Việt Nam and South Korea target $150 billion in bilateral trade by 2030

Việt Nam and South Korea target $150 billion in bilateral trade by 2030

During the session, both ministers expressed satisfaction with the progress made over the past year, particularly since the 13th meeting, and acknowledged that bilateral trade in 2024 reached approximately US$81.5 billion, up 7.3 per cent compared to 2023.

Minister of Industry and Trade Nguyễn Hồng Diên (right) alongside South Korea’s Minister of Trade, Industry and Energy, Ahn Dukgeun. — VNA/VNS Photo

On April 14, Minister of Industry and Trade Nguyễn Hồng Diên and South Korean Minister of Trade, Industry and Energy Ahn Dukgeun co-chaired the 14th meeting of the Việt Nam–South Korea Joint Committee on Trade, Industry and Energy Cooperation, along with the 8th meeting of the Joint Committee on Implementation of the Việt Nam–Korea Free Trade Agreement (VKFTA), held in Hà Nội.

During the session, both ministers expressed satisfaction with the progress made over the past year, particularly since the 13th meeting, and acknowledged that bilateral trade in 2024 reached approximately US$81.5 billion, up 7.3 per cent compared to 2023.

Amid global economic challenges driven by protectionism and trade tensions, both sides agreed that enhancing bilateral trade cooperation would help alleviate difficulties for businesses in both countries.

The two ministers committed to further promoting the roles of the “Korea Plus in Việt Nam” and “Viet Nam Plus in South Korea” task forces to support enterprises, stimulate investment, and propose new cooperation initiatives. Both sides also agreed to effectively implement the Action Plan toward a more balanced bilateral trade volume of $150 billion by 2030, and to boost dialogue in distribution and logistics.

In the industrial sector, both parties reaffirmed their commitment to the effective operation of the Việt Nam–South Korea Centre for Technology Cooperation on Critical Mineral Supply Chains, established under a memorandum of understanding signed in June 2023.

Medium- and long-term cooperation in materials and components will be promoted through phase two of the Việt Nam Technology Advice and Solutions from Korea project (VITASK 2). South Korea also pledged support for Việt Nam in shipbuilding workforce training, job placement, and in drafting the Law on Industrial Development.

On energy cooperation, the two sides discussed and reached consensus on collaboration in electricity, oil and gas, LNG, nuclear power, and clean energy. Việt Nam welcomed South Korean investment in LNG and oil and gas projects, provided investments are effective, mutually beneficial, and in compliance with Vietnamese law. Việt Nam also expressed interest in South Korea’s co-firing ammonia technology currently under trial, suggesting future joint studies for application in Việt Nam.

Minister of Industry and Trade Nguyễn Hồng Diên (right) alongside South Korea’s Minister of Trade, Industry and Energy, Ahn Dukgeun. — VNA/VNS Photo

At the 8th VKFTA implementation meeting, both parties acknowledged the significant contributions of the agreement over the past decade in boosting trade and investment. The ministers agreed to deepen cooperation in customs procedures and rules of origin, trade defence measures, food safety and plant and animal quarantine, and in addressing technical barriers to help businesses fully capitalise on VKFTA benefits.

Concluding the session, the two ministers signed three key documents: the minutes of the 14th Joint Committee meeting; a joint statement from the 8th VKFTA Implementation Committee meeting; and the Action Plan to realise the $150 billion trade target.

Additionally, they witnessed the signing of two memoranda of understanding: one between the Electricity and Renewable Energy Authority (under Việt Nam’s Ministry of Industry and Trade) and the Nuclear Industry Policy Bureau (under South Korea’s Ministry of Trade, Industry and Energy) on cooperation in nuclear energy; and another between EVNNPT and KEPCO on electricity transmission collaboration. 

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