Vietnam’s Foreign Ministry said that by 2030, the two countries are increasing bilateral trade in a “more balanced and more sustainable way.”
South Korean companies, led by national champions such as Samsung Electronics, have been building their own businesses in Vietnam for many years, as China’s manufacturing costs grow with political risks and competition. More than 60% of the phones sold worldwide by Samsung in Vietnam.
Now, Vietnam’s reliance on Vietnam may backfire, as steep “countdown” tariffs announced by U.S. President Donald Trump earlier this month exposed the vulnerability of export patterns in Southeast Asian countries.
South Korean Foreign Minister Cho Tae-Yul visited his Vietnamese counterpart on Tuesday. Earlier this week, South Korea’s industry and trade ministers also visited Vietnam to discuss their response to the looming tariffs.
Vietnam said it encourages South Korean companies to expand operations in Vietnam and prioritizes infrastructure, electronics, semiconductors and renewable energy. The Vietnamese statement said that at the multilateral level, the two sides agreed to continue to closely coordinate and support each other to resolve international and regional issues of common concern. Trump’s reciprocal tariffs include 46% of imports from Vietnam and 25% of imports from South Korea. Since then, they have been suspended for 90 days. (Reported by Jack Kim; other reports by Khanh Vu in Hanoi; Edited by Ed Davies and Edmund Klamann)
