South Korea and Vietnam have pledged to boost annual trade to $150 billion by 2030, signing 10 cooperation deals as new U.S. tariffs disrupt global supply chains.
South Korean President Lee Jae Myung hosted Vietnamese Communist Party general secretary To Lam in Seoul on Monday, marking his first state guest since taking office in June. The two leaders avoided public mention of U.S. President Donald Trump’s new levies — 15% on South Korean exports to the U.S. and 20% on Vietnamese goods — but emphasised the need to safeguard bilateral trade and investment.
Vietnam’s trade with South Korea was worth about $86.8 billion in 2024, official figures show. Lam said he welcomed further South Korean investment, noting that some 10,000 Korean companies are already operating in Vietnam. Lee said those firms “contribute to Vietnam’s economic development and mutually beneficial cooperation between the two countries.”
The governments signed 10 memoranda of understanding covering nuclear and renewable energy, finance, science and technology, and infrastructure such as high-speed rail. Lam, addressing Yonsei University in Seoul, urged South Korean firms to expand their presence in Vietnam and warned of the risks from fragmenting supply chains.
He called for joint development of semiconductors and new materials, and for South Korea to help train Vietnamese workers in sectors including artificial intelligence, biotechnology and shipbuilding.
Major South Korean companies, including Samsung Electronics, have long used Vietnam as a manufacturing and export hub, benefiting from lower labour costs, tax incentives and Hanoi’s network of free trade agreements. Potential areas for future investment include nuclear energy, LNG power plants and high-speed rail projects, Vietnamese officials said.
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The Philippines remains under a "severe threat" from China despite recent efforts by Washington and Beijing to ease tensions, Philippine Defence Secretary Gilberto Teodoro said on Saturday (30 May).
Russia has recalled its ambassador to Armenia for consultations, citing Yerevan's growing rapprochement with the European Union. The move is seen as the latest sign of deteriorating relations between the longtime allies ahead of Armenia's parliamentary election on 7 June.
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 30 May, covering the latest developments you need to know.
A group of Azerbaijani civil society organisations has called for increased scrutiny of Swiss building materials giant Holcim, citing court rulings and ongoing investigations linked to its subsidiary Lafarge's activities during the Syrian conflict.
The World Health Organization (WHO) says ongoing conflict, funding pressures and international travel restrictions are complicating efforts to contain a fast-growing Ebola outbreak in the Democratic Republic of Congo (DRC).
Thai rescuers say five people have been pulled alive from a flooded cave in remote Laos, where seven villagers became trapped after heavy rain cut off access underground.
Russia and Kazakhstan signed 15 agreements during President Vladimir Putin’s state visit to Astana on Thursday (28 May), including deals on Kazakhstan’s first nuclear power plant and expanded oil cooperation with Russia.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
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