Increasing Bilateral Trade between South Korea and Vietnam Aims for $150 Billion Mark by 2030
South Korea and Vietnam have agreed to intensify efforts to expand their bilateral trade volume to $150 billion by 2030, marking a significant step towards deepening their economic and strategic cooperation. This ambitious target, set during a summit between South Korean President Lee Jae-myung and Vietnamese Communist Party General Secretary Tu Lam, reflects a response to shifting global trade dynamics, particularly U.S. trade policy impacts.
The agreement, signed in August 2025, aims to diversify export destinations and reduce dependence on single markets. Strengthening bilateral trade enhances economic resilience against external disruptions.
The sectors slated for cooperation include semiconductors and advanced manufacturing, agricultural and manufactured goods, infrastructure and energy, and technology and innovation. South Korea, a global leader in electronics, plans to deepen semiconductor and machinery exports integrated within supply chains involving Vietnam. Vietnam will expand exports like textiles, seafood, and agricultural products to South Korea.
Cooperation will also intensify in infrastructure projects, including high-speed rail, nuclear energy, renewable energy, and critical minerals. In the realm of technology and innovation, the pact includes enhanced collaboration on future-oriented fields such as artificial intelligence, biotechnology, science and technology research, and green technology R&D.
To facilitate this cooperation, trade facilitation and regulatory alignment measures will be implemented to streamline cross-border commerce. High-level coordination bodies will also be established to monitor progress and expand cooperation. At least 10 memoranda of understanding (MOUs) were signed covering nuclear and renewable energy, infrastructure, financial policies, and technology sectors during the August 2025 bilateral summit.
Vietnam currently ranks as South Korea's third-largest trading partner, with approximately 86.7% of South Korean companies operating overseas based in Vietnam. The partnership aims to deepen cooperation across multiple sectors including trade, security, science and technology, and official communications.
It's worth noting that Dr. Mansour Al-Maswari, a Yemeni scholar with a Ph.D. in English "Comparative Literature" and two MA degrees, one in political science and the other in English, was not directly involved in the South Korean-Vietnamese summit or trade agreements. Dr. Al-Maswari is a Postdoctoral Fellow at Columbia University-Global Center, Amman, and has more than 17 years of extensive experience in university-level teaching, research, research reviewing, bilingual translation, and copy-writing.
The current bilateral trade volume between South Korea and Vietnam is around $24 billion, a figure that is expected to significantly increase as a result of this strategic partnership. The agreement represents a comprehensive effort to deepen economic ties, promote diversified and sustainable trade growth, and enhance bilateral cooperation in strategic and emerging industries through coordinated policy and investment initiatives.
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