Korea and Vietnam Strengthen Bilateral Ties: South Korean President Expresses Interest in Investing in Vietnam’s Energy Sector and Commends Vietnam’s Efforts to Coordinate ASEAN-ROK Relations

During a recent meeting with Prime Minister Pham Minh Chinh, South Korean President Yoon Suk Yeol expressed his country’s interest in investing in Vietnam. The two leaders discussed the importance of Vietnam as a key partner in implementing regional policies and the need for closer cooperation between their nations.

President Yoon Suk Yeol highlighted the positive impact that many Korean companies have had on creating a favorable investment environment in Vietnam. He urged Prime Minister Pham Minh Chinh to facilitate further Korean participation in major projects, particularly in energy and LNG sectors. Additionally, Korean leaders expressed interest in Vietnam’s renewable energy initiatives, including wind power and LNG.

The meeting between the Vietnamese Prime Minister and the South Korean President saw both leaders agree to continue collaborating in international and regional forums of mutual interest. They pledged to strengthen cooperation within ASEAN frameworks, including ASEAN-Korea and Mekong-Korea partnerships. President Yoon Suk Yeol commended Vietnam’s efforts to coordinate ASEAN-ROK relations and suggested elevating the relationship to a Comprehensive Strategic Partnership.

Furthermore, Prime Minister Pham Minh Chinh proposed increased cooperation and investment from Korean businesses in sectors such as semiconductors, digital transformation, green technology, and biotechnology. He suggested potential avenues for financial support from the Korean government to aid Vietnam’s strategic infrastructure development, with the goal of boosting bilateral trade turnover to $100 billion by 2025 and $150 billion by 2030.

The meeting between the Vietnamese Prime Minister and the South Korean President reflects the growing economic ties between the two countries since upgrading their relationship to a Comprehensive Strategic Partnership in December 2022. Prime Minister Pham Minh Chinh’s delegation is currently on an official visit to South Korea from June 30 to July 3, marking an essential step towards strengthening bilateral cooperation and economic relations.