Vietnam, S Korea ink 12 deals, nuclear energy tie-up takes center stage

Vietnam and South Korea have signed 12 cooperation agreements spanning security, technology, energy and culture, with nuclear power collaboration a key highlight.

The agreements were exchanged in Hanoi on Wednesday in the witness of Vietnam’s Party General Secretary and President To Lam and visiting South Korean President Lee Jae Myung, following their talks.

Among the most notable deals are agreements between Petrovietnam and Korea Electric Power Corporation (Kepco) on nuclear power development and project financing. The financial cooperation framework also involves the Export-Import Bank of Korea (Kexim) and Korea Trade Insurance Corporation (Ksure).

The broader set of agreements covers multiple sectors. These include cooperation on security between Vietnam’s Ministry of Public Security and South Korea’s Presidential Security Service, as well as digital cooperation between Vietnam’s Ministry of Science and Technology and South Korea's Ministry of Science and ICT.

Both sides also endorsed a comprehensive framework for cooperation in science, technology and innovation, alongside agreements on intellectual property, power infrastructure, water security and animal quarantine.

In addition, memoranda were signed on cultural cooperation for the 2026-2030 period, underwater cultural heritage, and collaboration in food security, pharmaceuticals, cosmetics and medical devices.

Over the past years, trade and investment ties continue to serve as a cornerstone of bilateral relations and a bright spot in Vietnam’s global economic engagement.

As of March 2026, South Korea had remained Vietnam’s largest foreign investor among 154 countries and territories, with total registered capital reaching $98.9 billion across 10,447 projects, accounting for more than 23% of total projects and 18% of registered FDI in Vietnam.

South Korean investment is concentrated in key sectors including manufacturing, high technology, electronics, automobiles and components, construction, and real estate. Major investment hubs include Bac Ninh, Ho Chi Minh City, Hai Phong, Dong Nai, and Thai Nguyen.

Vietnam encourages new and expanded investment from South Korean companies, particularly in areas where they have strengths and Vietnam has demand. These include infrastructure development, high-tech electronics manufacturing, semiconductors, artificial intelligence, renewable energy, smart cities, and integrated industrial production clusters along value chains.

Two-way trade between Vietnam and South Korea reached $89.5 billion in 2025, up 9.6% from 2024, and $26.9 billion in the first three months of 2026, an increase of 30% year-on-year.

President Lee Jae Myung and his spouse are on a state visit to Vietnam from April 21-24. It takes place at a time when Vietnam-South Korea relations are at their strongest ever, and is expected to open up a new phase of development with long-term strategic orientations for bilateral cooperation.