Vietnam, South Korea to bolster security, trade cooperation

“I and President Yoon Suk-yeol had a very successful dialogue and achieved several important points of consensus. After over 30 years of establishing diplomatic relations, the two countries have truly become among the most important partners of each other’s,” Thuong said at a press meet after the Friday dialogue in Hanoi.

Thuong said both parties had agreed to bolster cooperation and transfer technologies in the field of military industry, as well as cooperation regarding preventing trans-national crime and terrorism, and responding to non-traditional security challenges.

Vietnam and South Korea aim to reach a target of raising bilateral trade turnover to US$100 billion, and a target of $150 billion in 2030, in a balanced and sustainable way.

“We celebrate the signing of an extension to a memorandum on sending and receiving workers to work in South Korea, and agree to provide opportunities regarding the simplification of procedures for staying, as well as working approvals for experts and workers from one country to the other,” Thuong said.

Yoon said Vietnam and South Korea have built a strong, mutually beneficial cooperation relationship over the last 30 years, and have upgraded their relations to a comprehensive strategic partnership late last year.

“We have exchanged measures to bolster the two countries’ cooperation to match our upgraded relations, contributing to freedom, peace and prosperity in the Indo-Pacific region,” Yoon said.

The two have agreed to bolster cooperation on diplomacy and security, stressing that they would deepen strategic exchanges through the creation of a regular dialogue mechanism between foreign affairs and defense ministers.

“South Korea will support and heighten Vietnam’s maritime security capabilities, as well as expanding military industry cooperation based on the ever-increasing political trust between the two countries,” Yoon said.

Yoon arrived in Hanoi Thursday with his wife for a three-day state visit at the invitation of his Vietnamese counterpart.

Vietnam and Korea established diplomatic relations in 1992.

South Korea is one of Vietnam’s most important partners, ranking first in terms of investment, second in official development aid and third in trade. Bilateral trade last year was worth $87 billion, a 11.4% rise from 2021.