During a summit held in Seoul on August 11, 2025, South Korean President Lee Jae Myung and Vietnamese Communist Party General Secretary To Lam announced their ambitious goal to expand bilateral trade to $150 billion by 2030.

Currently, South Korea stands as Vietnam's largest foreign investor, with over 10,203 projects and a total investment of approximately $94 billion, accounting for 23.5% of all foreign direct investment in Vietnam.

The summit is anticipated to create favorable conditions for South Korean investments in major infrastructure and nuclear energy projects in Vietnam.

Both nations have prioritized collaboration in clean energy, logistics infrastructure, and supply chain development, particularly focusing on critical minerals, as highlighted in recent discussions between their trade ministers.

In addition to economic cooperation, the two countries agreed to enhance collaboration in defense industries, public security, and exchanges between parliamentary and local governments.

The summit will facilitate the signing of at least 10 memoranda of understanding covering various topics, including nuclear and renewable energy, monetary and financial policies, and science and technology.

Recent discussions have led to a memorandum aimed at fostering cooperation in energy, industry, and trade to strengthen bilateral economic ties.

The two countries expressed mutual interest in collaborating on significant infrastructure projects, including nuclear power and high-speed rail development, as part of their economic cooperation.

Both nations reaffirmed their commitment to promoting peace on the Korean Peninsula and addressing the North Korean nuclear issue.

The partnership extends beyond economics, with notable progress in cultural, educational, labor, and tourism collaboration, as well as a growing focus on science, technology, and innovation.

The summit also emphasized enhancing defense and security partnerships, with both leaders issuing a joint declaration to strengthen their strategic alliance.

Lee expressed confidence in Vietnam's potential to become a hub for new growth industries, citing its youthful workforce and favorable investment climate.