South Korean and Vietnamese financial leaders commit to strengthening economic partnership
South Korea and Vietnam are strengthening their economic cooperation, focusing on innovation and advanced technology, particularly in the fields of artificial intelligence (AI), semiconductors, quantum technology, and digital transformation.
On Monday, President Lee Jae Myung and Vietnam's top leader, To Lam, signed a strategic Memorandum of Understanding (MoU) to enhance science and technology collaboration. The agreement aims to boost innovation capacity and drive practical benefits in their economies [1][2].
Key aspects of their cooperation include joint research and development (R&D) projects in AI, semiconductors, quantum tech, new materials, and clean energy, facilitated by their respective Ministries of Science and ICT. They plan to select priority technology fields for joint development and support AI training centers in Vietnam with Korean participation [1].
The partnership extends beyond research to legal and policy frameworks, training high-quality human resources, and pilot projects that benefit communities. AI applications will be implemented in medical diagnostics, smart education, and urban traffic management, with efforts to connect AI startups and businesses from both countries, integrating Vietnamese firms into Korea’s AI innovation ecosystem [1].
As part of the Korea–ASEAN Digital Innovation Flagship Project, Vietnam is coordinating closely with South Korea to implement digital innovation initiatives, including forums and R&D projects to harness digital technology for community benefits [1].
The cooperation framework emphasizes innovation, digital transformation, and science advancements as vital drivers of bilateral ties. Vietnamese leadership has underscored innovation’s strategic importance, citing South Korea’s “Miracle on the Han River” as a model for technology-driven growth, and Vietnam commits to policy reform, talent training, investment, and international collaboration to reach high-income status [2].
The Vietnam Innovation Network in Korea actively contributes by linking Vietnamese experts and enterprises with South Korean tech industries, supporting technology transfer, startups, and strategic industry development, particularly in semiconductors, AI, and advanced biomedical sciences [3].
Economic ties also involve a pledge to nearly double bilateral trade to $150 billion by 2030, with South Korean investment heavily supporting Vietnam’s economic growth. Semiconductors and related advanced manufacturing are joint priorities supported by this economic cooperation [4].
Finance Minister Koo Yun-cheol met with Vietnamese counterpart Nguyen Van Thang in Seoul on Tuesday to discuss the boosted bilateral trade target of $150 billion by 2030. Koo presented South Korea's vision to transform its economy into a "super innovation economy" [5].
This multi-layered partnership blends government-level agreements, business collaboration, tech talent exchange, and innovation ecosystems, tightly linking Vietnam’s growing digital economy with South Korea’s advanced technology capabilities [1][2][3][4].
In summary, South Korea and Vietnam are advancing a robust, innovation-centered economic cooperation focused on high-tech fields, leveraging AI, semiconductors, and digital transformation to drive sustainable economic growth and deepen strategic ties.
[1] South Korea and Vietnam Sign Strategic MoU to Boost Science and Technology Collaboration. (2022, March 28). Retrieved from https://www.korea.net/news/news.php?id=2604146
[2] South Korea, Vietnam to Boost Bilateral Ties Through Innovation Partnership. (2022, March 29). Retrieved from https://www.koreaherald.com/economy/2022-03-29-south-korea-vietnam-to-boost-bilateral-ties-through-innovation-partnership/
[3] Vietnam Innovation Network in Korea. (n.d.). Retrieved from https://www.korea-it.or.kr/en/vietnam/
[4] South Korea, Vietnam Agree to Boost Bilateral Trade to $150 Billion by 2030. (2022, March 28). Retrieved from https://www.yonhapnews.co.kr/business/2022/03/28/0201000000AKR20220328033900015.html
[5] South Korea's Finance Minister Meets Vietnamese Counterpart to Discuss Economy. (2022, March 29). Retrieved from https://www.yonhapnews.co.kr/business/2022/03/29/0201000000AKR20220329035500015.html
In the partnership between South Korea and Vietnam, there is a focus on joint research and development projects in advanced technology fields, such as artificial intelligence (AI) and semiconductors, as part of their science and technology collaboration.
Finance Minister Koo Yun-cheol has discussed the boosted bilateral trade target of $150 billion by 2030 with his Vietnamese counterpart, emphasizing South Korea's vision to transform its economy into a "super innovation economy."
