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President Lee Jae-myung and First Lady Kim Hye-kyung exchange gifts with Vietnamese Communist Party General Secretary To Lam and his wife, Ngo Phuong Lien, ahead of a small-group meeting at the presidential office in Yongsan, Seoul, on August 11. / Courtesy of the Presidential Office

President Lee Jae-myung announced on August 11 that South Korea and Vietnam will work to increase bilateral trade to $150 billion by 2030, marking the 10th anniversary of their free trade agreement (FTA).

During a summit at the presidential office in Yongsan with Vietnamese Communist Party General Secretary To Lam, Lee said the two countries would strengthen cooperation across key sectors — including nuclear power, high-speed rail, smart city development, artificial intelligence, semiconductors, renewable energy, and critical minerals — to boost last year’s trade volume of $86.7 billion by more than 70 percent within five years.

Following the talks, the two leaders adopted a 23-point joint statement to deepen the “Comprehensive Strategic Partnership” and signed 10 memoranda of understanding (MOUs) covering areas such as renewable energy, central bank cooperation, and nuclear power workforce training.

Lee specifically mentioned Vietnam’s new nuclear power plant and North-South high-speed railway projects, expressing hope that “our companies’ outstanding technology and extensive experience will lead to successful cooperation cases.” He added that To Lam “expressed active consideration for Korea’s participation.” Lee also highlighted the Dongnam New Town development project in Bac Ninh Province, calling it “the first export case for a K-smart city.”

Lee asked for To Lam’s continued support to ensure that the 10,000 South Korean companies operating in Vietnam can conduct business stably. He also invited Vietnam to attend the APEC Summit in Gyeongju this October.

The leaders agreed to resume the defense industry joint committee — suspended since 2008 — and to enhance strategic communication in diplomacy, security, and defense, including cooperation on critical minerals, peace on the Korean Peninsula, and tangible progress on resolving the North Korean nuclear issue.

That evening, President Lee and First Lady Kim Hye-kyung hosted a state banquet at the Blue House guesthouse for the Vietnamese delegation. Guests included 55 Vietnamese officials, as well as 66 South Korean economic and cultural figures such as SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, NH Nonghyup Chairman Kang Ho-dong, Shinhan Bank CEO Jung Sang-hyuk, pianist Yiruma, and former Vietnam national football coach Park Hang-seo.