President Lee Jae-myung held summit talks with To Lam, secretary general of the Vietnamese Communist Party, at the Presidential Office in Yongsan, Seoul, on Aug. 11 and they agreed to double bilateral trade to $150 billion by 2030.
The agreement comes as amid intensifying conflict between the United States and China, the President Lee Jae-myung government is evaluated to have set in motion its diplomatic strategies to diversify the export market through cooperation with “Global South” countries, ASEAN, Central Asia and the Middle East, in the aim of securing strategic autonomy.
In a joint press release following the end of the summit talks, Korea and Vietnam, celebrating the 10th anniversary of the entry into force of the Korean-Vietnamese Free Trade Agreement (FTA) this year, agreed to redouble efforts to achieve $150 billion in trade volumes by 2030.
In this vein, the Vietnamese party secretary general said he selected priority cooperation targets, such as development of infrastructure, advanced electronic equipment production, semiconductors, AI, new and renewable energy, and smart city sectors.
To this end, both sides agreed to ramp up cooperation in sectors, such as defense industry, nuclear power generation, high-speed railway, and new city development.
The two countries signed 10 MOUs on cooperation in areas, such as science and technology, copyrights, renewable energy and nuclear power on the occasion of the summit talks.
They agreed to expedite strategic cooperation not only in trade and investment but also supply chain sectors by continuously expanding consultative bodies, such as economic deputy ministers’ meeting and joint economic committees.
President Lee Rules Out Unification through Absorption
President Lee Jae-myung made it clear that South Korea will not pursue any form of unification through absorption and he also expressed his strong interest in inter-Korean dialogue.
President Lee also demanded Japan squarely face the past, but stressed future-oriented cooperation, calling Japan “a neighbor and partner.”
President Lee Jae Myung on Aug. 15 urged North Korea to “recover trust and dialogue.”
In a speech at an 80th Liberation Day ceremony at the Sejong Center for the Performing Arts in Jongno-gu, Seoul on Aug. 15, President Lee said, "We affirm our respect for the North’s current system, and that we will not pursue any form of unification by absorption and assert that we have no intention of engaging in hostile acts.”
“In particular, to prevent accidental clashes between South and North Korea and to build military trust, we will take proactive, gradual steps to restore the Sept. 19 Military Agreement,” President Lee said.
President Lee said, “Furthermore, in line with the principles of common interest, co-prosperity and mutual aid, we will strive to restore the basis for exchanges and cooperation and foster conditions for shared growth. Doing so may lead to substantial improvements in the lives of both South and North Koreans.”
President expressed hope that North Korea will reciprocate our efforts to restore trust and revive dialogue.
“A peaceful Korean Peninsula must be free of nuclear weapons and founded on friendly cooperation with neighboring countries,” he said.
“Denuclearization is a complex and difficult task that cannot be resolved quickly. However, inter-Korean and US-North Korea dialogue as well as international cooperation will help us approach a peaceful resolution. At the same time, we will strive to broaden international support and build consensus for peninsular peace and the advancement of inter-Korean relations,” President Lee said.
President Lee reaffirmed a two-track approach - separating Japan’s historical issues and mutual cooperation.
President Lee said, “This year marks the 80th anniversary of liberation and the 60th anniversary of the establishment of diplomatic relations between Korea and Japan, and it is time to squarely face the past while also wisely stepping forward into the future.”
President Lee said, “We must stand together to ensure that the light reclaimed through liberation will never again be taken from us and that the light that survived dictatorship and insurrection will never be snuffed out.”
