Vietnam and South Korea Deepen Strategic Trade Ties, Targeting $150 Billion in Bilateral Trade by 2030

Vietnam and South Korea are entering a new phase of robust economic cooperation, with both sides reaffirming their commitment to reaching a bilateral trade volume of $150 billion by 2030. This milestone reflects the strength of their comprehensive strategic partnership and shared economic ambitions.

On August 11, during Vietnamese General Secretary To Lam’s state visit to South Korea, Vietnam’s Minister of Industry and Trade Nguyen Hong Dien met with his Korean counterpart, Minister Kim Jung Kwan of Trade, Industry and Energy.

Minister Dien emphasized that bilateral economic relations are thriving at an unprecedented level, with South Korea currently Vietnam’s largest investor and third-largest trading partner.

Joint Action Plan to Reach Trade Milestone

To realize the $150 billion target, the two ministers pledged to fully implement the Action Plan for Bilateral Trade Cooperation, signed in April 2025, aiming for a more balanced and sustainable trade structure.

Key areas of cooperation under the plan include:

Trade and Market Access: Supporting stronger linkages between Vietnamese and Korean businesses, especially in agriculture, to promote mutual market access.

Logistics Infrastructure: Collaborating to develop logistics hubs, optimize supply chain connectivity, reduce transportation costs, and accelerate cross-border goods flow.

Trade Defense & Safety Standards: Enhancing policy transparency in food safety, trade remedies, and quarantine measures.

Industrial and Supply Chain Collaboration Expands

The ministers also discussed broader industrial cooperation, particularly in:

High-tech manufacturing and shipbuilding.

Supply chain development for critical minerals used in batteries, renewable energy, EVs, and advanced technologies.

Workforce development, including training programs for high-skilled labor.

A Memorandum of Understanding was exchanged during the meeting for the Establishment of a Center for Critical Mineral Supply Chain Cooperation in Vietnam, between the Korea Institute for Advancement of Technology (KIAT) and Vietnam’s Institute of Mining - Metallurgy Science and Technology.

Clean Energy and Nuclear Power: Future Pillars

Minister Dien encouraged Korean enterprises to invest in clean energy, especially renewables, hydrogen, and nuclear power, leveraging Korea’s advanced expertise and capital.

Minister Kim affirmed that South Korea is well-positioned to support Vietnam’s nuclear ambitions, citing three key strengths: technology, financial capacity, and human resource development.

Korea also reiterated its long-term commitment to assist Vietnam in developing a safe, efficient, and modern nuclear power program, aligning with both nations’ green growth strategies.

A Forward-Looking Economic Alliance

Vietnam and South Korea continue to reinforce their comprehensive strategic partnership by expanding cooperation across trade, industry, energy, and technology. As the global economy evolves, the two nations are strategically positioning themselves to achieve mutual growth, innovation, and sustainable development.