Vietnam and South Korea have signed agreements covering cooperation in technology and nuclear power

To Lam welcomed Lee Jae Myung in Hanoi on Wednesday, where the two sides announced around a dozen agreements spanning technology innovation and nuclear power development.

South Korea remains Vietnam’s largest source of foreign investment and a key trading partner, with bilateral trade exceeding $90 billion last year.

Speaking at the presidential palace, Lam said Lee’s visit reflected a “high level of political trust” between the two nations. He added that Vietnam is encouraging South Korean firms to launch new investments and expand existing ones, particularly in infrastructure, smart cities, semiconductors, AI data centres, nuclear energy, and smart port systems.

The meeting marked the second between the two leaders in less than a year, following Lam’s trip to Seoul in August.

After the agreements were signed, Lee highlighted the importance of deepening cooperation amid rising geopolitical uncertainty and intensifying technological competition, expressing hope that both countries would build on their existing achievements.

Vietnam is seeking increased South Korean investment in infrastructure, advanced electronics manufacturing, semiconductors, artificial intelligence, and renewable energy. Among the deals signed was a framework for a joint “master plan on cooperation in science, technology and innovation,” along with agreements on digital collaboration, intellectual property, and nuclear power development.

Lam, who assumed the presidency this month alongside his role as Communist Party chief, is promoting a “new growth model” centred on digital transformation and technological advancement to help Vietnam move beyond the so-called “middle-income trap,” a challenge noted by the World Bank in its 2024 development report.

Both countries have set a goal of reaching $150 billion in bilateral trade by 2030.

South Korean conglomerate Samsung is Vietnam’s largest foreign investor, with investments exceeding $23 billion, according to official data. Its subsidiary Samsung Electronics is also reportedly planning an additional $4 billion investment in a chip packaging facility in northern Thai Nguyen province.