South Korea and Vietnam are set to deepen their economic and strategic partnership as their leaders meet to strengthen ties during growing global trade challenges and shifting tariffs.
South Korean President Lee Jae Myung will host Vietnamese leader To Lam for a landmark summit on Monday, marking the first state visit since Lee took office in June.
The two leaders are expected to focus on boosting trade and investment between the countries.
To Lam, the general secretary of the Vietnamese Communist Party, arrives with a high-level delegation including ministers of industry, trade, foreign affairs, technology, and senior parliament members for a four-day visit.
At the summit, the two nations plan to sign at least ten memoranda of understanding covering cooperation in areas such as nuclear and renewable energy, monetary and financial policies, and science and technology.
This visit is anticipated to pave the way for South Korean firms to invest heavily in Vietnam’s infrastructure and energy projects, including nuclear power.
Vietnam has long served as an export hub for major South Korean companies like Samsung Electronics, attracted by lower labor costs, tax incentives, and Vietnam's broad network of free trade agreements.
However, recent U.S. tariffs imposed by President Donald Trump—15% on South Korean goods and 20% on Vietnamese imports have cast uncertainty over future investments, coinciding with a slowdown in new investments reported by Vietnam.
South Korean businesses are eyeing Vietnam’s upcoming nuclear energy, LNG power plants, and high-speed rail projects as key investment opportunities.
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