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President Vo Van Thuong and President Yoon Suk Yeol shake hands at the dialogue. |
At the conclusion of the morning session on June 23, after their discussions at the Presidential Palace, President Vo Van Thuong and President Yoon Suk Yeol held a press meeting to announce the results of their talks.
During the meeting, President Vo Van Thuong expressed, "President Yoon Suk Yeol and I had a highly successful dialogue, achieving significant mutual understanding. After more than 30 years of diplomatic relations, our two countries have truly become each other's foremost important partners."
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President Vo Van Thuong speaks at the dialogue. |
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President Yoon Suk Yeol speaks at the dialogue. |
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President Vo Van Thuong and President Yoon Suk Yeol meet the press after the dialogue. |
The President also highlighted that the two parties had agreed to intensify substantive cooperation and technology transfer in the defense industry, bolster collaboration in cross-border crime prevention, counter-terrorism, and address non-traditional security challenges.
President Vo Van Thuong also emphasized that both sides had reaffirmed their support for ASEAN's position in safeguarding security and safety in the East Sea, in line with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). Vietnam maintains a keen interest in and closely monitors the situation on the Korean Peninsula and stands ready to promote and actively participate in the denuclearization process of the Korean Peninsula.
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President Vo Van Thuong speaks at the press conference. |
Vietnam and South Korea strive to achieve a bilateral trade turnover of US$100 billion and aim for $150 billion by 2030, with a balanced and sustainable trade relationship.
President Vo Van Thuong stated, "We welcome the extension of the Memorandum of Understanding on the employment of Vietnamese laborers in South Korea and agree to create favorable conditions for streamlining residence registration procedures and work permit issuance for experts and workers from Vietnam in South Korea and vice versa."
President Yoon Suk Yeol expressed his delight in visiting Vietnam and highlighted that it was the first Southeast Asian country he had visited since assuming office. President Yoon Suk Yeol stated that South Korea and Vietnam had cultivated strong and mutually beneficial cooperation over the past 30 years, culminating in the upgrade of their relationship to a comprehensive strategic partnership in late 2022.
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President Yoon Suk Yeol speaks at the press conference. |
"We have exchanged measures on strengthening cooperation between our two nations to match the upgraded relationship, thereby contributing to the freedom, peace, and prosperity in the Indo-Pacific region," said President Yoon Suk Yeol.
Accordingly, both parties have agreed to strengthen strategic cooperation in the areas of diplomacy and security, emphasizing their determination to deepen strategic exchanges through regular dialogues between the Foreign Ministers and Defense Ministers. South Korea will actively support and enhance Vietnam's maritime security capabilities and further expand defense industry collaboration based on the growing political trust between the two nations.
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President Vo Van Thuong and President Yoon Suk Yeol hold a meeting and brief the press on the outcomes of their discussions. |
President Yoon Suk Yeol of South Korea announced that South Korea would provide $200 million in non-repayable aid from 2024 to 2027 in various areas such as environment, climate change, healthcare, education, and digital transformation. Furthermore, there is a plan to support collaborative research between the two countries with a budget of $30 million over the next decade, with a focus on bolstering Vietnam's scientific and technological innovation.
South Korea will further support Vietnam in gaining access to core and modern technologies. The second phase of the Vietnam-Korea Institute of Science and Technology (VKIST) project will be implemented, representing a notable symbol of forward-looking development cooperation between the two nations.
Before the press conference, President Vo Van Thuong and President Yoon Suk Yeol attended a ceremony where 17 cooperation documents were exchanged between ministries, sectors, and certain localities of the two countries.
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President Vo Van Thuong and President Yoon Suk Yeol witness the exchange of action program documents on the implementation of the Vietnam-Korea Comprehensive Strategic Partnership between the foreign ministries of both countries. |
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President Vo Van Thuong and President Yoon Suk Yeol witness the exchange of cooperation documents between the Ministry of Public Security of Vietnam and the Korean Coast Guard. |
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President Vo Van Thuong and President Yoon Suk Yeol witness the exchange of cooperation documents between the Ministry of Planning and Investment of Vietnam and the Ministry of Economy and Finance of South Korea. |
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President Vo Van Thuong and President Yoon Suk Yeol witness the exchange of cooperation documents between the Ministry of Industry and Trade of Vietnam and the Ministry of Trade, Industry, and Energy of South Korea. |
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President Vo Van Thuong and President Yoon Suk Yeol witness the exchange of documents that mutually recognize International Driving Permits between the representatives of the Vietnamese and South Korean governments. |
Vietnam and South Korea established diplomatic relations in December 1992 and elevated their relationship to a strategic cooperative partnership in October 2009. In December 2022, they further advanced their relationship to a comprehensive strategic partnership. South Korea is one of Vietnam's foremost and vital partners, ranking first in investment, second in official development assistance (ODA), and third in trade.
In 2022, the bilateral trade volume reached $87 billion, representing an 11.4 percent increase compared to 2021. As of April 2023, South Korea has over 9,500 active investment projects with a combined registered capital of nearly $82 billion.
From 2012 to 2015, South Korea provided $1.2 billion in preferential loans from the Economic Development Cooperation Fund (EDCF). The Vietnam-Korea Framework Credit Agreement was further extended from 2016 through 2020, with a total value of $1.5 billion.
During President Yoon Suk Yeol's State visit to Vietnam, he was accompanied by around 205 South Korean businesses. Notably, among them were the chairpersons of renowned conglomerates, including Samsung Electronics, SK Group, Hyundai Motor Group, and LG Group.
This visit marks the highest number of accompanying businesses during a State visit by the President of South Korea to Vietnam. It reflects the significant progress in economic, investment, and trade cooperation between the two countries, highlighting the strong interest of South Korean enterprises in Vietnam. This occasion also presents an opportunity for both sides to engage in discussions regarding new collaborations between the two nations.
