As part of his visit to Vietnam, on April 14, South Korean Minister of Trade, Industry and Energy Ahn Duk-geun and Vietnamese Minister of Industry and Trade Nguyen Hong Dien held talks and agreed to strengthen bilateral economic cooperation in response to the risk that the United States could impose high import tariffs on the two countries’ exports.
South Korean Minister of Trade, Industry and Energy Ahn Duk-geun is visiting Vietnam as the two countries work to mitigate the impact of the threat from the United States.
The two sides approved a specific action plan to realize the goal of raising bilateral trade turnover to USD 150 billion by 2030. In addition to trade, the two countries will expand cooperation in areas such as nuclear energy and LNG-fueled power, while promoting investment in textiles and garment manufacturing.
Minister Ahn’s working visit took place as the United States was expected to impose tariffs of 25% and 46% on certain goods from South Korea and Vietnam after the global tariff exemption extension expires in July. This presents a major challenge for South Korean enterprises operating in Vietnam, which is regarded as South Korea’s largest overseas investment destination and its third-largest export market.
During the visit, Minister Ahn also met representatives of leading South Korean groups investing in Vietnam, including Samsung Electronics, LG Electronics, Hyundai Motor and HS Hyosung. He affirmed that the South Korean Government would continue coordinating closely with both the United States and Vietnam to find solutions that minimize the negative impact of new trade barriers.
Source: Nikkei Asia