South Korean foreign minister heads to Hanoi for P4G summit, 2nd ministerial talks
Once centered on factory floors churning out textiles and electronics, the South Korea–Vietnam partnership is now being recast as a deeply interwoven strategic partnership spanning nearly every domain, South Korea’s top envoy to Vietnam told The Korea Herald.
That evolution — evident in the expansion of economic cooperation into infrastructure, next-generation technologies and critical supply chains — now demands a clearer and sharper roadmap for the next phase of strategic alignment between Seoul and Hanoi.
“Economic cooperation between Korea and Vietnam has developed into an inseparable partnership, now thriving at its highest level,” Korean Ambassador to Vietnam Choi Young-sam said in his written interview with The Korea Herald, held on the occasion of Foreign Minister Cho Tae-yul’s three-day official visit to Hanoi from Tuesday.
“To continue to advance such a close partnership, it will be significant to set a more sophisticated direction for future cooperation — one that benefits both countries. Infrastructure, drivers of future growth and economic security, and supply chains are key areas that can serve as anchors in bringing such a vision into reality.”
The partnership is now venturing into uncharted terrain based on built-up strategic trust: security and even the defense industry — from maritime security, marked by the first-ever bilateral maritime dialogue last year, to South Korea’s highly anticipated yet unprecedented arms export to Vietnam.
Seoul and Hanoi are also working in lockstep to craft a more calibrated and forward-looking relationship not only to drive shared growth but to proactively navigate the shifting contours of an increasingly kaleidoscopic geopolitical and economic landscape.
“Seoul and Vietnam have further strengthened strategic cooperation in the fields of diplomacy and security since upgrading their relationship to a comprehensive strategic partnership in 2022,” marking the 30th anniversary of diplomatic relations, Choi said.
As part of that momentum, Seoul and Hanoi agreed to hold foreign ministerial talks on an annual basis during the summit in June 2023, and the first talks took place in May last year in Seoul.
“Through the platform, the two countries are actively seeking ways to cooperate not only for practical bilateral cooperation but also to respond preemptively and effectively to the rapidly shifting international political and economic landscape.”
The efforts continue this week as Cho will attend the P4G (Partnering for Green Growth and the Global Goals 2030) summit in Hanoi — an opportunity that Choi described as a chance to “further solidify the foundation for sustainable future cooperation between Korea and Vietnam.”
On Tuesday, Cho will meet his Vietnamese counterpart Bui Thanh Son, for the second foreign ministerial talks in Hanoi.
“In the foreign ministerial dialogue, in-depth and wide-ranging discussions are expected to take place across all areas, including diplomacy and security, trade and investment, energy, resources and supply chains, climate change, cultural and people-to-people exchanges, and regional and international cooperation,” Choi said.
Supply chains, big bets and bigger trade
The economic partnership, which has grown in both scale and strategic significance over the past three decades, now serves as the foundation for across-the-board cooperation.
The numbers speak for themselves.
Trade between South Korea and Vietnam has surged since diplomatic relations were established in 1992, from $500 million to $86.7 billion in 2024, a staggering 170-fold increase. Now the third-largest trading partners for each other, the two countries are targeting an even more ambitious goal — $150 billion in annual trade by 2030.
Yet trade is only part of the tale.
South Korea is also Vietnam's largest foreign investor, with $92 billion in total investments through 2024. Samsung Electronics' Vietnamese factories alone represented 14 percent of Vietnam's total exports last year.
Vietnam has also emerged as a critical node in the supply chain for South Korean companies targeting the US, with over 20 percent of exports from Korean firms based in Vietnam estimated to be bound for the US market.
“Trade issues between Vietnam and the US, including tariffs, are no longer Vietnam's problem alone — it's ours too,” Choi said.
Choi underscored that the “importance of strategic cooperation with Vietnam is also becoming increasingly important in response to the global supply chain realignment centered on economic security.”
“Amid the accelerating realignment of global supply chains centered on economic security — driven by the launch of the second Trump administration and other factors — Vietnam’s strategic importance is increasingly ascending in areas including critical mineral cooperation and the management of key items essential to economic security,” Choi said.
For instance, Vietnam provided 53.1 percent of South Korea's imports of urea solution in 2024, notably surpassing China's supply of the important raw material, following severe supply disruptions that hit South Korea in 2021.
Forge high-tech future together
Choi also stressed that “the two countries must deepen and expand cooperation in future growth sectors, including advanced industries, science and technology, information and communications, and green growth.”
“Until now, the two countries have built a largely complementary partnership centered on manufacturing and processing industries such as textiles, steel and electronics,” Choi said. “However, with the rise of new technologies and sectors like AI and semiconductors, it has become imperative for both sides to broaden their cooperation into these emerging fields.”
Choi also highlighted that “Korea and Vietnam are optimally positioned to generate synergy in the field of cutting-edge industries, as their respective needs align perfectly.”
Korean firms equipped with advanced technologies have demands for Vietnam’s high-quality labor force, buttressed by the total population of over 100 million. The Vietnamese government is prioritizing the development of high-tech industries including semiconductors, artificial intelligence and data centers, technology transfer, and human resource development to make a new leap forward.
“The two countries are promoting various strategic initiatives to advance cooperation in high-tech industries,” Choi said.
