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.
Uzbekistan’s Uzatom Agency and Russia’s Rosatom signed a Memorandum of Understanding to jointly develop radiation processing technologies for medical and agricultural sectors.
Orkhan Nazarli, Head of Azerbaijan’s State Tax Service under the Ministry of Economy, held separate meetings with senior tax officials from Latvia and Montenegro during the 29th General Assembly of the Intra-European Organization of Tax Administrations (IOTA) in Baku.
The OIC's 51st ministerial session convenes in Istanbul to tackle pressing global and regional issues.
Japan has reportedly cancelled a planned high-level security meeting with the United States after Washington pressed Tokyo to increase its defense spending, according to the Financial Times.
Israel announced on Saturday that it had killed senior Iranian commander Saeed Izadi, head of the Palestine Corps of Iran’s Quds Force, in a targeted strike in Qom. Izadi was accused of supporting Hamas before its October 2023 attack on Israel.
Meta has teamed up with Oakley to release AI-powered smart glasses, expanding its push into wearable tech after the success of Ray-Ban Meta glasses. The social media company is expanding its partnership with Oakley and Ray-Ban-parent EssilorLuxottica.
Armenian Prime Minister Nikol Pashinyan has announced plans to invite Turkish President Recep Tayyip Erdoğan to Armenia for the European Political Community (EPC) summit, scheduled for spring 2026 in Yerevan.
Uzbekistan’s Uzatom Agency and Russia’s Rosatom signed a Memorandum of Understanding to jointly develop radiation processing technologies for medical and agricultural sectors.
Baku hosted 14th meeting of the Joint Intergovernmental Commission on Cooperation between the Republic of Uzbekistan and the Republic of Azerbaijan. The delegations were headed by Uzbekistan’s Minister Laziz Kudratov and Azerbaijan’s Minister of Economy Mikayil Jabbarov.
Gazprom has signed new agreements with its Chinese partners to support the launch and operation of the cross-border section of the Far Eastern gas export pipeline to China.
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Orkhan Nazarli, Head of Azerbaijan’s State Tax Service under the Ministry of Economy, held separate meetings with senior tax officials from Latvia and Montenegro during the 29th General Assembly of the Intra-European Organization of Tax Administrations (IOTA) in Baku.
The OIC's 51st ministerial session convenes in Istanbul to tackle pressing global and regional issues.
Japan has reportedly cancelled a planned high-level security meeting with the United States after Washington pressed Tokyo to increase its defense spending, according to the Financial Times.
Israel announced on Saturday that it had killed senior Iranian commander Saeed Izadi, head of the Palestine Corps of Iran’s Quds Force, in a targeted strike in Qom. Izadi was accused of supporting Hamas before its October 2023 attack on Israel.
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Meta has teamed up with Oakley to release AI-powered smart glasses, expanding its push into wearable tech after the success of Ray-Ban Meta glasses. The social media company is expanding its partnership with Oakley and Ray-Ban-parent EssilorLuxottica.
Armenian Prime Minister Nikol Pashinyan has announced plans to invite Turkish President Recep Tayyip Erdoğan to Armenia for the European Political Community (EPC) summit, scheduled for spring 2026 in Yerevan.
Uzbekistan’s Uzatom Agency and Russia’s Rosatom signed a Memorandum of Understanding to jointly develop radiation processing technologies for medical and agricultural sectors.
Baku hosted 14th meeting of the Joint Intergovernmental Commission on Cooperation between the Republic of Uzbekistan and the Republic of Azerbaijan. The delegations were headed by Uzbekistan’s Minister Laziz Kudratov and Azerbaijan’s Minister of Economy Mikayil Jabbarov.
Gazprom has signed new agreements with its Chinese partners to support the launch and operation of the cross-border section of the Far Eastern gas export pipeline to China.
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