Read more: S.Korean president’s visit establishes new milestone in Vietnam-South Korea relations

According to the President of the Republic of Korea, the answer for this country to overcome the crisis can be found in Vietnam - the center of supply chain restructuring and an emerging consumer market.

The two countries' trade cooperation also targets new industries besides traditional fields, such as innovation, digital transformation, and high technology.

During a visit to Samsung's R&D Center before the end of his visit to Vietnam, President Yoon said the two countries are key partners in research and development - according to the Korea Herald. He stressed the importance of the relationship between the two countries and pledged to support research cooperation efforts between the two sides, aiming to create value by combining the technological strengths of both Korea and Vietnam.

Mr. Choi Sang-mok, Senior Advisor for Economic Affairs of the Office of the President, considered Mr. Yoon's visit a significant development and a premise for the two countries to pursue their ambition to achieve a trade turnover of $150 billion in trade by 2030.

Last year, bilateral trade between the two countries was 87.7 billion USD, making Vietnam the third largest trading partner of Korea after China and the US. Meanwhile, Korea has also consolidated its position as Vietnam's leading foreign direct investment capital.

Also read: Vietnam, South Korea upgrade ties to comprehensive strategic partnership

Presidents of many chaebols (large family corporations in Korea) during the trip accompanying President Yoon Suk-yeol also affirmed that Vietnam is considered a leading production base and bet the future in this market.

Chey Tea-won, Chairman of SK Group and the Korean Chamber of Commerce and Industry (KCCI) considers Vietnam the best place to invest thanks to its stability and efficiency in complex geopolitics.

111 Memorandum of Understanding Agreements (MOUs) were also signed during President Yoon's visit. Among them, 54 minutes are in defense, consumer goods, health care, and food; 28 agreements on setting up supply chains and future cooperation; The rest is related to technology.

The agreed fields are also in the investment group that Vietnam is interested in, such as innovation, digital transformation, and high technology. In a meeting with businesses, Prime Minister Pham Minh Chinh also stated that Korean businesses should continue to increase capital in these areas. "I hope Korean businesses continue to make breakthroughs to achieve 3-4 times more results in the coming years," he said.

Attending the business meeting programs of the two countries this time, Mr. Nguyen Anh Duc, General Director of Saigon Co.op, Chairman of the Vietnam Retailers Association, said that this is a golden opportunity for cooperation standing on giants shoulders. In it, he noted taking advantage of Korea's advanced technology and bringing goods to the world. However, he also recognized that opportunities will always come with challenges, requiring domestic businesses to be well prepared; otherwise, they will lose control at home.

Besides the game of business between the two countries, the ministries of Vietnam - Korea also have many notable agreements at the macro level, creating a premise for long-term cooperation.

The Ministry of Industry and Trade of Vietnam and the Ministry of Trade, Industry and Energy of Korea signed an MOU on establishing Korea Plus in Vietnam and Vietnam Plus in Korea. This unit aims to monitor and promote the goal of expanding bilateral trade to 150 billion USD by 2030.

"The two countries agreed to strengthen public-private consultation channels to solve import-export difficulties and activities of Korean companies in Vietnam," the Korea Times quoted the country's foreign trade agency as saying.

For supply chain-related cooperation, the two sides will establish a Vietnam Important Mineral Supply Chain Center to take advantage of Vietnam's rich resources and high value-added technologies from Korea. - Weld. The cooperation in exploration, research and training between the two sides will help to process Vietnam's key minerals into high-value-added products. On the contrary, Korea will be guaranteed a stable and long-term supply chain.

In addition, by establishing a joint venture between the two countries, companies will also be supported to build a stable and diversified supply chain.

Since establishing diplomatic relations in 1992, economic relations between Vietnam and Korea have developed rapidly. The economic relationship between the two countries is also assessed beyond cooperation and trade agreements.