Vietnam and South Korea officially solidified the transition to a new stage of economic partnership, signing a package of 12 strategic agreements on April 22 in Hanoi.
The meeting between Vietnamese General Secretary and President To Lam and South Korean President Lee Jae-myung confirmed a shift in priorities: from traditional manufacturing, the parties are moving towards high technologies and energy security.
A key point was the discussion on the resumption of Vietnam's nuclear program. PetroVietnam and KEPCO signed documents on cooperation in the construction and financing of nuclear power plants.
In the high-tech sector, an agreement was approved on the development of artificial intelligence, data centers, digital transformation, and cybersecurity. The South Korean side also confirmed the expansion of investments in the production of semiconductors and new-generation electronics.
The infrastructure block includes projects for the construction of "smart" cities, deep-water seaports, and renewable energy facilities. Separate agreements were recorded in the field of security.
Currently, South Korea maintains the status of one of the largest sources of foreign direct investment in Vietnam. The new agreements are aimed at accelerating the modernization of the country's economy with the goal of achieving the status of a high-income state by 2045.
For Seoul, the partnership provides diversification of production chains and access to the ASEAN market in conditions of global trade instability.
The parties confirmed the plan to bring the volume of bilateral trade to $150 billion by 2030. Against this background, the VN-Index stock index rose to 1857.3 points on April 22.