgrading local production capabilities and pursuing green and digital transitions,” he added.

Yonhap