President Lee Jae Myung (right) and General Secretary of the Communist Party of Vietnam To Lam are seen after a joint press conference held at Lee's office in Seoul on Monday. (Yonhap)
Leaders of South Korea and Vietnam on Monday agreed to broaden the bilateral cooperation into forward-looking sectors in a summit held during the Southeast Asian country's leader's state visit to Seoul.
South Korean President Lee Jae Myung and General Secretary of Vietnam's Communist Party To Lam agreed to "foster a favorable environment" for South Korean companies to participate in Vietnam's projects to build urban infrastructure, high-speed railways and nuclear power plants, according to the presidential office.
Lee told reporters after the summit at the presidential office in Seoul that he expressed his willingness for South Korean companies to join large-scale projects in Vietnam, such as the construction of new nuclear power plants and its north-south high-speed railway, adding the companies are aware of the importance of ensuring a stable power supply and establishing a modernized transport system in Vietnam.
"I expressed my hope for a successful example of cooperation, based on our companies' technological prowess and extensive experience," Lee said, adding that Lam told him that he would "actively consider Korea's participation."
The remarks came as the introduction of nuclear energy has recently gained momentum in Vietnam, with the Vietnamese authorities looking to build more nuclear power plants in addition to two once-stalled ongoing projects in Vietnam's Ninh Thuan province.
One of 10 memorandums of understanding signed on the occasion of the summit was aimed at establishing programs run jointly by the two countries to nurture talents in the field of nuclear energy. According to the presidential office, the signing of the document between Korea Electric Power Corp. President Kim Dong-cheol and Petrovietnam Chair Le Manh Hung will allow Vietnam to enhance its understanding of nuclear power plants designed by South Korean firms and create a favorable environment for South Korea's foray into Vietnam's nuclear power industry.
Also drawing keen attention from South Korean firms is a 1,713 trillion dong ($65.3 billion) project to build 1,500 kilometers of high-speed rail connecting Hanoi and Ho Chi Minh City to cut the commute hours between the two cities from 30 hours under the current infrastructure to as short as 5 1/2 hours.
The cooperation will also be made in the field of urban infrastructure in Bac Ninh province, as well as renewable energy, finance and advanced technology, Lee also said, adding he asked for Lam's attention to ensure the stable operation of some 10,000 South Korean enterprises in Vietnam.
At the summit, the leaders also agreed to increase the bilateral trade volume to $150 billion by 2030, up about 75 percent from $86.7 billion in 2024. This year marks the 10th anniversary of a bilateral free trade agreement that has been in effect since 2015.
According to the Korea International Trade Association, Vietnam has been the third-largest trading partner with South Korea after the United States and China for three straight years, from 2022 to 2024, counting exports and imports combined. Both exports and imports surged over 9 percent in 2024 from the previous year.
"Aiming to be a responsible global power to address the changing global order ... South Korea reached a consensus with Vietnam that the need for bilateral cooperation is more important than ever as Vietnam pursues a goal of becoming a high-income country by 2045," Lee said. "We agreed to foster bilateral cooperation in a way that is more forward-looking and future-oriented."
This echoed Lee's remarks in an interview with Vietnam News Agency on Friday that raising the trade target is meant to "contribute to the sustainable growth" of both countries, adding that South Korea was poised to become Vietnam's "trusted partner on (the) journey" to achieving Vietnam's goal of becoming an upper middle-income country by 2030 and a high-income country by 2045.
President Lee Jae Myung (left) and General Secretary of the Communist Party of Vietnam To Lam (right) walk on a red carpet as Lee receives Lam at his office in Seoul on Monday. (Pool photo via Yonhap)
Some 340,000 Vietnamese people are estimated to reside in South Korea, and some 190,000 Koreans live in Vietnam. As there are approximately 100,000 multicultural households comprising South Koreans and Vietnamese, Lee described the two countries' relationship as "countries of in-laws," during his meeting with Lam.
Highlighting cultural ties, the president's wife Kim Hea Kyung also received Ngo Phuong Ly, Lam's wife, and together they visited the National Museum of Korea in Yongsan, central Seoul.
Lam and Ly arrived in Seoul for a state visit to South Korea on Sunday and are set to depart the country Wednesday. Lam was accompanied by eight ministers.
Lam became the first head of state to visit South Korea since Lee's inauguration on June 4. The visit to South Korea by a general secretary of Vietnam's Communist Party was also the first since 2014.
consnow@heraldcorp.com
Koreaherald.com