Ministry of Trade Industry and Resources

Korea and Vietnam agreed to expand strategic cooperation by developing concrete initiatives in trade and investment, industrial technology, and energy security, as discussed at the two summits held in August 2025 and April 2026 since Korea’s current administration took office. The two countries plan to move forward with projects, including the start of construction on the Korea–Vietnam Critical Minerals Supply Chain Technology Center, cooperation to develop oil stockpiling facilities, and technology transfers through Korea’s technology-sharing model.

On August 26, 2026, Minister JK (Jung-Kwan) Kim of the Ministry of Trade, Industry and Resources (MOTIR) and Minister Le Manh Hung of Vietnam’s Ministry of Industry and Trade co-chaired the 15th Korea–Vietnam Industrial Joint Committee and the 9th Korea–Vietnam  FTA Joint Committee at Lotte Hotel Seoul. They discussed how to strengthen bilateral cooperation in the real economy.

The 15th Korea–Vietnam Industrial Joint Committee 

At the Industrial Joint Committee, the two countries discussed specific measures to increase bilateral trade to USD 150 billion by 2030. In the trade subcommittee, they agreed to coordinate closely to simultaneously conclude the quarantine negotiations for Vietnam’s exports of lychees and passion fruit to Korea and Korea’s exports of satsuma mandarins and kiwifruit to Vietnam. They also agreed to further strengthen cooperation on digitalizing distribution and logistics and protecting intellectual property rights, including detecting and cracking down on counterfeits, as well as cooperation between the Korea Fair Trade Commission (KFTC) and the Vietnam Competition Commission (VCC).

In the industrial technology subcommittee, the two sides agreed to step up efforts to resolve issues facing Korean companies in Vietnam and accelerate bilateral technology cooperation. Vietnam will work with local governments to help Korean manufacturers recruit workers, while Korea will actively support technology transfers from large Korean corporations operating in Vietnam to their Vietnamese partners through Korea’s technology-sharing model. The two countries also agreed to strengthen cooperation on quality standardization and help expand incentives for Korean companies operating in Vietnam’s automotive industry.

In critical minerals in particular, the two countries agreed to expedite the necessary administrative procedures so that construction of the Korea–Vietnam Critical Minerals Supply Chain Technology Center can begin promptly. Vietnam said it would continue to coordinate with relevant agencies to clear investment hurdles for Korean companies, including those involving approval to establish a rare earth metals production plant. The two sides also agreed to continue discussing cooperation across the critical minerals supply chain, including how the two governments could help companies operating in Vietnam secure a stable supply of critical minerals.

In the energy and resources subcommittee, Korea and Vietnam agreed to pursue long-term cooperation on resource supply chains, including jointly stockpiling crude oil and establishing an emergency response mechanism. They also agreed to support the smooth implementation of LNG power projects in Vietnam and continue strengthening policy cooperation on power grid infrastructure projects, nuclear power, and renewable energy.

At the event, the two ministers witnessed Korea National Oil Corporation (KNOC) and PetroVietnam Oil Stockpile Company Limited (PVOS) sign an MOU to cooperate on developing an oil stockpiling facility in Vietnam. Vietnam is moving to build its first underground oil storage facility in response to recent disruptions to oil supplies from the Middle East. KNOC, which has successfully operated oil stockpiling facilities in Korea, agreed to provide technical consulting across all aspects of facility design, construction, and operation; support facility operation and maintenance; and cooperate on capacity building. This cooperation is expected to help stabilize oil supply chains not only in Vietnam but also across the Asia-Pacific region.

The 9th Korea–Vietnam FTA Joint Committee

Following the Industrial Joint Committee, the FTA Joint Committee discussed updates from four implementation bodies. In the Technical Barriers to Trade (TBT) subcommittee, Vietnam amended its regulations in response to Korea’s request to remove redundant testing requirements for lithium-ion batteries. In the Sanitary and Phytosanitary Measures (SPS) subcommittee, the two sides discussed cooperation on export quarantine procedures for products of interest to Korea, including heat-treated chicken and pork.

In the trade remedies subcommittee, the two sides shared information on their current import restrictions, organizational structures, laws, and systems, and agreed to strengthen cooperation. In the customs subcommittee, Vietnam agreed to promptly complete its domestic procedures for updating the Product Specific Rules (PSR) from HS 2017 to HS 2022.

In his opening remarks, Minister Kim said, “Since the Korea–Vietnam FTA took effect in December 2015, bilateral trade has grown by about 10 percent annually and is expected to exceed USD 100 billion for the first time this year, having reached USD 64.6 billion in the first half of 2026.” He emphasized that the FTA had laid the foundation for expanding bilateral trade.

“Vietnam is moving beyond simply attracting investment and is actively pursuing policies to adopt advanced technologies, increase local content, and advance its green and digital transitions. Korea will broaden bilateral trade and investment into forward-looking sectors,” Minister Kim added. “We will further strengthen cooperation to build advanced industrial ecosystems, cultivate talent in industrial technology, secure critical mineral supply chains, and enhance energy security.”