Earlier this week in Seoul, South Korean President Lee Jae-myung met with Vietnam’s To Lam, general secretary of the ruling Communist Party, for Lee’s first hosting of a foreign leader since being elected in June.
The two leaders agreed to roughly double bilateral trade from US$86 billion to US$150 billion. They also inked 10 memoranda of understanding, spanning science and technology, renewables, fisheries, and education.
Vietnam is South Korea’s third-largest trading partner, with China occupying the top spot and the U.S. in second. Lee’s decision to host Lam before any other leader could signal a solidarity of sorts with Vietnam, another export-dependent economy that has felt the wrath of U.S. President Donald Trump’s tariffs. U.S. tariffs on South Korea stand at 15 per cent, while Vietnam is subject to 20 per cent.
South Korea is Vietnam’s largest investor, and an estimated 60 per cent of phones made by South Korea’s Samsung are crafted in Vietnam. Roughly 10,000 Korean companies operate in Vietnam.
This year, South Korea is chairing the Asia-Pacific Economic Cooperation forum and will host the leaders’ summit in October; Canadian Prime Minister Mark Carney is expected to attend.
