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News Briefing
Korea and Vietnam to promote cooperation on strengthening supply chain for key minerals
Jan 2024
The governments of Korea and Vietnam convened in Seoul on December 7 to engage in dialogue to promote greater economic cooperation. As a follow-up to an MOU signed in June during their summit, the governments of both countries agreed to push forward in establishing a supply control tower for key minerals and promoting cooperation in research and development on materials and parts. The governments also agreed to support the private sector and organize events hosted by trade and investment promotion agencies to strengthen economic cooperation with the goal of achieving USD 150 billion in bilateral trade by 2030.

Moreover, the governments also engaged in dialogue on identifying ways to cooperate on the reduction of greenhouse gases (GHG), Vietnam’s LNG project and other measures for achieving carbon neutrality. 

In addition, Korea and Vietnam engaged in productive discussions on critical trade issues such as management of import controls, revision of country-of-origin standards, resolution of non-tariff barriers, trade of agricultural products, and promotion of the Korea-Vietnam Free Trade Agreement (FTA).