Vietnam’s top leader, To Lam, who is the General Secretary of his country’s Communist Party, is on a state visit to South Korea from August 10 to 13 at the invitation of President Lee Jae-myung. Today, the South Korea–Vietnam summit was held at the Presidential Office in Yongsan, Seoul, where the two leaders adopted a “Joint Statement for Deepening the Korea–Vietnam Comprehensive Strategic Partnership” and signed a series of cooperation agreements. These agreements encompass a wide range of areas, from diplomacy and security to advanced technology and cultural exchange.
During the joint press conference held after the summit, President Lee presented the purpose of the declaration to reporters as a commitment to “develop bilateral cooperation in a more comprehensive and future-oriented manner.” He connected the partnership to the grand ambitions of each country’s national objectives, stating that cooperation is “more important than ever” as South Korea strives to become a “globally responsible nation,” while Vietnam aspires to be a “high-income advanced country by 2045.”
At the heart of the new partnership lies a shared ambitious economic vision of boosting bilateral trade volume to USD 150 billion by 2030. To achieve this, ten Memorandums of Understanding (MOUs) were signed. These are legally non-binding but politically significant agreements that cover a broad and strategic spectrum of areas.
An important MOU was signed on human resources development for Vietnam’s nascent nuclear power industry. The MOU encompasses research, regulation, and construction cooperation. Overall, it marks an important first step for South Korea to engage with Vietnam’s plan to construct four new nuclear reactors by 2035. President Lee remarked that this MOU “will serve as an opportunity to expand cooperation across various nuclear power sectors in the future.” Another significant agreement involved the signing of a new MOU between the Bank of Korea and the State Bank of Vietnam. President Lee emphasised that this would “contribute to strengthening cooperation in monetary policy and financial stability.” Other MOUs focused on future-oriented industries such as renewable energy (solar and wind) and science and technology, as well as foundational areas like labour dispatch, fisheries, education, and copyright protection. Regarding signing the MOU on critical minerals, President Lee stated that the two countries will enhance cooperation by pairing Vietnam’s abundant rare earth resources with Korea’s advanced technology. They will establish a Korea–Vietnam supply chain centre this year to work on the supply, processing, and utilisation of these minerals.
Apart from the MOUs, a key driver of this economic expansion will be South Korean participation in Vietnam’s massive national infrastructure projects, such as High-Speed Rail and Smart Cities. To support this, the agreement includes mutual security measures, while President Lee underscored the vital role of approximately 10,000 Korean companies already operating in Vietnam and requested the Vietnamese leader to continue providing support to ensure stability.
The commitments were made to strengthen the partnership at all levels. The leaders agreed to maintain a high level of exchanges, utilising multilateral forums such as APEC and ASEAN as opportunities for consultation.
Tomorrow, To Lam will attend the Korea–Vietnam Business Forum with Prime Minister Kim Min-seok. There, he will discuss enhancing cooperation in energy, infrastructure, and high-tech industries with Korean investors. The forum aims to create a mechanism for boosting economic ties, attracting investments, and sustaining Vietnam’s role in the regional value chain and innovation.
