Seoul, April 16 South Korea and Vietnam have agreed to closely communicate on the potential impact from the recent US reciprocal tariffs, as they committed to continue efforts to advance cooperation in the economy and other areas, Seoul's foreign ministry said Wednesday.
Foreign Minister Cho Tae-yul shared the understanding with Vietnam's Deputy Prime Minister Bui Thanh Son, who doubles as the foreign minister, during the bilateral talks in Hanoi on Tuesday, as the two countries are seeking to minimise the impact from the sharp hike in the US levies imposed by President Donald Trump's administration.
The Trump administration has said it will impose 25 per cent and 46 per cent reciprocal tariffs on South Korea and Vietnam, respectively, beginning July 9, once the 90-day suspension ends.
South Korean companies are heavily invested in Vietnam, with tech giant Samsung Electronics producing nearly half of its smartphones there, Yohap news agency reported.
"In light of the close economic links between the two countries, the ministers agreed to engage in close consultations regarding the recent US countervailing tariff measures," the ministry said in a release.
During their talks, they also reaffirmed their strong commitment to advancing the two countries' strategic partnership and enhancing cooperation in various areas, including diplomacy, security, trade and investment, energy and infrastructure.
Cho asked for Vietnam's support in addressing various challenges faced by South Korean businesses operating in the country, such as residency permits and regulatory approval. Vietnam is home to around 10,000 South Korean companies.
Son responded by saying that Vietnam highly values the role of South Korean companies contributing to its economy, reaffirming that its government is committed to improving business environments and supporting Korean companies' market expansion.
Cho also requested Vietnam's assistance in ensuring the safety of Korean nationals traveling and residing in the country.
During his trip, Cho also met with the Korean community and businesspeople to listen to their concerns and discuss other issues.
Cho is visiting the Southeast Asian nation to attend the fourth summit of the Partnering for Green Growth and the Global Goals (P4G) on climate change solutions.
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