During the latest summit, South Korea and Vietnam's presidents committed to further economic and strategic collaboration, with the aim of using their commercial relationships to negotiate a difficult international trading landscape.
As his first state guest since taking office on June 4, South Korean President Lee Jae Myung is meeting with Vietnamese Premier To Lam, with whom he discussed fostering investment and commerce in the Southeast Asian nation, according to Lee's office.
During the four-day state visit, Lam, the general secretary of the Vietnamese Communist Party, is leading a delegation of senior party and parliamentary members as well as ministers of industry, trade, foreign policy, and technology.
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"Our countries agreed that about 10,000 Korean companies operating in Vietnam contribute to Vietnam's economic development and mutually beneficial cooperation between the two countries." Lee said in a televised address,"
"I asked for a continued interest in the stable economic activities of our companies in Vietnam."
Vietnam welcomed more investment from South Korean companies and increased technology cooperation, Lam said, adding that the nations committed to further open their markets and grow trade to $150 billion by 2030.
At the summit, the nations are expected to sign at least 10 memorandums of understanding, committing to collaboration in fields including science and technology, monetary and financial policy, nuclear and renewable energy, and more, according to Lee's office.
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According to Lee's administration, other agreements addressed infrastructure collaboration, including high-speed rail.
The Vietnamese leader's occasional visit is anticipated to create favorable conditions for South Korean companies to invest in significant nuclear energy and infrastructure projects in Vietnam.
Due to Vietnam's many free trade agreements with dozens of nations, cheaper labor costs, and significant tax benefits, several large South Korean corporations, including Samsung Electronics, have long exploited the country as an export hub.
However, US President Donald Trump's trade policies, which included broad new tariffs on Asian nations in recent weeks, has raised doubts about future business commitments. According to Vietnamese official data, new investment has slowed.
Potential investors in Vietnam's proposed high-speed rail, LNG power plants, and nuclear energy projects have been identified as South Korean businesses.
Trump has set a 15 percent tax on South Korean goods and a 20 percent tariff on Vietnamese imports.