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.
Supporters of Brazil’s former president Jair Bolsonaro gathered in São Paulo on 3 August, calling for justice reform and denouncing legal cases aga...
On 4 August, relatives of missing persons and human rights activists marched through Mexico City, demanding answers and justice amid the country’s o...
Democratic lawmakers in Texas left the state on 4 August in a dramatic move to deny Republicans the quorum needed to pass a redistricting plan backed ...
A former US Army soldier suspected of fatally shooting four people in rural Montana remains at large as of 4 August, authorities said, triggering a st...
Belgium has launched a humanitarian aid mission to the Gaza Strip, officials confirmed on 4 August, as the humanitarian crisis in the war-torn territo...
Supporters of Brazil’s former president Jair Bolsonaro gathered in São Paulo on 3 August, calling for justice reform and denouncing legal cases against the far-right leader as politically motivated.
On 4 August, relatives of missing persons and human rights activists marched through Mexico City, demanding answers and justice amid the country’s ongoing crisis of enforced disappearances.
Democratic lawmakers in Texas left the state on 4 August in a dramatic move to deny Republicans the quorum needed to pass a redistricting plan backed by Donald Trump, aiming to preserve the GOP's narrow House majority ahead of the 2026 elections.
A former US Army soldier suspected of fatally shooting four people in rural Montana remains at large as of 4 August, authorities said, triggering a state-wide manhunt and warnings to residents.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Supporters of Brazil’s former president Jair Bolsonaro gathered in São Paulo on 3 August, calling for justice reform and denouncing legal cases against the far-right leader as politically motivated.
On 4 August, relatives of missing persons and human rights activists marched through Mexico City, demanding answers and justice amid the country’s ongoing crisis of enforced disappearances.
Democratic lawmakers in Texas left the state on 4 August in a dramatic move to deny Republicans the quorum needed to pass a redistricting plan backed by Donald Trump, aiming to preserve the GOP's narrow House majority ahead of the 2026 elections.
A former US Army soldier suspected of fatally shooting four people in rural Montana remains at large as of 4 August, authorities said, triggering a state-wide manhunt and warnings to residents.
Belgium has launched a humanitarian aid mission to the Gaza Strip, officials confirmed on 4 August, as the humanitarian crisis in the war-torn territory continues to worsen.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment