Vietnam and South Korea to double bilateral trade to US$150bil by 2030

SEOUL, June 24 (Bernama-Yonhap): South Korea and Vietnam have agreed to make joint efforts to nearly double bilateral trade to US$150 billion by 2030 and deepen cooperation on key industry minerals and net-zero goals, the industry ministry said, reported Yonhap.

The three memorandums of understanding (MOUs) on stronger bilateral industry relationships were signed after a summit between President Yoon Suk Yeol and Vietnamese President Vo Van Thuong held in Hanoi earlier in the day, according to the Ministry of Trade, Industry, and Energy.

In detail, the South Korean and the Vietnamese trade ministries agreed to set up a "PLUS" task force, to be led by director-level officials, who will be in charge of exchanging information on trade and industry circumstances, helping address problems their companies face and exploring new business chances.

The improvement in trade conditions is expected to help the two sides achieve the goal of US$150 billion in two-way trade by 2030, according to the South Korean ministry.

Vietnam was the third largest trade partner for South Korea in 2022, with bilateral trading coming to US$87.7 billion, according to government data.

In a separate MOU, the two sides agreed to establish a centre handling supply chains of critical minerals, as Vietnam is rich in rare earth elements and other major minerals while South Korea secures related advanced technologies, according to the ministry.

The centre will be tasked with conducting joint research projects and training programmes for the exploration and processing of key minerals and supporting their companies in securing stable supply chains and greater investment chances.

Seoul's industry ministry also signed an agreement with Vietnam's environment ministry meant to jointly respond to climate change through joint carbon-neutrality projects and boost cooperation on renewable energy and low-emission facilities. - Bernama-Yonhap