How will Korea and Vietnam reach $150B trade by 2030?

South Korea and Vietnam set a joint goal to lift bilateral trade to $150 billion by 2030, up from about $86.7 billion in 2024. The plan rests on converting a broad slate of agreements into funded projects that create durable, two-way flows of goods and services.

Leaders framed the pledge as a deepening of a comprehensive strategic partnership. The focus is on infrastructure, energy, and supply chain security while building higher-value cooperation in technology, research, and workforce development that sustains growth beyond 2030.

The growth engine: from MOUs to contracts

Ten memoranda of understanding outline cooperation in nuclear energy, renewables, high-speed rail, smart cities, artificial intelligence, and critical minerals. These set the pipeline for multi-year procurements, engineering services, and equipment exports.

Execution will depend on feasibility studies, environmental reviews, and financing packages. Early project awards in power and transport would translate headline commitments into near-term trade in equipment, components, and services.

Did you know?
Vietnam holds some of the world’s largest rare earth reserves, positioning it as a key supplier for EV motors and wind turbines when paired with advanced processing technology.

Energy and grid projects as early movers

Nuclear workforce development and project preparation place Korean firms to compete for engineering, procurement, and construction roles. Grid upgrades and renewable integration will require turbines, transformers, cables, and control systems.

LNG-to-power and storage investments can add steady import demand for equipment and services. Coordinated schedules across plants, transmission, and distribution support predictable trade flows and local capacity building.

High-speed rail and smart city buildout

Planned high-speed rail corridors and urban transit will need rolling stock, signaling, civil works, and telecom systems. Korean contractors can deliver turnkey packages that bundle technology transfer and training.

Smart city initiatives create demand for sensors, cloud platforms, cybersecurity, and mobility solutions. These projects link infrastructure with digital services, raising value-added trade and long-term maintenance revenue.

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Critical minerals: from ore to advanced materials

Vietnam’s rare earth resources combined with Korean processing technology can localize more of the value chain. New facilities for separation, smelting, and alloying would expand exports of processed materials rather than raw ore.

A dedicated supply chain center and targeted equipment investment aim to reduce bottlenecks. Success would support EV motors, wind turbines, and electronics, anchoring predictable bilateral trade in strategic materials.

Technology, R&D, and talent pipelines

Joint research and talent exchange in AI, biotechnology, and advanced manufacturing elevate industrial capabilities. Partnerships with institutes and universities create a channel for skills that industry can absorb.

Higher-skilled collaboration increases the services component of trade, from software and design to testing and certification. It also supports local supplier development aligned with global standards.

Financing and policy coordination

Public development finance and export credit can de-risk large projects, drawing in private lenders. Central bank and regulatory coordination improves liquidity and hedging for cross-border contracts.

Stable, transparent rules on procurement and licensing help lock schedules and reduce cost overruns. Clear milestones and reporting sustain investor confidence through multi-year delivery cycles.

Corporate footprint as a force multiplier

Thousands of Korean companies already operate in Vietnam, creating established supply webs for electronics, autos, energy, and construction. This base can scale volumes quickly once new projects break ground.

Existing logistics and vendor relationships shorten lead times and improve quality control. As contracts mature, local content and co-production can expand without sacrificing standards.

Korea and Vietnam’s path to $150 billion relies on timely project conversion in energy and transport, deeper minerals processing, and technology partnerships that push trade up the value chain. If financing and policy alignment hold, the pipeline can turn summit commitments into sustained, measurable growth.