To Lam, General Secretary of the Communist Party, Pays State Visit...
President Lee Signs MOUs in 10 Areas
Cooperation in Infrastructure Including Nuclear Power, High-Speed Rail, and New City Development...
Strengthened Partnership in Critical Minerals
State Banquet Hosted by General Secretary To Lam...
Major Business Leaders Including Chey Taewon and Chung Euisun Expected to Attend
On August 11, President Lee Jaemyung met with To Lam, General Secretary of the Communist Party of Vietnam, who is on a state visit, and adopted a joint statement to advance the comprehensive strategic partnership between the two countries. Notably, the two leaders exchanged memoranda of understanding (MOUs) in 10 areas, including science and technology and personnel exchanges, and agreed to work towards expanding bilateral trade volume to $150 billion by 2030. In addition, President Lee will host a state banquet in the evening at the invitation of General Secretary To Lam. The event will be attended by major business leaders, including Chey Taewon, Chairman of SK Group and President of the Korea Chamber of Commerce and Industry, Chung Euisun, Chairman of Hyundai Motor Group, Koo Kwangmo, Chairman of LG Group, and Shin Dongbin, Chairman of Lotte Group.
According to the Office of the President, President Lee began his official schedule with General Secretary To Lam at 9:30 a.m. at the presidential office in Yongsan, starting with a welcoming ceremony. General Secretary To Lam holds the top rank in Vietnam's national hierarchy, and this marks the first visit to Korea by a Vietnamese General Secretary in 11 years since 2014. For the current administration, To Lam is also the first foreign guest and state visitor received in 67 days. After the welcoming ceremony, President Lee held a small-group meeting with General Secretary To Lam at 10:00 a.m., followed by an expanded summit at 10:20 a.m., and at noon, the two leaders issued a "Joint Statement on Deepening the Comprehensive Strategic Partnership between Korea and Vietnam."
In the joint press release, President Lee stated, "The two countries have agreed to further develop bilateral cooperation in a more comprehensive and future-oriented manner," adding, "We have also agreed to intensify efforts to achieve the goal of $150 billion in bilateral trade volume by 2030." He further noted, "Both sides recognized that about 10,000 Korean companies operating in Vietnam are contributing to Vietnam's economic development and to mutually beneficial cooperation between the two countries," and requested "continued attention to ensure stable economic activities for our companies in Vietnam."
President Lee went on to say, "The two countries have also agreed to strengthen cooperation in large-scale infrastructure sectors of strategic importance, such as nuclear power, high-speed rail, and new city development." He emphasized that "Vietnam's new nuclear power plant construction project and the North-South high-speed railway project are crucial for ensuring stable power supply and establishing a modern transportation and logistics system." In response, General Secretary To Lam said that Vietnam would actively consider Korea's participation in these projects.
Strengthening Strategic and Future-Oriented Cooperation... MOUs Signed in 10 Areas Including Science and Technology, Central Banks, and Education
The MOUs exchanged by the two leaders to promote cooperation cover 10 areas: science and technology cooperation; exchange and cooperation in copyright and related rights; renewable energy cooperation; personnel dispatch and recruitment; cooperation between central banks; cooperation between financial supervisory authorities; a supplementary agreement to the education cooperation MOU; fisheries cooperation; cooperation in nuclear power workforce development; and cooperation between Pyeongtaek City and Da Nang City.
President Lee stated, "The 'Workforce Development Cooperation MOU' signed in the nuclear power sector will lay the groundwork for cooperation between companies in both countries in the essential field of workforce development for Vietnam's nuclear power industry, and will serve as an opportunity to expand bilateral cooperation to various nuclear power areas in the future." He added, "We have also signed an MOU for cooperation in science and technology, which is expected to further accelerate scientific and technological innovation and digital transformation in both countries."
The two countries also agreed to further strengthen cooperation in the field of critical minerals by combining Vietnam's abundant rare earth resources with Korea's technology. In addition, they decided to deepen cooperation in promising cultural content. President Lee explained, "We have agreed to explore ways to cooperate in the supply, processing, and utilization of critical minerals centered on the Korea-Vietnam Critical Minerals Supply Chain Center, which will be established this year." He added, "The MOU on exchange and cooperation in the field of copyright and related rights signed this time will strengthen cooperation for the protection of creators and cultural industry exchanges, providing an institutional foundation for the further development of the cultural industries in both countries."
The two countries also agreed to continue close cooperation for substantive progress in achieving peace on the Korean Peninsula and resolving the North Korean nuclear issue. They will also maintain close cooperation in multilateral forums such as the Asia-Pacific Economic Cooperation (APEC) and the United Nations. President Lee stated, "I explained our government's vision for a Korean Peninsula where South and North coexist and prosper based on steadfast peace, and requested Vietnam's special support and cooperation so that these efforts can bear fruit." In response, General Secretary To Lam welcomed and supported the Korean government's efforts to resume dialogue and cooperation between the two Koreas, and expressed his willingness to actively contribute to peace and stability on the Korean Peninsula.
State Banquet Held, Major Business Leaders Including Chey Taewon and Chung Euisun in Attendance
Following the announcement of the joint statement, a state banquet will be held in the evening. On the Korean side, 66 people, including President Lee and the First Lady, as well as key figures from the government and business sectors, will attend. On the Vietnamese side, 55 people will participate, including General Secretary To Lam, Madam Ngo Phuong Ly, Nguyen Duy Ngoc, Chairman of the Central Inspection Commission, Luong Tam Quang, Minister of Public Security, and Phan Van Giang, Minister of National Defense. General Secretary To Lam arrived the previous day, leading a large economic delegation composed of high-ranking officials from the National Assembly and local governments, ministers from eight departments including defense, public security, foreign affairs, industry and trade, finance, science and technology, and culture, as well as representatives from about 140 companies.
From the private sector, major business leaders will attend in large numbers. Chey Taewon, Chairman of SK Group and President of the Korea Chamber of Commerce and Industry, Chung Euisun, Chairman of Hyundai Motor Group, Koo Kwangmo, Chairman of LG Group, and Shin Dongbin, Chairman of Lotte Group, are among the invitees. Kang Yoojeong, spokesperson for the presidential office, noted, "These are business leaders who have been actively expanding into Vietnam." Park Hangseo, former head coach of the Vietnam national football team who received a medal from the Vietnamese government, and actor Ahn Jaewook, who gained great popularity locally, will also attend the banquet.
The banquet will begin with the national anthems of both countries, followed by a welcoming speech and toast by President Lee. General Secretary To Lam will then deliver a response and propose a toast, after which the banquet and informal discussions will continue. The banquet menu will feature specialty products from Bonghwa, North Gyeongsang Province. The presidential office explained that Bonghwa is the region where the descendants of Lee Yong-sang, a Vietnamese prince who settled on the Korean Peninsula at the end of the Goryeo Dynasty, established themselves after the Korean War. For the toast, "Omirouge Yeon," a Korean wine that won the grand prize in the Korean Wine category at the Korea Liquor Awards last year, has been selected.
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