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Korea, Vietnam sign 10 MOUs, pledge to raise trade volume to $150 billion by 2030

Published: 11 Aug. 2025, 19:02 Updated: 11 Aug. 2025, 20:15

SARAH KIM
[email protected]

Korean President Lee Jae Myung, right, and To Lam, general secretary of Vietnam's Communist Party, hold a joint press conference after their bilateral summit at the Yongsan presidential office in central Seoul on Aug. 11. [JOINT PRESS CORPS]

Korea and Vietnam signed 10 memorandums of understanding (MOUs) covering cooperation in areas including science and technology and renewable energy as President Lee Jae Myung held a bilateral summit with Vietnamese top leader To Lam in Seoul on Monday.

The two leaders agreed to work to raise the two countries' bilateral trade volume to $150 billion by 2030, with the two countries marking the 10th anniversary of their bilateral FTA this year, Lee said in a joint press briefing alongside Lam, general secretary of the Communist Party of Vietnam, after their summit at the Yongsan presidential office in central Seoul. Bilateral trade last year reached $86.7 billion.

"Cooperation between Korea, which aims to become a globally responsible power that pragmatically responds to changes in the world order, and Vietnam, which seeks to become a high-income advanced country by 2045, is more important than ever," Lee said.

Earlier Monday, Lee greeted Lam in a welcome ceremony, followed by their bilateral summit, an MOU signing ceremony and the joint press briefing.

The two leaders adopted a joint declaration on deepening the two countries' comprehensive strategic partnership covering the areas of diplomacy and security; trade, investment and infrastructure projects; science and technology, energy and supply chains; support for diaspora and companies; education and culture; and regional and international cooperation.

Lam arrived in Seoul on Sunday for a four-day state visit, marking the first trip by the general secretary of the Vietnamese Communist Party to Korea in 11 years. It is also the first visit to Seoul by a foreign leader since Lee took office 67 days ago.

Korean President Lee Jae Myung, right, and To Lam, general secretary of Vietnam's Communist Party, shake hands ahead of their bilateral summit at the Yongsan presidential office in central Seoul on Aug. 11. [JOINT PRESS CORPS]

Lee told reporters that the two sides, through the joint declaration, "agreed to develop cooperation between our two countries in a more comprehensive and future-oriented way."

"We will accelerate mutually beneficial economic cooperation," Lee said. "To this end, we have decided to strengthen cooperation in large-scale infrastructure areas such as nuclear power plants, high-speed railways and smart city development."

He also stressed that the two sides agreed to strengthen cooperation in the defense industry and public security sectors, as well as at the parliamentary and local government levels.

Lee stressed that the two sides will strengthen strategic communication and cooperation in the areas of diplomacy, security and defense industry and encourage high-level exchanges. They also agreed to cooperate in advanced industries such as artificial intelligence, biotechnology, renewable energy, and supply chains for critical minerals.

Lee noted large-scale projects such as the construction of a new nuclear power plant in Vietnam and the construction of a high-speed railway.

He expressed hopes that "successful cooperation cases will emerge based on our companies' outstanding technological prowess and extensive experience."

Korean President Lee Jae Myung, left, and To Lam, general secretary of Vietnam's Communist Party, inspect the honor guard at the welcome ceremony at the Yongsan presidential office in central Seoul on Aug. 11. [JOINT PRESS CORPS]

The two countries signed MOUs covering cooperation in science and technology, enabling the exchange of experts and researchers between the two countries, as well as on renewable energy, including solar and wind. Other MOUs focused on the dispatch of Vietnamese workers to Korea, fisheries, financial supervisory authorities and education. One MOU committed to cooperation for human resources development in the nuclear power plant industry, including research, regulation and construction, which Lee said "will serve as an opportunity to expand cooperation across various nuclear power sectors in the future."

Lee also encouraged the participation of Korean companies in the development of a "Southeast New City" in Vietnam's Bac Ninh Province, calling it "the first export of the K-Smart City."

The leaders further agreed to closely cooperate to achieve peace on the Korean Peninsula and resolve the North Korean nuclear issue. Vietnam expressed support for the resumption of inter-Korean dialogue and cooperation.

The two sides further decided to cooperate for the success of the upcoming APEC Summit in Gyeongju and the 2027 APEC Summit in Vietnam's Phu Quoc.

They agreed to strengthen personnel and cultural exchanges, with bilateral personnel exchanges exceeding 5 million people last year, the presidential office said. There are 340,000 Vietnamese nationals living in Korea and 190,000 Koreans nationals living in Vietnam.

Business leaders including SK Group Chairman Chey Tae-won, left, LG Group Chairman Koo Kwang-mo, second from right, and Hyundai Motor Group Executive Chair Euisun Chung, right, attend a state banquet commemorating a visit by To Lam, general secretary of Vietnam's Communist Party, at the Blue House in central Seoul on Aug. 11. [JOINT PRESS CORPS]

Lee and first lady Kim Hea Kyung later hosted a state dinner for the Vietnamese leader and his spouse that was attended by the two countries' businesspeople and other dignitaries.

The guests included leaders of major Korean companies operating in Vietnam, including SK Group Chairman Chey Tae-won, who doubles as head of the Korea Chamber of Commerce and Industry, Hyundai Motor Group Executive Chair Euisun Chung, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin.

Others attendees from cultural and sports sectors included Park Hang-seo, former head coach of Vietnam's national football team, actor Ahn Jae-wook and Vietnamese gamer Tran Bao Minh, nicknamed "LazyFeel," the first foreign player to compete in the League of Legends Champions Korea. Korean pianist Yiruma, a favorite of the Vietnamese general secretary, also performed.

Lam was accompanied by eight ministers, lawmakers and local government officials, as well as a large-scale Vietnamese business delegation of some 140 companies.

Korean President Lee Jae Myung, center right, and To Lam, general secretary of Vietnam's Communist Party, center left, and their spouses give a toast at the state banquet in central Seoul on Aug. 11. [JOINT PRESS CORPS]

BY SARAH KIM [[email protected]]