South Korea and Vietnam Pledge New Economic Ties Amid Global Challenges

South Korea and Vietnam are set to strengthen their economic and strategic partnership, according to a summit held on Monday. Both countries are seeking to enhance their business ties amidst a challenging global trading environment.

During the summit, led by South Korean President Lee Jae Myung and Vietnamese leader To Lam, the focus was on promoting trade and investment in Vietnam, which hosts about 10,000 Korean companies, playing a significant role in its economic development.

The leaders agreed to expand trade to $150 billion by 2030 and sign off on 10 memoranda of understanding that cover cooperation in nuclear energy, infrastructure, and technology. Major South Korean companies like Samsung Electronics view Vietnam as a key investment hub, despite new tariffs imposed by the U.S. increasing uncertainty for future investments.

(With inputs from agencies.)