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.
Speaking at Munich Security Conference, Ukrainian foreign minister Andrii Sybiha calls for decisive steps ahead of expected Geneva talks...
U.S. President Donald Trump told troops at Fort Bragg on Friday that America has regained respect and strength on the global stage and reiterated the ...
The meetings will reportedly focus on potential and proposed trade cooperation between Moscow and Washington. Presidential envoy will hold discussions...
A powerful sandstorm sweeping across Gaza has further worsened living conditions for displaced Palestinians already struggling amid a deep humanitaria...
Europe needs to develop global partnerships with key nations to tackle global problems together, chancellor tells Munich Security Conference...
Speaking at Munich Security Conference, Ukrainian foreign minister Andrii Sybiha calls for decisive steps ahead of expected Geneva talks
U.S. President Donald Trump told troops at Fort Bragg on Friday that America has regained respect and strength on the global stage and reiterated the need to confront Iran amid stalled nuclear negotiations.
The meetings will reportedly focus on potential and proposed trade cooperation between Moscow and Washington. Presidential envoy will hold discussions with U.S. officials in Switzerland aimed at restoring bilateral trade relations.
A powerful sandstorm sweeping across Gaza has further worsened living conditions for displaced Palestinians already struggling amid a deep humanitarian crisis.
Europe heads into the Munich Security Conference, on Friday (13 February), amid deepening unease over U.S. policy, as President Donald Trump’s hard-line stance on defence, trade and territory fuels doubts about Washington’s long-term commitment to transatlantic security.
Stalled U.S.–Iran talks and mounting regional tensions are exposing a growing strategic rift between Washington and Tel Aviv over how to confront Tehran, political analyst James M. Dorsey says, exposing stark differences in approach at a critical moment.
Türkiye and Greece signalled renewed political will to ease long-standing tensions during high-level talks in Ankara on Wednesday (11 February). Maritime borders, migration and trade topped the agenda as both leaders struck a cautiously optimistic tone.
A Republican lawmaker accused on Wednesday (11 February) Attorney General Pam Bondi of concealing the names of Jeffrey Epstein’s powerful associates. The claim was made during a heated House hearing on the Justice Department’s handling of the files.
Azerbaijan’s State Security Service has filed charges against a group of people accused of belonging to a criminal network alleged to have attempted to forcibly seize state power. It's claimed they tried to alter the constitutional structure, with the support of foreign intelligence agencies.
Thousands of fans packed River Plate’s Monumental Stadium in Buenos Aires on Friday for the first of three sold-out concerts by Puerto Rican reggaeton star Bad Bunny, as part of his “Debí Tirar Más Fotos” World Tour.
As Cuba’s government prepares for American aggression, residents say economic hardship worries them more than the threat of war. Tensions between Cuba and the U.S. have escalated sharply this year, as Washington steps up sanctions and threatens regime change.
Speaking at Munich Security Conference, Ukrainian foreign minister Andrii Sybiha calls for decisive steps ahead of expected Geneva talks
U.S. President Donald Trump told troops at Fort Bragg on Friday that America has regained respect and strength on the global stage and reiterated the need to confront Iran amid stalled nuclear negotiations.
The meetings will reportedly focus on potential and proposed trade cooperation between Moscow and Washington. Presidential envoy will hold discussions with U.S. officials in Switzerland aimed at restoring bilateral trade relations.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment