Korea’s President Lee Jae Myung, center right, and first lady Kim Hea Kyung, and To Lam, center left, Vietnam's president and the Communist Party's general secretary, and first lady Ngo Phuong Ly, pose for a commemorative photo at a welcome ceremony at the presidential palace in Hanoi, ahead of the two leaders’ bilateral summit on April 22. [JOINT PRESS CORPS]
HANOI — President Lee Jae Myung and Vietnamese President To Lam discussed ways to strengthen cooperation in strategic sectors such as energy, infrastructure and critical minerals and work towards stabilizing supply chains in a bilateral summit in Hanoi on Wednesday.
"Building upon our two nations' profound mutual trust, we agreed to deepen our strategic cooperation in the fields of energy and infrastructure," Lee said in a joint press conference, noting that he and Lam "concurred that bilateral cooperation has become even more important amid the supply chain instability stemming from recent volatility in the Middle East."
He added that they had "agreed to work closely together to bolster energy security and stabilize global supply chains."
The two countries further agreed to advance mutually beneficial cooperation in trade and investment, aiming to achieve $150 billion in bilateral trade by 2030, Lee said.
Korea’s President Lee Jae Myung, left, and To Lam, Vietnam's president and the Communist Party's general secretary, shake hands ahead of their bilateral summit at the presidential palace in Hanoi on April 22. [JOINT PRESS CORPS]
Lam, general secretary of Vietnam's Communist Party, was elected president earlier this month for a five-year term, consolidating his control over both the party and the state and positioning the former police officer as the most powerful leader in Vietnam since Ho Chi Minh. He visited Korea in August last year as the first state guest of the Lee administration, which took office two months earlier in June.
The latest summit was an occasion to discuss ways for Korean companies to directly participate in Vietnam's national strategic projects, such as the construction of nuclear power plants, new cities and airports.
"Korea is an ideal partner for realizing Vietnam's vision of becoming a developed, high-income country by 2045," Lee said during the press conference along Lam, highlighting that the two countries are advancing comprehensive cooperation across fields ranging from hardware sectors such as logistics, transportation, energy and infrastructure, to such future-oriented fields including science and technology, intellectual property and the creative industries.
Lee and first lady Kim Hea Kyung began a four-day state visit to Vietnam on Tuesday on the heels of a three-day trip to India. They are the first state guests to be received by the new Vietnamese leadership.
Korea’s President Lee Jae Myung, left, and To Lam, right, Vietnam's president and the Communist Party's general secretary, hold bilateral summit talks flanked by their adies at the presidential palace in Hanoi on April 22. [JOINT PRESS CORPS]
On Wednesday afternoon, Lam greeted Lee in a welcome ceremony at the presidential palace. The two leaders held bilateral summit talks and attended a memorandum of understanding (MOU) signing ceremony.
The two sides signed 12 memorandums of understanding (MOU) covering cooperation in: security protection; digital cooperation; framework of master plan on science, technology and innovation cooperation; intellectual property; power infrastructure sector; water security; animal health and quarantine; cultural cooperation for the next five years to 2030; underwater cultural heritage; safety of food, pharmaceuticals, cosmetics and medical devices; studying the possibility of cooperation for nuclear power plant development; and studying the possibility of cooperation for nuclear power project financing.
During the press conference, Lee noted that a contract will be signed on the export of Korean rolling stock for the Ho Chi Minh City Metro on Thursday, which he said will contribute to the improvement of Vietnam's railway infrastructure and serve as a "catalyst for expanding bilateral cooperation on large-scale transport and logistics infrastructure projects" currently underway in Vietnam.
A Korean company is expected to export railway rolling stock worth some $110 million for the construction of Ho Chi Minh City Metro Line 2.
Lee also called for further expanding cooperation in future-oriented areas, ranging from science and technology to climate action and the environment, as well as culture and education.
Through their Master Plan on Science, Technology Innovation Cooperation, Korea and Vietnam agreed to strengthen cooperation in joint research across key sectors such as semiconductors, rechargeable batteries and biohealth, as well as in cultivating research talent. Likewise, the MOU on Digital Cooperation will expand cooperation in AI, chips and digital sectors, while helping Korean IT companies enter the Vietnamese market.
The state-run Korea Electric Power Corporation, Kepco, and the Vietnam National Industry – Energy Group signed two MOUs on joint feasibility studies on the development and financing for possible nuclear power plant projects in Vietnam.
Korea’s President Lee Jae Myung, left, and To Lam, Vietnam's president and the Communist Party's general secretary, announce the results of their bilateral summit in a joint press conference at the presidential palace in Hanoi on April 22. [JOINT PRESS CORPS]
The two leaders agreed to further strengthen Korea and Vietnam's comprehensive strategic partnership, established in 2022.
Likewsie, Lee noted that Vietnam is the second-most-popular overseas destination for Koreans, with around 4.5 million Koreans visiting the Southeast Asian country each year.
Lam pledged to ensure the safety of Koreans visiting his country, as well as and second-generation Korean Vietnamese, while Lee reaffirmed his commitment to protecting the rights and interests of Vietnamese workers and immigrant spouses in Korea.
Vietnam is Korea's third-largest trading partner, after China and the United States, with bilateral trade reaching a record high of $94.6 billion last year. Korea, in turn, is Vietnam's largest foreign investor, with investments totaling $56.8 billion last year.
Some 10,000 Korean businesses have entered the Vietnamese market, including the petrochemicals, shipbuilding, steel and electronics sectors.
Lee said in a luncheon meeting with the Korean community residing in Vietnam earlier Wednesday that through his visit, he plans to "expand cooperation in strategic sectors such as nuclear power, infrastructure and science and technology innovation" and enable "higher-level cooperation on global challenges such as supply chain stability, sustainable growth and climate change response."
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