President Lee Jae-myung wrapped up his state visit to Vietnam with a series of major agreements through the final day. The two countries signed a total of 85 memorandums of understanding — 12 government-to-government MOUs covering areas such as nuclear power, railways and artificial intelligence, and 73 MOUs between companies — and formally set a goal of raising bilateral trade to $150 billion (about 221 trillion won) by 2030. The outcome was described as a step toward moving the comprehensive strategic partnership into an implementation phase.
◆ $150 billion trade goal formalized; growth since 1992
Vietnamese media outlets including Cheongnyeon Sinmun reported that expanding economic cooperation was the central agenda of the trip. Lee and Prime Minister Le Minh Hung co-chaired an economic roundtable and forum, formally reaffirming their shared commitment to lift trade to $150 billion by 2030. They also agreed to work together to carry out an economic integration vision suited to a changing international environment.
Bilateral trade has risen sharply. From several hundred million dollars at the time diplomatic ties were established in 1992, trade expanded to $89.5 billion last year, and reached $26.9 billion in the first quarter of 2026. The $150 billion target is about 1.5 times the 2025 result, the report said.
Companies also moved in parallel. Businesses from both countries signed and exchanged 73 MOUs spanning energy, finance, technology, electronics, telecommunications, processing, manufacturing, machinery, construction, infrastructure, trade, tourism and aviation. Government ministries and agencies signed 12 cooperation documents, strengthening the institutional framework, the report said.
The summit schedule also included cultural events. On April 24, To Lam and his wife hosted a special friendship program for Lee and first lady Kim Hye-kyung at Hanoi’s Thang Long Imperial Citadel. The two sides agreed that bilateral ties have reached their most advanced stage and reaffirmed that they are moving into a new phase under a long-term strategic direction.
The program, themed “Thang Long: A Thousand Years of Vitality, the Depth of Cultural Heritage,” featured performances including xoan singing, listed by UNESCO as intangible cultural heritage, as well as Vietnamese court music, Hue chau van singing and a “six royal flowers” dance. The leaders toured sites including Doan Mon, the main hall of Kinh Thien Palace and an exhibition hall while receiving historical briefings.
In talks, Lee said, “The relationship between our two countries is special and close, like brothers,” and said South Korea would be a reliable partner in achieving Vietnam’s goals of becoming an upper-middle-income developing country by 2030 and a high-income advanced country by 2045. Vietnam’s leadership said the visit carried added significance as the first state visit after a leadership reshuffle following the 16th National Assembly election.
During the state visit from April 21 to 24, Lee also visited the Ho Chi Minh Mausoleum and attended an official welcoming ceremony and a state banquet. On the final afternoon, Lee and Kim departed Hanoi after completing the schedule.
The visit was widely seen as coming at a time when bilateral ties are at their strongest, providing a platform to expand trade and deepen strategic cooperation. The shared $150 billion goal is now moving beyond leader-level agreement into an execution phase through cooperation documents and contracts by governments and companies, the report said.
* This article has been translated by AI.
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