South Korea and Vietnam Forge Stronger Economic Ties Amid Trade Tensions
South Korea and Vietnam's leaders have committed to deepening their economic cooperation and bolstering longstanding supply chains amidst global trade disruptions caused by U.S. tariffs. The countries aim to expand trade to $150 billion by 2030 and signed various agreements covering energy, finance, and technology, despite trade uncertainties.
On Monday, South Korea and Vietnam's leaders pledged to strengthen economic ties as they navigate the challenges posed by U.S. tariffs that are disrupting global trade. The focus remained on economic cooperation, with a goal to increase trade to $150 billion by 2030. The agreement highlights a united front amidst uncertainties.
South Korean President Lee Jae Myung, in his first state guest event, hosted Vietnam's To Lam, marking a significant moment in their bilateral relations. Despite not publicly discussing the tariffs, both countries recognized the need for more substantial cooperation in various sectors, including nuclear energy, finance, and technology.
Vietnam emphasized its readiness to welcome increased South Korean investment, recognizing the critical role South Korean companies play in its economy. High-profile firms like Samsung have reaped benefits by establishing a base in Vietnam, supported by favorable conditions such as lower labor costs and various trade agreements.
(With inputs from agencies.)
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