Seoul, Aug 12: South Korea and Vietnam will pledge deeper economic and strategic cooperation when their leaders meet in Seoul on Monday, seeking to strengthen business ties and navigate growing uncertainty in the global trading environment.
South Korean President Lee Jae Myung will host Vietnamese Communist Party General Secretary To Lam as his first state guest since taking office on June 4. Lam, leading a delegation of senior ministers and parliament members, is on a four-day state visit.
The two sides plan to sign at least 10 memoranda of understanding covering cooperation in nuclear and renewable energy, monetary and financial policy, and science and technology, Lee’s office said.
The rare visit by the Vietnamese leader is expected to create favourable conditions for South Korean firms to participate in major infrastructure and nuclear energy projects in Vietnam. Companies such as Samsung Electronics have long used Vietnam as an export hub, benefiting from lower labour costs, tax incentives, and Hanoi’s wide network of free trade pacts.
However, recent tariffs imposed by U.S. President Donald Trump — 15% on South Korean goods and 20% on Vietnamese exports — have heightened uncertainty, with Vietnamese data showing a slowdown in new investment.
South Korean firms are seen as potential investors in Vietnam’s planned nuclear power plants, LNG projects, and high-speed rail lines.
