1. At the invitation of the Prime Minister of the Republic of Korea, Han Duck Soo, the Prime Minister of the Government of the Socialist Republic of Vietnam, Pham Minh Chinh, and his spouse paid an official visit to the Republic of Korea from June 30 to July 3, 2024.
On July 2, 2024, Prime Minister Pham Minh Chinh and Prime Minister Han Duck Soo held talks in a friendly and trustworthy atmosphere. The two Prime Ministers reviewed the progress of bilateral cooperation since the upgrade of relations to a Comprehensive Strategic Partnership in 2022. They also discussed measures to further deepen and substantiate the Vietnam-Republic of Korea Strategic Partnership, while reaching a common understanding on important outstanding issues.
2. The two sides assessed that Vietnam-Republic of Korea relations are at their best since the establishment of diplomatic relations in 1992. They agreed to continue promoting cooperation between the two countries in all fields, in line with the Comprehensive Strategic Partnership.
Both sides agreed to enhance exchanges between the two countries’ high-level leaders in diverse and flexible forms, through mutual visits and at multilateral forums and conferences. They also agreed to expand cooperation between the two countries’ Party, Government, National Assembly, ministries, sectors, localities, and social strata.
The two sides agreed to enhance the quality and substance of the Vietnam-Republic of Korea Comprehensive Strategic Partnership. They will work to implement cooperation documents between the two countries’ leaders, including the Action Plan to deploy the Vietnam-Republic of Korea Comprehensive Strategic Partnership. They will also strengthen political, diplomatic, security, defense, and defense industry cooperation, effectively implement existing cooperation mechanisms and agreements, coordinate to address non-traditional security issues and transnational crimes, and expedite procedures to open the Vietnam Consulate General in Busan, Republic of Korea, this year.
3. The two sides emphasized that Vietnam and the Republic of Korea have become each other’s important partners. Prime Minister Pham Minh Chinh stated that Vietnam attaches great importance to its relationship with the Republic of Korea and wishes to further develop substantive, effective, and long-lasting cooperation, befitting the Comprehensive Strategic Partnership. Prime Minister Han Duck Soo underlined that Vietnam is a key partner in implementing the Republic of Korea’s foreign policies in the region, including the Indo-Pacific Strategy and the ASEAN-Republic of Korea Solidarity Initiative (KASI). He also affirmed support for Vietnam’s successful industrialization and modernization to become a developed, high-income country by 2045.
4. The two sides affirmed that economic cooperation is an important pillar in promoting the substantive development of bilateral relations. They agreed to aim for a bilateral trade value of 100 billion USD by 2025, on the occasion of the 10th anniversary of the signing of the Vietnam-Korea Free Trade Agreement (VKFTA), and 150 billion USD by 2030, in a balanced and sustainable manner. To achieve this goal, the two sides agreed to closely cooperate in implementing bilateral and multilateral economic cooperation mechanisms such as the VKFTA and the Regional Comprehensive Economic Partnership (RCEP), and the Indo-Pacific Economic Framework (IPEF). This includes the early signing of a Mutual Recognition Agreement (MRA) on the Authorized Economic Operator (AEO) program this year.
The two sides agreed to work towards announcing the opening of the Vietnamese pomelo and Korean watermelon markets to each other in 2024. In addition, the two Prime Ministers also agreed to enhance cooperation in the fields of agro-forestry-fisheries, such as smart farms, agricultural equipment, sustainable forest management, sustainable aquaculture, irrigation modernization, and new rural development. They also agreed to promote trade in livestock and aquaculture products.
The two sides agreed to encourage Republic of Korea businesses to expand investment in Vietnam in key and future industries such as digital transformation, green growth, circular economy, semiconductors, environmentally friendly energy, biotechnology, 5G networks, and smart cities. They also agreed to expand exchanges in the field of small and medium-sized enterprises and startups, and implement projects to train human resources in high technology and digital transformation fields such as artificial intelligence (AI). In addition, the two sides agreed to enhance necessary cooperation in promoting investment by Republic of Korea businesses to build a stable core mineral supply chain.
