Vietnam-Korea Comprehensive Strategic Partnership Ushering in New Era of Bilateral Relations

10:24:22 AM | 12/20/2022

During the state visit to the Republic of Korea (RoK) by Vietnamese President Nguyen Xuan Phuc on December 4-6, 2022, President Nguyen Xuan Phuc and President Yoon Suk Yeol issued a joint statement on upgrading the relations between Vietnam and RoK to a comprehensive strategic partnership.

President Nguyen Xuan Phuc was the first head of state to visit the RoK after the country announced the Indo-Pacific Strategy and the ASEAN Solidarity Initiative, while Vietnam was the coordinator for ASEAN–RoK relationship to 2024. Therefore, President Nguyen Xuan Phuc's visit has great significance at both bilateral and multilateral levels, both nationally and internationally.

President Nguyen Xuan Phuc and President Yoon Suk Yeol highly appreciated the rapid and effective development of the cooperative relationship between the two countries, especially since the relationship was upgraded to a strategic partnership in 2009. On the basis of important achievements, with a strong belief in the future of cooperation between the two countries, President Nguyen Xuan Phuc and President Yoon Suk Yeol agreed to issue a joint statement upgrading Vietnam-RoK ties to a comprehensive strategic partnership.

The two leaders exchanged major directions and concrete measures to bring political relations and cooperation in defense and security between the two countries to a level commensurate with the new relationship. In particular, they agreed to increase contacts and exchange of high-level and all levels of delegations, and comprehensively promote cooperation in trade, investment, and in development and technology transfer.

Accordingly, RoK will actively consider creating favorable conditions for Vietnamese goods to be exported to the country, and support Vietnamese enterprises to participate more deeply in the global supply chain of Korean enterprises. Vietnam will create favorable conditions for Korean businesses to make new investments and expand their investment scale in areas such as electronics, infrastructure development, construction, building specialized technology complexes, green industrial parks and smart cities.

President Nguyen Xuan Phuc and President Yoon Suk Yeol agreed that the RoK would further expand the scale of grant aid, especially for projects in the Mekong Delta, and consider reducing and moving toward the abolition of binding conditions on contractors and origin of goods in the implementation of loans from the Economic Development Cooperation Fund.

The two leaders also advocated promoting cooperation between localities, friendship organizations and peoples of the two countries, strengthening coordination to ensure the legitimate rights of citizens of the two countries residing in Vietnam and the RoK.

President Nguyen Xuan Phuc (L) and his Korean counterpart Yoon Suk Yeol pose for a photo during their talks at the presidential office in Seoul, Dec. 5, 2022

The two sides also agreed to strengthen cooperation in urban planning and development, housing and real estate markets, training human resources in the management and operation of traffic, maritime, aviation, roadways, promote the RoK’s investment in transport infrastructure under the method of Public-Private Partnership, and soon sign an extension of the Memorandum of Understanding on sending and receiving laborers to work in RoK, which will expire in February.

President Nguyen Xuan Phuc affirmed that Vietnam consistently supported the implementation of denuclearization, promotion of dialogues and cooperation on the Korean Peninsula, and Vietnam would be willing to coordinate and contribute to this process.

The two leaders agreed on the necessity of ensuring security, safety and freedom of maritime and aviation in the East Sea, maintaining a peaceful, stable environment, legal order and resolving maritime disputes by peaceful means, ensuring the legitimate rights and interests of countries in accordance with international laws, including the United Nations Convention on the Law of the Sea (UNCLOS).

President Nguyen Xuan Phuc and President Yoon Suk Yeol witnessed the signing of many cooperation documents. These included an agreement on the use of Korean ODA loans along with a Memorandum of Understanding on cooperation in diplomacy, culture, sports and tourism, cooperation in the exploitation of essential minerals, cooperation in the electricity and green energy industry, health care and medical sciences; a Memorandum of Understanding on cooperation in Information and Communication Technology; and the Protocol on Cooperation and Mutual Assistance in Customs and cumulation of origin of goods.

Source: Vietnam Business Forum