KOREAN NET

President Lee Jae Myung (left), on a state visit to Vietnam, on April 22 poses for photos with Vietnamese counterpart To Lam at the Presidential Palace in Hanoi. (Yonhap News)

By Koh Hyun Jeong

President Lee Jae Myung, on a state visit to Vietnam, discussed raising practical cooperation on April 20 in a bilateral summit with Vietnamese President To Lam at the Presidential Palace in Hanoi.

Both leaders gave their opinions on uncertainty over global supply chains due to the conflict in the Middle East and agreed to work together for energy security and stable supply chains.

In energy and infrastructure, both sides pledged to expand strategic cooperation and boost collaboration focused on large-scale infrastructure projects such as railways, new cities and airports.

Their talks led to the conclusion of an export contract on rail cars for an urban railway in Ho Chi Minh City, and are expected to give Korean companies momentum in taking part in major infrastructure projects in Vietnam.

Economic cooperation between the two countries is also projected to accelerate. Both countries agreed to expand investment cooperation to raise bilateral trade to USD 150 billion by 2030.

Seoul and Hanoi also completed quarantine and hygiene negotiations on the export of heat-treated poultry products such as ham, sausage, samgyetang (ginseng chicken soup) and chicken nuggets to Vietnam, paving the way for Korea's agricultural and food items to enter the Vietnamese market.

The two sides agreed to enhance cooperation in people-to-people exchanges, including expanded support for multicultural families and stronger measures to protect the residency status and rights of each other's nationals. 

Turning to peace on the Korean Peninsula, Hanoi reaffirmed its support for Seoul's efforts toward inter-Korean dialogue and cooperation. Both sides also pledged continued close cooperation on the global stage including at the United Nations.

hjkoh@korea.kr