South Korea and Vietnam Strengthen Economic Ties Amid U.S. Tariff Concerns

South Korea and Vietnam have agreed to expand their economic cooperation to counter potential U.S. tariffs. They aim to reach $150 billion in trade by 2030, focusing on nuclear energy and textile industries. South Korean companies, major investors in Vietnam, face challenges from steep tariffs and regional competition.

South Korea and Vietnam have reached a pivotal agreement to bolster economic cooperation amid looming U.S. tariffs. The ministers' meeting, held in Hanoi, aims to counter the potential imposition of tariffs of 25% and 46% on exports from the two countries.

As part of the agreement, both nations will work together to meet a $150 billion trade target by 2030, focusing on sectors like nuclear energy and textiles. The meeting witnessed participation from key South Korean corporate leaders underlining the importance of bilateral ties.

The potential tariffs have spotlighted Vietnam's export model vulnerability, leading South Korea to intensify negotiations with the U.S. and Vietnam to safeguard its corporate interests. Meanwhile, China's President Xi has called for enhanced trade relations with Vietnam amidst these developments.

(With inputs from agencies.)