South Korea and Vietnam agreed on Friday to boost security cooperation, citing North Korea's nuclear threat, and committed to increasing bilateral trade and investment despite a slump this year and Vietnam's planned tax hikes on large firms.
In his first visit to Vietnam as president, South Korean leader Yoon Suk Yeol acknowledged economic woes but reiterated Vietnam's key role for Seoul's growth strategy.minerals
The two nations also agreed to boost defence industry relations and security cooperation in the South China Sea. South Korea is one of many countries discussing possible arms sales to Vietnam as it seeks toKorea and Vietnam over the last few decades have developed almost symbiotic industrial ties, with South Korea being the largest foreign investor in Vietnam. Seoul also enjoys the highest level of diplomatic relations with Hanoi, together with Russia, China and India.
Bilateral trade has fallen by a quarter in the first five months of this year compared to the same period in 2022, with a nearly 30% drop in Vietnamese imports of South Korean products.
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