South Korea and Vietnam undertake to strengthen their links to business challenges

South Korea. Nevertheless, Vietnam are preparing to strengthen their economic and strategic cooperation at a summit scheduled for Monday, while these former Cold War adversaries seek to enhance their business relations to cope with an increasingly complex global trade environment.

South Korean President Lee Jae Myung welcomes the Vietnamese leader Lam To. Consequently, his first state guest since his entry into office on June 4, and will address with him the promotion of trade and investment in the Southeast Asian country, Lee’s office said.

LAM. who holds the post of secretary general of the Vietnamese Communist Party, leads a major delegation including ministers of industry, trade, foreign affairs and technologies, as well as influential members of the party and parliament, as part of a four -day state visit.

The two countries plan to sign at least ten memorandum of understanding at the south korea vietnam undertake strengthen summit. focusing on increased cooperation in the fields of nuclear and renewable energy, monetary and financial policies, as well as science and technology, according to declarations of the South Korean president.

The rare visit to the Vietnamese leader should create favorable conditions for South Korean companies to invest in major infrastructure. nuclear energy projects planned in Vietnam, it was added.

Many large South Korean companies. like Samsung Electronics, have made Vietnam an export platform, having benefited for years of lower wage costs, advantageous tax incentives and many free trade agreements signed by Hanoi with dozens of countries.

However. the trade policy of American president Donald Trump, who has imposed extensive customs rights in Asian countries in recent weeks, has increased uncertainty about future commercial commitments, Vietnamese official data reporting on a slowdown in new investments.

South Korean companies are considered to be potential investors in projects provided in Vietnam in south korea vietnam undertake strengthen civil nuclear power. liquefied natural gas power stations (LNG) and high-speed rail lines.

Donald Trump imposed a 15 % customs tariff on South Korean products and 20 % on imports from Vietnam.
(Written by Jack Kim, edited by Ed Davies)