Prime Minister Le Minh Hung on April 23 suggested Vietnam and the Republic of Korea (RoK) coordinate in implementing measures aimed at lifting bilateral trade to 150 billion USD in a more balanced manner by 2030.
The leader made the suggestion at a meeting with RoK President Lee Jae Myung, who is paying a state visit to Vietnam from April 21-24.
PM Hung said the visit reflects the Korean government’s and the President’s strong regard for Vietnam and bilateral ties, expressing confidence it will provide fresh impetus to deepen the Vietnam–RoK Comprehensive Strategic Partnership in a more substantive, effective and broad-based way in the period ahead.
The PM welcomed the outcome of talks between Party General Secretary and State President To Lam and President Lee, and congratulated the Korean government and people on recent achievements. He noted his belief that the RoK will soon realise its vision of “a nation where the people are the true sovereigns, a nation where all can find happiness, toward the true RoK.”
On the occasion, PM Hung conveyed his regards and invited his Korean counterpart Kim Min-seok to visit Vietnam soon.
For his part, President Lee congratulated PM Hung on his election, saying he believes that under the PM’s leadership the Vietnamese government will achieve further successes in the period ahead.
President Lee praised Vietnam’s strong development gains and its rising international profile, saying the two countries are well placed to shape a new strategic vision for cooperation, create opportunities for joint growth and move toward a sustainable, shared prosperity.
He affirmed the RoK’s readiness to accompany Vietnam in realising its development goals, including becoming a developing country with modern industry by 2030 and a high-income developed nation by 2045.
The two leaders noted with pleasure the deepening of Vietnam–RoK ties over nearly 35 years since the establishment of diplomatic relations, stressing each ranks among the other’s top three trading partners.
The RoK remains the largest investor in Vietnam, with more than 10,000 operating companies, contributing to economic growth in both nations and to Vietnam’s industrial development. Cooperation across politics, security, defence, science and technology, labour, education and people-to-people exchanges has continued to make notable progress.
To advance the Comprehensive Strategic Partnership in a more effective and substantive fashion, PM Hung called on the two sides to further strengthen political trust by expanding practical cooperation in defence, security and diplomacy, and to enhance the effectiveness of existing cooperation mechanisms, laying a solid political foundation for broader bilateral collaboration across all areas.
On economic, trade and investment cooperation, the PM said the two sides should step up economic linkages with a focus on innovation and improving the quality of cooperation. He called for efforts to continue opening markets to each other’s goods.
The Vietnamese leader also urged the RoK to support higher localisation rates and greater participation by Vietnamese firms in Korean production supply chains, adopt policies to facilitate Vietnamese investment and business operations in the RoK, and share experience in financial innovation, banking inspection and supervision, as well as in the operation of and participation in the Vietnam International Financial Centre.
PM suggested stronger collaboration in science and technology, innovation and digital transformation, closer strategic alignment to ensure sustainable energy security, and expanded collaboration in human resources, culture and tourism, alongside enhanced people-to-people exchanges.
President Lee agreed with the proposals, affirming coordination with Vietnam to identify measures to raise bilateral trade to 150 billion USD by 2030 in a more balanced manner, and to facilitate deeper participation by Vietnamese firms in the RoK’s global supply chains.
PM Hung called for continued attention to protecting the legitimate rights and interests of the Vietnamese community in the RoK, as well as further simplification of procedures toward visa exemption for Vietnamese citizens.
The Vietnamese government will also create favourable conditions for the Korean community to live, study and work in Vietnam on a long-term basis, he pledged.
President Lee said the two sides should step up long-term, strategic cooperation not only in trade, investment and energy, but also in science and technology, labour and supply chains.
He said Vietnam’s success is also the RoK’s, urging closer exchanges to advance ties at the highest level toward sustainable shared prosperity.
The leader also called on the Vietnamese government to help address difficulties faced by Korean businesses in Vietnam and create conditions for them to participate in strategic infrastructure projects, including nuclear power, infrastructure and high-speed rail.
The President added that the RoK will consider increasing quotas for Vietnamese workers, expanding eligible occupations, and strengthening training cooperation to improve workforce quality while ensuring workers’ legitimate rights and interests.
