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  3. VIETNAM - SOUTH KOREA AGREE TO RAISE BILATERAL TRADE TURNOVER TO 150 BILLION USD - OTIS LAWYERS

VIETNAM - SOUTH KOREA AGREE TO RAISE BILATERAL TRADE TURNOVER TO 150 BILLION USD - OTIS LAWYERS

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General Secretary and President To Lam and South Korean President Yoon Suk Yeol agreed to strengthen and promote the comprehensive strategic partnership between Vietnam and South Korea. The two leaders concurred to work together towards increasing bilateral trade turnover to 150 billion USD by 2030.

On the afternoon of September 3, at the Party Central Headquarters, General Secretary and President To Lam had a phone conversation with South Korean President Yoon Suk Yeol. During the call, the two leaders expressed their pleasure in conducting a high-level discussion to exchange views on enhancing the comprehensive strategic partnership between Vietnam and South Korea, as well as addressing issues of mutual concern.

President Yoon Suk Yeol conveyed his deep condolences on the passing of former General Secretary Nguyen Phu Trong, expressing confidence that the Vietnamese Party and State, under the leadership of General Secretary and President To Lam, would continue to achieve great accomplishments and further elevate Vietnam's international status and prestige. The South Korean president affirmed the importance of Vietnam's role in South Korea's regional policy implementation.

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General Secretary and President To Lam thanked President Yoon for sending his condolences and for Prime Minister Han Duck Soo's attendance at the state funeral for former General Secretary Nguyen Phu Trong. He also expressed his gratitude to President Yoon Suk Yeol and South Korean political leaders for their congratulations on his election as General Secretary of the Communist Party of Vietnam's Central Committee. He congratulated South Korea on its recent achievements, including economic recovery and strengthening supply chains, and highly valued the rapid development of Vietnam-South Korea relations over the past 32 years, particularly after the elevation of their relationship to a comprehensive strategic partnership. He emphasized that the Vietnamese Party and State always cherish the cooperative and friendly relationship with South Korea.

The two leaders agreed to further deepen mutual understanding and political trust through continued high-level exchanges and interactions across Party, government, parliamentary, and public channels between the two nations. They also pledged to strengthen cooperation in defense and security, and to promote more substantial, effective, balanced, and sustainable economic, trade, and investment cooperation. Both sides agreed to work towards raising bilateral trade turnover to 150 billion USD by 2030.

General Secretary and President To Lam welcomed South Korean businesses to participate in Vietnam's major investment projects. President Yoon emphasized that South Korea would increase its imports of Vietnamese agricultural products. Both sides also agreed to boost cooperation in labor, culture, tourism, education, and people-to-people exchanges, while ensuring the welfare and support for citizens of both nations living, studying, and working in each other's countries. They also concurred to enhance cooperation on regional and international issues, with General Secretary and President To Lam affirming Vietnam's continued attention and readiness to contribute positively to the peace process on the Korean Peninsula.

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Regarding the South China Sea, both sides agreed on the necessity of maintaining peace, stability, cooperation, and development, while respecting international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS). President Yoon extended a formal invitation to General Secretary and President To Lam to visit South Korea soon, which was graciously accepted.

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