Prime Minister Han Duck Soo stated that creating favorable investment conditions is essential for sustainable trade and expanded investment, as well as enhanced cooperation in future industries between the two countries. He also requested that the Vietnamese side actively support the resolution of tax-related issues faced by Republic of Korea businesses in Vietnam.
Prime Minister Pham Minh Chinh affirmed that Vietnam would continue its efforts to create a transparent and favorable investment environment. He also confirmed that Vietnam would facilitate foreign businesses, including those from the Republic of Korea, to invest stably and long-term in the country. Prime Minister Han Duck Soo affirmed that the Republic of Korea would expand support for Vietnamese businesses to participate more deeply in the supply chain production led by Republic of Korea businesses in Vietnam.
Prime Minister Han Duck Soo emphasized that the Republic of Korea continues to consider Vietnam a strategically important partner in development cooperation. Prime Minister Pham Minh Chinh affirmed that Vietnam would closely cooperate to implement development cooperation projects between the two countries smoothly and effectively, with a scale of 52 million USD in 2024. In addition, the two sides assessed that labor cooperation has made and is making significant contributions to the mutually beneficial development of the two countries. They welcomed the support of agencies and organizations from the Republic of Korea in training human resources for the industry sector in Vietnam. They also agreed to make efforts to expand the scale and occupations receiving Vietnamese workers in the Republic of Korea under the Employment Permit System (EPS) and continue to expand the scale of receiving technical laborers in shipbuilding, information technology, and services.
5. The two sides agreed to further strengthen cooperation in science and technology, especially in high technology, research and development (R&D), and technology transfer. Prime Minister Han Duck Soo stated that the Republic of Korea would support Vietnam in improving its science and technology capacity and digital transformation through the second phase of the Vietnam-Korea Institute of Science and Technology (VKIST) project and the Future Partnership for R&D and Innovation with a scale of 30 million USD in the next 10 years.
The two sides shared the necessity of jointly responding to the climate crisis. They also agreed to fully implement the Framework Agreement on Vietnam-Republic of Korea Climate Change Cooperation, accelerate cooperation in all fields such as policy and technology exchanges, and promote private investment for green growth and the two countries’ carbon neutrality goal by 2050. The two sides agreed to promote exchanges on cooperation regarding the Republic of Korea’s projects under Article 6.2 of the Paris Agreement.
6. The two sides agreed to aim for a target of 5 million people-to-people exchanges and strengthen cooperation to create favorable conditions for expanding cultural, educational, tourism, and people-to-people exchanges to enhance mutual understanding and connectivity between the two countries’ peoples. The Republic of Korea will share its experience to support the development of Vietnam’s cultural industry.
The two sides also agreed to enhance cooperation between localities and effectively implement the annual “Meet Korea” program coordinated by the Vietnamese Ministry of Foreign Affairs, the Embassy of the Republic of Korea in Vietnam, and Vietnamese localities to promote exchanges between the two countries’ businesses. They agreed to strengthen cooperation to protect the rights and interests of Vietnamese citizens in the Republic of Korea and Republic of Korea citizens in Vietnam, create favorable conditions for multi-cultural families to integrate into local life, and agree on and exchange specific measures to establish a periodic exchange mechanism to share and cooperate on policies related to overseas Vietnamese nationals.
7. The two sides agreed to continue strengthening close cooperation and mutual support in international and regional frameworks such as the United Nations (UN), the World Trade Organization (WTO), the Asia-Pacific Economic Cooperation (APEC) forum, the Asia-Europe Meeting (ASEM), and the Summit for Partnering for Green Growth and the Global Goals 2030 (P4G). Prime Minister Han Duck Soo affirmed that the Republic of Korea would closely cooperate to successfully organize the P4G Summit in Vietnam in 2025.
The two leaders at the talks – Photo: VGP
The two sides agreed to continue effectively implementing cooperation within ASEAN frameworks such as ASEAN-Republic of Korea, Mekong-Republic of Korea, ASEAN+3, the East Asia Summit (EAS), the ASEAN Regional Forum (ARF), and the ASEAN Defense Ministers’ Meeting-Plus (ADMM+). Prime Minister Pham Minh Chinh welcomed the Republic of Korea’s ASEAN-Republic of Korea Solidarity Initiative (KASI), stating that this initiative contributes to enhancing and deepening ASEAN-Republic of Korea relations. The two sides consider this a basis for joint efforts to strive for the establishment of a Comprehensive Strategic Partnership between ASEAN and the Republic of Korea, marking the 35th anniversary of the establishment of ASEAN-Republic of Korea dialogue relations this year.
