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.
Türkiye delivered 30 tonnes of humanitarian aid to earthquake-hit Venezuela on Monday, reaffirming its commitment to supporting the country's reconst...
Russian athletes will once again be allowed to represent their country in international modern pentathlon competitions after the sport's governing bod...
The United Nations Children's Fund (UNICEF) warned on Sunday that 3.7 million children under five in Afghanistan face an increased risk of malnutritio...
Russian athletes will once again be allowed to represent their country in international modern pentathlon competitions after the sport's governing body lifted restrictions on their participation, marking another step in Russia's return to international sport.
The United Nations Children's Fund (UNICEF) warned on Sunday that 3.7 million children under five in Afghanistan face an increased risk of malnutrition as the peak wasting season from July to September approaches.
The AFC/M23 rebel movement is using its response to a small Ebola outbreak in eastern Democratic Republic of Congo as evidence of its ability to govern territory under its control, establishing parallel health structures and relying partly on support from neighbouring Rwanda.
Iran has said it remains determined to pursue legal action against Israel and the United States over the deaths of senior officials and civilians during recent military confrontations, insisting it will seek accountability through international bodies.
The 4th Shusha Global Media Forum will bring together nearly 160 media leaders, experts and officials from 54 countries in Azerbaijan's historic city of Shusha on 13-14 July, to discuss journalism’s role in peacebuilding, restoring public trust and tackling challenges.
The U.S. has launched fresh strikes on Iran after Tehran targeted a container ship and said it had again closed the Strait of Hormuz. Iran also claimed to have expanded attacks on U.S. military facilities across the Gulf.
Typhoon Bavi, the strongest storm to hit the eastern coast of mainland China this year, brought heavy rain, strong winds, flooding and landslides after making landfall in Zhejiang province on Sunday. More than 2.8 million people were evacuated to safety ahead of the storm.
President Ilham Aliyev is holding his annual question-and-answer session with international journalists at the 4th Shusha Global Media Forum in Azerbaijan.
Qatar is mourning the death of its former ruler, Sheikh Hamad bin Khalifa Al Thani, who has passed away at the age of 74.
Russian athletes will once again be allowed to represent their country in international modern pentathlon competitions after the sport's governing body lifted restrictions on their participation, marking another step in Russia's return to international sport.
The AFC/M23 rebel movement is using its response to a small Ebola outbreak in eastern Democratic Republic of Congo as evidence of its ability to govern territory under its control, establishing parallel health structures and relying partly on support from neighbouring Rwanda.
Britain has moved to target Iran's Islamic Revolutionary Guard Corps (IRGC) and another Iran-linked organisation using new state-threat powers following a series of antisemitic incidents across the country.
The UK has announced a fresh round of sanctions against individuals and organisations it says are responsible for cyber attacks and hybrid operations linked to Russian intelligence, in a move aimed at countering efforts to destabilise Europe.
A 93-year-old British woman has died after being injured in wildfires that swept through southeastern Spain's Almeria province, regional authorities said, bringing the confirmed death toll to 13 people.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment