On December 5, 2022, within the framework of the State visit to the Republic of Korea, President Nguyen Xuan Phuc and President Yoon Suk Yeol issued a Joint Statement on promoting the relationship between Vietnam and Korea to the level of comprehensive strategic partnership, opening a new chapter of cooperation between the two countries.

Next Level Cooperation

The Joint Statement stipulated various substances relating to the cooperation between the two countries in various fields, including:

• • Promoting mutual cooperation in politics, diplomacy as well as defense, security and order;
  • Expanding and enhancing the cooperation with respect to economics, commerce, investment and development;
  • Cooperating in sustainable development, response to climate change and agriculture;
  • Coordinating in the technological science and communication information;
  • Collaborating in the labour, pharmacy and education;
  • Enhancing the mutual cooperation in infrastructure and urban development; and
  • Increasing cultural, tourism and people-to-people exchanges.

The issuance of the Joint Statement illustrates the mutual trust of both leaders in the sustainable relationship between Vietnam and Korea at the present and in the future.

Regional and international issues

The leaders of the two countries agreed to cooperate closely to deal with global challenges and non-traditional security issues.

Particularly, the parties expressed their wish to continue to strengthen close cooperation at international and regional forums. Simultaneously, the two heads induced each other to support the countries’ hosting of international forums and events.

Besides, the two sides reaffirmed the importance of ensuring security, safety and freedom of navigation and aviation within the area of the East Sea, especially the principle of amicable dispute settlement in accordance with international law, including the United Nations Convention on the Law of the Sea 1982 (UNCLOS 1982).

Moreover, the two leaders showed their concerns about the situation in the world and in the region, in particular the nuclear issue in North Korea and the situation in Myanmar, and expressed their wish to move towards regional and global peace and stability.

VCI Legal is looking forward to seeing more FDIs from Korea and is here to assist Korean investors wishing to expand their businesses in Vietnam .