HCMC – Vietnam and South Korea have reaffirmed a goal of raising bilateral trade to US$150 billion by 2030, with a stronger focus on high-tech investment, including semiconductors, artificial intelligence (AI), and smart port infrastructure.
The target was highlighted during talks on April 22 between Party General Secretary and State President To Lam and South Korean President Lee Jae Myung, who is in Vietnam for a state visit.
Both leaders emphasized the need for support mechanisms to help Vietnamese firms participate more deeply in South Korea’s supply chains, contributing to a more self-reliant economy. Vietnam welcomed Korean conglomerates expanding investments in strategic infrastructure and future industries such as semiconductors, large-scale AI data centers, smart cities, and next-generation seaports.
President Lee pledged close coordination to effectively deploy funding from the Economic Development Cooperation Fund (EDCF) and the Economic Development Promotion Facility (EDPF) to modernize Vietnam’s infrastructure.
Beyond trade and investment, the two sides agreed to make science, technology, innovation, and digital transformation key growth drivers. South Korea expressed readiness to share expertise in clean energy, AI, and high-quality workforce training to support Vietnam’s modernization.
Cooperation in scientific research, particularly at the Vietnam-Korea Institute of Science and Technology (VKIST), and human resource development is expected to underpin long-term growth.
Bilateral trade between Vietnam and South Korea amounted to US$89.5 billion in 2025, up 9.6% year-on-year. In the first quarter of 2026, trade rose 30% to US$26.8 billion, with Vietnam exporting US$8.1 billion and importing US$18.7 billion. Vietnam’s exports are largely driven by foreign-invested enterprises, including phones and components, computers, and electronic products.
As of the end of March 2026, South Korea had 10,447 valid projects in Vietnam with total registered capital of US$98.9 billion, accounting for more than 18% of total foreign direct investment. Manufacturing and processing continue to dominate Korean investment, making up over 73% of total registered capital.
