HCMC — Vietnam and South Korea have agreed to raise bilateral trade to US$150 billion by 2030, up from an estimated US$81.5 billion in 2024.
The target was announced during the 14th meeting of the Vietnam-South Korea Joint Committee for Trade, Industry and Energy Cooperation on April 14, co-chaired by Vietnam’s Minister of Industry and Trade Nguyen Hong Dien and South Korea’s Minister of Trade, Industry and Energy Ahn Dukgeun.
The two sides also held the eighth session of the joint committee overseeing the implementation of the Vietnam-South Korea Free Trade Agreement.
Trade between the countries rose 7.3% in 2024 from a year earlier. The ministers attributed recent gains to bilateral working groups and agreed to expand cooperation in logistics and distribution.
Vietnam and South Korea plan to hold more trade promotion events, encourage participation in large-scale exhibitions, and support investment in textiles and other manufacturing sectors.
The two countries will also work together within regional trade frameworks including ASEAN-Korea and RCEP, and in broader platforms such as APEC and the Indo-Pacific Economic Framework (IPEF).
In the industrial sector, the two countries will set up a technology cooperation center focused on essential mineral supply chains. They will also launch the second phase of a technology advisory center in Vietnam and cooperate on workforce training, especially in shipbuilding.
South Korea will continue to assist Vietnam in drafting a law on industrial development. Both sides pledged to address issues in the automotive, machinery, and tobacco industries.
Energy cooperation was also discussed, covering electricity, oil and gas, LNG, clean energy, and nuclear power. Vietnam welcomed South Korean investment in energy projects and urged collaboration on new technologies.
At the end of the meetings, both ministers signed three documents, including an action plan to achieve the US$150 billion trade goal and two memoranda of understanding on nuclear energy and power transmission.