The two sides reiterated their common position on the Korean Peninsula issue, as stated in the Chair’s Statement of the 24th ASEAN-Republic of Korea Summit, and shared the understanding that the development of nuclear weapons poses a threat to peace, stability, and security on the Korean Peninsula, in East Asia, and the world. They called on the parties concerned to strictly comply with their obligations and international agreements, including the relevant United Nations Security Council resolutions, and reaffirmed the importance of the international community’s efforts for the complete denuclearization of the Korean Peninsula. Vietnam welcomed and supported the Republic of Korea’s efforts for the denuclearization and peaceful reunification of the Korean Peninsula, including the “Bold Initiative.”
The two sides reaffirmed the importance of maintaining peace, stability, security, safety, and freedom of navigation and overflight in the South China Sea. They also emphasized the importance of resolving disputes by peaceful means, based on international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS 1982).
8. During Prime Minister Pham Minh Chinh’s official visit to the Republic of Korea, the two Prime Ministers witnessed the signing ceremony of nine cooperation documents between ministries, sectors, and localities of the two countries in the fields of development, trade and investment, small and medium-sized enterprises, innovation and startups, environment, competition and consumer protection, and education (appendix attached).
The two sides agreed that Prime Minister Pham Minh Chinh’s official visit to the Republic of Korea has contributed to the development and deepening of the Vietnam-Republic of Korea Comprehensive Strategic Partnership, benefiting peace, stability, and development in the region and the world.
Prime Minister Pham Minh Chinh expressed his sincere appreciation for the warm, cordial, and thoughtful reception by the leaders and people of the Republic of Korea for the Vietnamese Government delegation. He invited Prime Minister Han Duck Soo to pay an official visit to Vietnam, which the latter gladly accepted.
APPENDIX: LIST OF SIGNED DOCUMENTS
- Memorandum of Understanding on Korea’s Grant Aid for Vietnam between the Ministry of Planning and Investment of the Socialist Republic of Vietnam and the Ministry of Foreign Affairs of the Republic of Korea
- Loan Agreement for the Investment Project for Construction of My An – Cao Lanh Expressway Phase 1 between the Ministry of Finance, representing the Government of the Socialist Republic of Vietnam, and the Export-Import Bank of Korea (EDCF)
- Memorandum of Understanding on Orientation for Building an Action Plan to Achieve the Bilateral Trade Target of 150 Billion USD in a More Balanced Manner between the Ministry of Industry and Trade of the Socialist Republic of Vietnam and the Ministry of Trade, Industry and Energy of the Republic of Korea
- Memorandum of Understanding on Cooperation for Development and Exchange of Startup Ecosystems between the Ministry of Science and Technology of the Socialist Republic of Vietnam and the Ministry of Small and Medium-sized Enterprises and Startups of the Republic of Korea
- Memorandum of Understanding on Cooperation in the Field of Small and Medium-sized Enterprises and Startups between the Ministry of Planning and Investment of the Socialist Republic of Vietnam and the Ministry of Small and Medium-sized Enterprises and Startups of the Republic of Korea
- Memorandum of Understanding on Cooperation in the Establishment of a Resource Recycling Industrial Park Project between the Ministry of Natural Resources and Environment of the Socialist Republic of Vietnam and the Ministry of Environment of the Republic of Korea
- Memorandum of Understanding on Cooperation between the National Competition Commission of Vietnam and the Korea Fair Trade Commission
- Memorandum of Understanding between Hanoi National University, Socialist Republic of Vietnam, and Seoul National University, Republic of Korea
- Memorandum of Understanding between the Ho Chi Minh National Academy of Politics, Socialist Republic of Vietnam, and the Korea Human Resource Development Institute, Republic of Korea
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