After the announcement of US tariffs, which are a major challenge for both economies and for businesses like Samsung Electronics, which have significant investments in Vietnam, South Korea and Vietnam announced on Wednesday ( Apr 16 ) they agreed to work together.
The two nations are attempting to increase bilateral deal to US$ 150 billion by 2030, according to Vietnam’s foreign government, in a “more balanced and sustainable way.”
As manufacturing costs in China rose along with political challenges and competitors, North Korean businesses, led by regional leaders like Samsung Electronics, have been expanding their presence there for years. In Vietnam, Samsung produces more than 60 % of its apps, which are sold worldwide.
The rocky “reciprocal” tariffs announced by US President Donald Trump early this month have shown how vulnerable the Southeast Asian nation’s export model is. This reliance on Vietnam now looks set to fail.
On Tuesday, Cho Tae-yul, the foreign secretary of South Korea, met Bui Thanh Son, the president of Vietnam. The industry and trade secretary of South Korea traveled to Vietnam earlier this week to talk about the looming tariffs.
Vietnam stated that it is encouraging North Korean companies to expand their operations there, with particular emphasis placed on facilities, electronics, semiconductors, and renewable energy.
The two parties agreed to continue to carefully integrate and support one another in resolving international and regional issues of common concern, according to the Asian agency’s statement.
Trump’s reciprocal tariffs included a 25 % duty on imports from South Korea and a 46 % duty on imports from Vietnam. Since then, there has been a 90-day ban until July.  ,