Korea, Vietnam to double bilateral trade to $150 bil. by 2030
A Korea-Vietnam business consultation event takes place in Hanoi on the occasion of Korean President Yoon Suk Yeol's state visit to the Southeast Asian nation, in this June 22 photo provided by the Korea Trade-Investment Promotion Agency. Yonhap
Korea and Vietnam agreed Friday to make joint efforts to nearly double bilateral trade to $150 billion by 2030 and deepen cooperation on key industry minerals and net-zero goals, the industry ministry said.
The three memorandums of understanding (MOUs) on stronger bilateral industry relationships were signed after a summit between President Yoon Suk Yeol and Vietnamese President Vo Van Thuong held in Hanoi earlier in the day, according to the Ministry of Trade, Industry and Energy.
In detail, the Korean and the Vietnamese trade ministries agreed to set up a "PLUS" task force of the respective nation, to be led by director-level officials, which will be in charge of exchanging information on trade and industry circumstances, helping address problems their companies face and exploring new business chances.
The improvement in trade conditions is expected to help the two sides achieve the goal of $150 billion in two-way trade by 2030, according to the Korean ministry.
Vietnam was the third largest trade partner for Korea in 2022, with bilateral trading coming to $87.7 billion, according to government data.
In a separate MOU, the two sides agreed to establish a center handling supply chains of critical minerals, as Vietnam is rich in rare earth elements and other major minerals while Korea secures related advanced technologies, according to the ministry.
The center will be tasked with conducting joint research projects and training programs for the exploration and processing of key minerals and supporting their companies in securing stable supply chains and greater investment chances.
Seoul's industry ministry also signed an agreement with Vietnam's environment ministry meant to jointly respond to climate change through joint carbon-neutrality projects and boost cooperation on renewable energy and low-emission facilities. (Yonhap)