Seoul: South Korea and Vietnam have pledged to enhance their economic exchanges with the aim of increasing bilateral trade to US$150 billion by 2030 and strengthening supply chain cooperation, as announced by Seoul's industry ministry.
According to Yonhap News Agency, the commitment was made during meetings of the joint industrial cooperation free trade agreement committees held in Seoul, where Industry Minister Kim Jung-kwan and his Vietnamese counterpart, Le Manh Hung, discussed strategies to achieve this ambitious target. The discussions included advancing quarantine negotiations on Vietnamese lychees and passion fruit as well as South Korean tangerines and kiwifruit.
Bilateral trade between the two nations was estimated at $94.6 billion in 2025, with trade volume reaching $62.4 billion over the January-June period of this year. Both countries have agreed to tackle the challenges faced by South Korean firms operating in Vietnam while expediting technology exchanges. Vietnam has committed to collaborating with its local governments to assist South Korean businesses in securing local workers, while South Korea has agreed to facilitate the sharing of advanced technologies with Vietnamese partners.
The two countries are determined to ensure the successful launch of a critical minerals supply chain technology center. They aim to continue discussions on expanding cooperation across the critical minerals supply chain to ensure stable supplies for South Korean firms operating in Vietnam.
In addition, the ministry noted that there is an agreement to pursue long-term cooperation in the energy sector, which includes the joint stockpiling of crude oil and the establishment of an emergency response mechanism. During the meetings, Korea National Oil Corp. and PetroVietnam Oil Stockpile Ltd. signed a memorandum of understanding to construct an oil storage facility in Vietnam. This project is anticipated to lay the groundwork for stable oil supply chain cooperation between South Korea and Vietnam and across the Asia-Pacific region.
Minister Kim highlighted the growth of bilateral trade since the FTA with Vietnam took effect, noting an annual average increase of 10 percent. He expressed optimism that trade could reach $100 billion this year. He further emphasized the future-oriented approach to expanding trade and investment, as Vietnam aims to transition from merely attracting investment to adopting cutting-edge technologies, enhancing local production capabilities, and pursuing green and digital transitions.