Synopsis
On April 16, South Korea and Vietnam committed to maintaining open channels of communication regarding the potential impacts of recent US tariffs. This collaboration aims to bolster economic cooperation amid increasing trade challenges. The meeting involved high-level discussions between foreign ministers of both nations.Key Takeaways
- South Korea and Vietnam agree to communicate on US tariffs.
- 25% and 46% tariffs are imposed on South Korea and Vietnam.
- Ministers aim to strengthen economic ties and cooperation.
- Focus on issues faced by South Korean businesses in Vietnam.
- Cho attends summit on climate change solutions.
Seoul, April 16 (NationPress) South Korea and Vietnam have reached an agreement to maintain close communication regarding the possible effects of the recent US reciprocal tariffs. They are committed to ongoing efforts to enhance collaboration in economic and other sectors, as stated by Seoul's foreign ministry on Wednesday.
During bilateral discussions held in Hanoi on Tuesday, Foreign Minister Cho Tae-yul conveyed this understanding to Vietnam's Deputy Prime Minister Bui Thanh Son, who also serves as the foreign minister. The two nations aim to mitigate the effects of the significant increase in US tariffs imposed by President Donald Trump's administration.
The Trump administration has announced a 25 percent and 46 percent reciprocal tariff on South Korea and Vietnam, respectively, set to commence on July 9 after a 90-day suspension.
Numerous South Korean companies have substantial investments in Vietnam, with tech giant Samsung Electronics reportedly manufacturing nearly half of its smartphones there, according to the Yohap news agency.
In light of the robust economic ties between the two nations, the ministers concurred to engage in thorough consultations about the recent US countervailing tariff measures, as noted in a ministry release.
Throughout their discussions, they reaffirmed their strong commitment to advancing the strategic partnership between both countries, enhancing cooperation in various domains, including diplomacy, security, trade and investment, energy, and infrastructure.
Cho requested Vietnam's support in tackling several challenges confronting South Korean businesses operating in the nation, such as obtaining residency permits and regulatory approval. Approximately 10,000 South Korean companies have established a presence in Vietnam.
In response, Son expressed that Vietnam greatly appreciates the contributions of South Korean companies to its economy, reiterating the government's commitment to enhancing the business environment and supporting the market expansion of Korean firms.
Cho also sought Vietnam's assistance in ensuring the safety of Korean nationals visiting and residing in Vietnam.
While on his visit, Cho engaged with the Korean community and business representatives to hear their concerns and address other pertinent issues.
Cho is in the Southeast Asian nation to attend the fourth summit of the Partnering for Green Growth and the Global Goals (P4G) focused on climate change solutions.
