As part of his first overseas trip in his new role, the Vietnamese Acting Minister of Agriculture and Environment, Tran Duc Thang, held bilateral talks with South Korea’s Minister of Oceans and Fisheries, Chun Jae-Soo. The meeting not only demonstrated the friendship between the two nations but also marked a new step forward in bilateral seafood cooperation, raising expectations for the upcoming strategic cooperation phase.
SIGNING A NEW MEMORANDUM OF UNDERSTANDING IN THE FISHERIES SECTOR
During the working session, the two ministers witnessed the signing of a Memorandum of Understanding (MoU) on seafood cooperation, reflecting a joint commitment to sustainable development, enhanced investment in marine aquaculture, and technology transfer, while also coordinating efforts to address the “yellow card” issue related to IUU fishing that Vietnam is currently facing.
According to the signed MoU, both parties agreed to promote and strengthen friendly relations in the fishing industry based on the principles of equality and mutual benefit.
The cooperation will focus on several key areas, including: (1) Sustainable development of fishing and aquaculture; (2) Promotion of fish and fish product processing and trade; (3) Policy exchange and capacity building, including training in the fisheries and aquaculture sector; (4) Ensuring the safety and quality of fish and fish products; (5) Preventing, combating, and eliminating illegal, unreported, and unregulated (IUU) fishing activities; (6) Any other areas as mutually decided by the Parties.
Speaking at the event, Minister Chun Jae-Soo warmly welcomed the Vietnamese delegation and expressed his admiration for Vietnam’s abundant marine potential and its growing role in the global seafood supply chain. He emphasized that since the signing of the first MoU in 2002, the cooperation has continuously expanded and strengthened. This new agreement marks an important milestone, ushering in a deeper phase of collaboration between the two ministries.
Acting Minister Tran Duc Thang also congratulated Minister Chun Jae-Soo on his recent appointment by the South Korean government and expressed his confidence in the continued strong development of seafood cooperation between the two countries, especially after the signing of this MoU.
“The signing of the Memorandum of Understanding on seafood cooperation between the Ministry of Agriculture and Environment of Vietnam and the Ministry of Oceans and Fisheries of South Korea will not only deepen the strategic relationship in the seafood sector between the two countries but also open up substantive, effective, and sustainable development opportunities for the seafood industry in the future,” affirmed Mr. Thang. He also committed to directing the effective implementation of the MoU through specific cooperation programs between the two ministries.
On this occasion, Acting Minister Tran Duc Thang cordially invited Minister Chun Jae-Soo to visit Vietnam soon to survey the potential and agree on strategic cooperation orientations.
TOWARD SUBSTANTIVE AND LONG-TERM COOPERATION IN THE 2026-2030 PERIOD
After more than 30 years of establishing diplomatic relations, Vietnam and South Korea have upgraded their relationship to a Comprehensive Strategic Partnership. Currently, South Korea is the largest foreign investor in Vietnam, with a total investment of nearly US$85 billion. In 2024, bilateral trade between Vietnam and South Korea reached US$82.1 billion.
Despite these achievements, both sides acknowledged that there is still room to expand cooperation in the seafood sector. Acting Minister Tran Duc Thang affirmed, “Vietnam identifies seafood as one of the pillars in its sustainable marine economic development strategy. We wish to learn from South Korea’s experience and propose key cooperation contents, including sustainable seafood development, transfer of modern marine aquaculture technology, ocean plastic waste treatment, human resource training, and promotion of seafood trade.”
During the talks, the two sides discussed various strategic cooperation orientations for the 2026–2030 period. Acting Minister Tran Duc Thang highlighted the significant potential for investment and trade in seafood between the two countries and proposed that South Korea introduce businesses to invest in marine aquaculture in Vietnam. He noted that South Korea is currently Vietnam’s largest foreign investor, with over 9,700 FDI projects, and its third-largest trading partner.
“In 2024, bilateral trade in the seafood sector between South Korea and Vietnam exceeded US$890 million. Vietnam is currently the main exporter of seafood to South Korea, with a value of over US$800 million, while South Korea’s seafood exports to Vietnam reached nearly US$90 million.”
Mr. Chun Jae-Soo, Minister of Oceans and Fisheries of South Korea
The two ministers agreed to strengthen cooperation in marine aquaculture and sustainable seafood development and to share technology in monitoring and tracing the origin of seafood products to support Vietnam in removing the IUU “yellow card.” Vietnam expressed its desire to access modern, environmentally friendly cage culture technologies and invited South Korean businesses to invest in public-private partnership (PPP) models.
For his part, Minister Chun Jae-Soo appreciated the potential of Vietnam’s seafood industry and affirmed South Korea’s readiness to transfer technology, including the application of artificial intelligence (AI) in aquaculture, fishing, and processing. He also highly valued the cooperation results over the years, especially in the fields of import and export and aquaculture.
At the same time, he emphasized that expanding training programs and providing modern technical support to Vietnam is a priority for cooperation in the coming period. Minister Chun Jae-Soo expressed his appreciation for the partnership between the two ministries and affirmed that he would visit Vietnam when conditions permit.
Unlocking the Key to Eradicating IUU Violations and Revitalizing a Vital Economy
On August 1st, Deputy Prime Minister Tran Hong Ha chaired a National Steering Committee meeting to address the situation and progress made in combating illegal, unreported, and unregulated (IUU) fishing practices. The meeting was held via teleconference with coastal provinces and cities in attendance.
Illegal Fish Trade: Accountability for Processors and Traders
To combat illegal fishing, Deputy Prime Minister Tran Hong Ha has called for an expansion of legal accountability. The deputy prime minister emphasized the need to hold all parties involved in the fishing industry accountable, including fishermen, vessel owners, and those involved in the supply chain, to ensure sustainable and legal fishing practices. This proactive approach aims to protect Vietnam’s marine resources and promote responsible fishing, sending a clear message that illegal activities will not be tolerated.
“Elevating Vietnam-Laos Cooperation: Aiming for a Transformative, Focused, and Impactful Partnership”
Within the framework of his visit to Laos and co-chairing the 47th meeting of the Vietnam-Laos Inter-governmental Committee, on the morning of January 10, in Vientiane, Prime Minister Pham Minh Chinh met with Thongloun Sisoulith, General Secretary of the Lao People’s Revolutionary Party Central Committee and President of Laos.
The Digital Revolution: Unlocking the Potential of Depositary Receipts
On November 21, 2024, the securities exchanges of ASEAN (Indonesia Stock Exchange, Bursa Malaysia, the Philippine Stock Exchange, Singapore Exchange, the Stock Exchange of Thailand, and Vietnam Stock Exchange) signed a Memorandum of Understanding (MoU) to collaborate on depositary receipt (DR) products, enhancing investment opportunities for investors in the region.
The Ultimate Solution for Vietnam Airlines
Vietnam Airlines has recovered and is back in the black. However, key strategies are required to ensure financial performance targets return to a safe threshold and maintain competitiveness.
