South Korea and Vietnam have agreed to intensify communication and coordination in response to the upcoming US reciprocal tariffs set to take effect in July.
The decision came during bilateral talks held in Hanoi on Tuesday between South Korea’s Foreign Minister Cho Tae-yul and Vietnam’s Deputy Prime Minister and Foreign Minister Bui Thanh Son, according to a statement released Wednesday by Seoul’s foreign ministry.
The discussions were triggered by the recent announcement from the US government, under President Donald Trump’s administration, to impose steep reciprocal tariffs—25% on South Korean goods and 46% on Vietnamese exports once a 90-day suspension period concludes on July 9.
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With South Korean corporations, including tech giant Samsung Electronics, heavily invested in Vietnam, the stakes are high.
Samsung, for example, manufactures nearly half of its smartphones in the Southeast Asian country, highlighting the deep economic ties between the two nations.
“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 foreign ministry noted in its release.
Beyond trade, Cho and Son reaffirmed their commitment to deepening the South Korea-Vietnam strategic partnership.
They pledged to strengthen cooperation across various sectors, including diplomacy, security, energy, infrastructure, and investment.
During the meeting, Cho urged Vietnam to continue supporting South Korean businesses facing operational challenges, particularly with regulatory approvals and residency permits.
Vietnam currently hosts around 10,000 South Korean companies.
Son responded positively, emphasizing Vietnam’s appreciation for South Korean firms’ contributions to its economic development.
He reassured Cho that the Vietnamese government remains committed to improving the local business environment and facilitating Korean companies’ growth.
In addition, Cho asked for Vietnam’s assistance in ensuring the safety of South Korean nationals living or traveling in the country.
He also held separate meetings with members of the Korean business community and diaspora in Vietnam to address their concerns directly.
Cho’s visit coincides with his participation in the fourth summit of the Partnering for Green Growth and the Global Goals (P4G), where global leaders are convening to advance climate change solutions and sustainable development goals.
As the two countries continue to face shared global economic pressures, their coordinated response signals a strong mutual interest in preserving bilateral economic stability and growth.
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