Hanoi: South Korea and Vietnam have agreed to maintain close communication to address potential impacts from the recent U.S. reciprocal tariffs. The two nations have committed to continuing efforts to enhance cooperation in economic and other sectors, as announced by Seoul's foreign ministry.

According to Yonhap News Agency, the agreement was reached during talks in Hanoi between South Korea's Foreign Minister Cho Tae-yul and Vietnam's Deputy Prime Minister Bui Thanh Son, who also serves as the foreign minister. Both countries aim to mitigate the effects of the sharp increase in U.S. tariffs imposed by President Donald Trump's administration. The United States plans to implement 25 percent and 46 percent reciprocal tariffs on South Korea and Vietnam, respectively, starting July 9, after a 90-day suspension period.

South Korean companies have substantial investments in Vietnam, with Samsung Electronics manufacturing nearly half of its smartphones there. "In light of the close economic links between the two countries, the ministers agreed to engage in close consultations regarding the recent U.S. countervailing tariff measures," the ministry stated in a release.

During their discussions, Cho and Son reaffirmed their commitment to strengthening the strategic partnership between their countries and enhancing cooperation in areas such as diplomacy, security, trade and investment, energy, and infrastructure. Cho sought Vietnam's support in addressing challenges faced by South Korean businesses operating in the country, including issues with residency permits and regulatory approvals. Vietnam hosts approximately 10,000 South Korean companies.

Son acknowledged the significant role of South Korean companies in Vietnam's economy and reiterated the government's commitment to improving the business environment and supporting Korean companies' market expansion. Cho also requested Vietnam's assistance in ensuring the safety of Korean nationals traveling and residing in the country.

During his visit, Cho met with the Korean community and business representatives to hear their concerns and discuss other issues. He attended the fourth summit of the Partnering for Green Growth and the Global Goals (P4G) on climate change solutions.