South Korea and Vietnam agreed on Monday to deepen economic cooperation and accelerate joint efforts to mitigate the impact of looming U.S. tariffs, following a ministerial meeting in Hanoi.
South Korea and Vietnam agreed on Monday to expand economic cooperation after a ministerial meeting on Monday, at a time when the two countries are racing to mitigate the impact of potential U.S. tariffs.
South Korea's industry minister Ahn Duk-geun is visiting Vietnam as the two countries scramble to negotiate a reduction of threatened U.S. tariffs of 25% and 46%, respectively, that would otherwise apply in July after a global moratorium expires.
Korean companies are the biggest foreign investors in Vietnam, and the Southeast Asian nation is South Korea's No. 3 export destination.
The two countries agreed on action plans to ensure they can meet an existing target to reach $150 billion in bilateral trade by 2030 and cooperate in the generation of nuclear energy and LNG power and investments in the textile and clothes industries, according to a statement from South Korea's industry ministry.
The agreement came during a meeting of Ahn and Vietnam's Trade Minister Nguyen Hong Dien in Hanoi.
Ahn also met with representatives of top South Korean companies, including Samsung Electronics 005930.KS, LG Electronics 066570.KS, Hyundai Motor 005380.KS and HS Hyosung 487570.KS. The minister pledged that Seoul will continue talks with both the U.S. and Vietnamese governments to minimise the impact of U.S. tariffs on Korean companies.
Samsung produces more than 60% of its phones sold globally in the country. Led by national champions such as Samsung, Korean companies have been building their presence in Vietnam for years as the costs of manufacturing in China rose along with political risks and competition.
Now, that reliance on Vietnam threatens to backfire as the looming steep tariffs exposed the vulnerability of the Southeast Asian country's export model.
China's President Xi Jinping also on Monday called for stronger ties with Vietnam on trade and supply chains amid disruptions caused by U.S. tariffs, as he kicked off a three-nation trip to Southeast Asia in Hanoi.
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Tensions in the region remained high on Tuesday (10 March), as the United States and Iran exchanged increasingly sharp warnings, including threats over the strategic Strait of Hormuz, a critical artery for global oil supplies.
China has urged Afghanistan and Pakistan to resolve their dispute through dialogue after Chinese envoy Yue Xiaoyong met Afghan Foreign Minister Amir Khan Muttaqi, as fighting between the two neighbours entered its eleventh day.
Kazakhstan has evacuated more than 7,300 citizens from the Middle East since regional tensions escalated, using both air and land routes to bring nationals home while closely monitoring political developments and potential economic effects linked to rising oil prices.
Almost 2,000 people have been evacuated from Iran via Azerbaijan since conflict erupted in the Middle East.
Norwegian police are searching for a suspect after an explosion at the U.S. embassy in Oslo on 8 March caused minor damage but no injuries, in what authorities say may have been a deliberate attack linked to the Middle East crisis.
The first batch of Peter Mandelson’s papers on his 2024 ambassadorial appointment is set to be published on Wednesday, following a parliamentary order. The release comes amid police investigations over his links to Jeffrey Epstein.
At least six people have died after a bus caught fire in Kerzers, Switzerland, in what police say may have been a deliberate act. Witnesses reported a man inside the vehicle set himself alight. Three others were injured and taken to hospital, while authorities continue their investigation.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 11th of March, covering the latest developments you need to know.
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