Firms' research and development centers, such as those of Samsung and LG, take the initiative in the bilateral technological cooperation, and public-private training initiatives are also assisting Vietnam's development toward more sophisticated industries.
The Vietnam-Korea Institute of Science and Technology, which opened in Hanoi in 2023 and was constructed with support from Korea's ODA project, has also contributed to the development of an innovation-driven ecosystem in Vietnam.
Korean builders shape Vietnam’s skyline
Infrastructure is also one of the key sectors in which Seoul and Hanoi can design a mutually beneficial partnership going forward.
“South Korean companies' participation in Vietnam's nuclear power, high-speed rail and (liquefied natural gas) power projects is expected not only to boost Korea's economic vitality, but also to greatly contribute to the economic development of Vietnam by leveraging Korea's advanced technology and experience.”
Vietnamese Prime Minister Pham Minh Chinh emphasized the necessity of securing stable industrial and transportation infrastructure to sustain double-digit and high-rate economic growth while voicing strong expectations for cooperation with Korea on mega infrastructure development.
“This also provides promising opportunities for Korean companies. For example, in the case of urban development projects, leading Korean firms are working with Vietnamese partners on major developments — including Daewoo E&C on the Starlake City project in Hanoi, GS E&C on the Nhabe New City and Lotte on the Eco Smart City in Thu Thiem,” Choi stated.
“These large-scale infrastructure projects not only bring bilateral relations closer by introducing Korea's experience and technology to Vietnam, but also pave the way for related industries to enter the Vietnamese market.”
Nuclear energy cooperation back in motion
While Vietnam has decided to revive its once-shelved plans to build nuclear power plants, Korea has also been at the forefront of reactivating cooperation on the project. The partnership on nuclear energy was never dismantled, but had remained dormant for years since signing an intergovernmental memorandum of understanding on nuclear energy in 2011.
That momentum is tangible. In February, Vietnam’s Minister of Industry and Trade, Nguyen Hong Dien, visited Korea as his first stop among potential nuclear cooperation partner countries and held “in-depth discussions on ways for nuclear cooperation,” with his South Korean counterpart, Ahn Duk-geun.
Seoul and Hanoi later in February agreed to resurrect their bilateral director-general-level nuclear industry dialogue channel — which had been on hiatus since 2017 — to consult on more concrete measures for cooperation. Private-sector discussions, including those involving Korea Electric Power Corporation, are also making progress.
“We are a reliable partner for Vietnam in nuclear energy cooperation,” Choi stated, citing Korea’s timely and within-budget completion of the Barakah nuclear power plant in the United Arab Emirates and its selection as the preferred bidder to build nuclear reactors in the Czech Republic.
Vietnam, Choi added, is not merely looking at the construction of nuclear power plants.
"Vietnam also highly values Korea’s nuclear energy technologies and construction capabilities and successful operational experience, including human resource development to policy and regulatory systems as well as its proven track record in exports," Choi added.
“I hope that nuclear energy cooperation will continue to deepen and evolve into a core pillar of practical cooperation between our two countries.”
Korea can powering Vietnam’s rail future
Vietnam's North–South high-speed rail project, connecting the capital Hanoi in the north to Ho Chi Minh City in the south, has also emerged as a priority cooperation area, with South Korea actively seeking to join it through a joint effort by the public and private sectors, Choi explained.
Korean Minister of Land, Infrastructure and Transport Park Sang-woo met with his Vietnamese counterpart in Hanoi in March to discuss railway cooperation, coinciding with a bilateral forum to share Korea’s experience in introducing high-speed rail and transitioning into a high-speed rail manufacturing country.
Choi emphasized that Korea’s successful localization of the entire high-speed rail system — including planning, design, construction, train manufacturing, and signaling and communications — offers a compelling model for Vietnam.
Choi explained Korea’s transformation into an exporter of high-speed rail trains to Uzbekistan in 2024, noting that “Korea was relatively a latecomer in the high-speed rail sector.”
“In particular, as Korea has developed through technology transfer, we are better prepared than any other country in areas including technology transfer and human resource training, which Vietnam deemed most important, and we are even considering various financial support options for the project,” Choi added.
“Since Vietnam also aims to develop and localize its rail industry, our experience and know-how make us a competitive candidate as a partner in supporting the development of Vietnam’s rail sector.”
Trust translates into defense cooperation
Seoul and Hanoi have pledged to expand and deepen defense cooperation in line with their elevated bilateral ties to a comprehensive strategic partnership, including plans to revise their memorandum of understanding on defense cooperation, originally signed in 2010.
“South Korea and Vietnam have expanded their cooperation into the areas of defense and the defense industry, building on the strategic trust they have developed over time," Choi said.
“Given that Vietnam is pursuing military modernization as a mid-to-long-term strategic objective, and South Korea has experience operating a wide range of platforms and systems, the two countries have significant potential for complementary cooperation in the defense sector.”
Vietnam is reportedly in negotiations to import 20 units of K9 self-propelled howitzers from Korea in a deal valued at $300 million. If finalized, it would mark Korea’s first defense arms sale to the country.
“Korean defense industries now look beyond mere exports and are building sustainable models of cooperation that include education and training, maintenance support and human resource development with numerous countries," Choi said. “Based on such experiences, we seek to work with Vietnam to explore mutually beneficial avenues of cooperation."
dagyumji@heraldcorp.com
