Hanoi: South Korea and Vietnam are set to deepen their economic partnership as President Lee Jae-myung visits Hanoi, with dozens of new business agreements expected to be signed.
During the visit, companies from both countries are preparing to sign more than 70 deals across key sectors such as technology, energy, infrastructure, finance and consumer goods. The agreements aim to boost cooperation and support long term growth for both economies.
The visit comes shortly after the two governments signed a set of cooperation agreements, showing a strong commitment to work together more closely. Officials say the focus is now shifting toward practical business partnerships that can bring real investment and jobs.
A major highlight of the new deals is expected to be in high technology industries. Both sides are looking to expand cooperation in semiconductors, batteries and biotechnology. Vietnam is trying to grow its role in advanced manufacturing, while South Korea is seeking to diversify its supply chains.
Infrastructure and energy are also important parts of the discussions. South Korean companies are expected to take part in projects such as supplying trains for urban rail systems, including developments linked to Ho Chi Minh City. There is also interest in working together on energy projects, including future nuclear power plans to meet Vietnam’s rising electricity needs.
The visit has drawn strong participation from major South Korean companies, including Samsung Electronics, which already has a large presence in Vietnam. Many firms are exploring new investments, especially in electronics and semiconductor production.
Trade between the two countries has grown rapidly in recent years, reaching nearly 90 billion dollars in 2025. Both sides are now aiming to increase this figure to 150 billion dollars by 2030.
The growing partnership also reflects wider global changes. As supply chains shift and countries look to reduce dependence on a single market, Vietnam is becoming an attractive destination for manufacturing. South Korea sees this as an opportunity to strengthen its position in the region while supporting a trusted partner.
The agreements expected during this visit are seen as a step forward in building a stronger and more stable economic relationship between the two nations.