South Korean President Lee Jae Myung made state visits to India and Vietnam this week to deepen ties with two of Asia’s fastest-growing economies and reduce dependence on Seoul’s traditional U.S.–China trade binary.
In 2024, an estimated 37 per cent of South Korean goods exports were destined for either mainland China or the U.S., while 10.8 per cent went to Vietnam and India.
In New Delhi, Lee spoke with Indian Prime Minister Narendra Modi. The two leaders agreed to try to double bilateral trade to US$50 billion by 2030. They also discussed shipbuilding, AI, defence co-operation, energy, and supply chains.
At the Korea–India Business Forum on Monday, Lee was flanked by a delegation of roughly 250 South Korean executives and presided over a US$7.29-billion investment deal between POSCO Holdings and JSW Group to build a steel mill in India, according to Chosun Daily.
Lee travelled to Hanoi on Tuesday to meet with Vietnamese leader To Lam. The two countries are looking to expand co-operation on nuclear energy, rare-earths and critical minerals, and infrastructure and ratchet up trade to US$150 billion annually.
The twin visits give shape to Seoul’s desire to expand trade with booming markets; India offers scale, manufacturing potential, and technology co-operation, while Vietnam acts as a crucial production base, investment destination, and fast-growing consumer market.
