Korea and Vietnam are accelerating their economic cooperation, aiming for a trade target of $150 billion (approximately 207 trillion won) by 2030. Government-level discussions on trade, industry, and energy are coinciding with the K-Brand Expo in Ho Chi Minh City, expanding collaboration beyond mere trade to include technology, investment, supply chains, and talent development.
On August 26, the 15th Korea-Vietnam Joint Committee on Trade, Industry, and Energy was co-chaired by Kim Jeong-kwan, South Korea's Minister of Trade, Industry and Energy, and Le Minh Khai, Vietnam's Minister of Industry and Trade. Both sides agreed that the economic relationship between Korea and Vietnam is positively developing within the framework of a comprehensive strategic partnership, with Korea recognized as a key partner in investment, trade, industry, and technology transfer.
The ministers committed to pursuing measures to increase bilateral trade to $150 billion by 2030 in a balanced and sustainable manner. They discussed ways to facilitate easier access for each country's products to the other's market and to help businesses connect with distribution networks. The meeting also addressed how to effectively utilize existing economic cooperation frameworks.
Vietnam requested to expand the entry of its competitive products into the Korean market, particularly in agricultural products, seafood, and processed foods. The Vietnamese side proposed enhancing trade promotion, eliminating technical barriers, and strengthening connections between businesses. The Korean side acknowledged these requests and expressed readiness to cooperate for a more balanced development of bilateral trade.
In the industrial sector, cooperation directions were proposed to enhance the capabilities of Vietnamese companies. Both sides agreed to expand collaboration in workforce training, support industry development, technological innovation, and strengthening the competitiveness of Vietnamese firms. They also committed to continuously promoting connections between Vietnamese and Korean companies to provide opportunities for Vietnamese firms to participate more deeply in global production and supply chains.
Energy cooperation was discussed with a focus on reflecting both stability and transition needs. The two countries exchanged cooperation plans in energy security, clean energy development, gas power, smart grids, and workforce training. They also agreed to continue exploring new areas of cooperation in line with each country's demands, development strategies, and legal regulations.
Supply chain cooperation was another key agenda item. Korea and Vietnam confirmed the importance of maintaining stable, diverse, and adaptable supply chains. They agreed to strengthen cooperation in basic industries, new materials, and promising technologies to contribute to the sustainable development of both economies. After the meeting, the two ministers signed the minutes of the 15th meeting, with the 16th meeting scheduled to be held in Vietnam in 2027.
On the same day, Minister Le Minh Khai and the Vietnamese delegation held a working meeting at the Vietnamese Embassy in South Korea. The embassy reported on the status of economic relations, business support, trade promotion, and investment attraction between the two countries, and proposed directions for strengthening cooperation between the Ministry of Industry and Trade and the Vietnamese representative office in South Korea. Minister Khai praised the embassy's efforts in economic diplomacy and business support, requesting that they actively identify local market policies and demands to ensure that trade, industry, and energy cooperation between the two countries becomes more practical and effective.
In conjunction with government cooperation, private exchange events continued in Vietnam. The previous day, the Ho Chi Minh City K-Brand Expo 2026, a trade promotion event connecting the Korean and Vietnamese markets, opened with participation from South Korea's Ministry of SMEs and Startups, the Ho Chi Minh City Department of Science and Technology, and the Jeonbuk Creative Economy Innovation Center.
The event featured approximately 200 booths, with participation from institutions and companies from 18 major industrial cities in Korea. Notably, sectors such as artificial intelligence technology, data and smart security, healthcare, energy, smart transportation, and construction and industry accounted for over 40% of the total booths. Organizers noted that this was the highest proportion seen in the five-year history of the event.
The nature of the K-Brand Expo is shifting from a focus on product sales to connecting high-value solutions. Tran Trong Tuyen, Deputy Director of the Ho Chi Minh City Department of Science and Technology, stated at the opening ceremony that this year's event holds special significance as it marks the fifth anniversary of building a platform for trade, investment, and innovation ecosystems between Ho Chi Minh City and Korean partners from 2022 to 2026.
The event has established itself as a gateway connecting Korean startups with the Vietnamese market. According to organizers, over 700 Korean startups have participated in the program, resulting in more than 5,000 business consultations and hundreds of memorandums of understanding being signed. The K-Brand Expo has evolved beyond a simple exhibition to become a collaborative platform linking Ho Chi Minh City's innovative startup ecosystem with Korean partners.
This year's event focuses on integrating trade, investment, innovation, and talent development into a single space. Organizers believe that when these four elements converge within one ecosystem, the value of the event can extend beyond the three days of meetings to foster ongoing collaborative relationships.
In this context, Ryu Seung-ho, the SME officer at the Korean Consulate General in Ho Chi Minh City, emphasized that if Korea's technology and execution capabilities combine with Vietnam's development speed and potential, bilateral cooperation can advance beyond mere trade to create new markets and brands together. This event is expected to provide opportunities for innovative brands in K-beauty, K-food, artificial intelligence, and technology to meet key buyers and consumers in Vietnam.
Meanwhile, the expo is being held from August 27 to 29 at the White Palace on Huang Phan Tu Street in District 7, Ho Chi Minh City.
* This article has been translated by AI.
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