South Korea, Vietnam open ‘new era in bilateral relations’ amid rising Sino-US rivalry

Seoul, Hanoi elevate 30-year ties to ‘comprehensive strategic partnership’, pledge to build supply chains of key minerals and electric power

Amid uncertainties over China, South Korea and Vietnam can take advantage of their complementary industrial structures to boost direct investment, analyst notes

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South Korean President Yoon Suk-yeol (right) and his Vietnamese counterpart, Nguyen Xuan Phuc, at the presidential office in Seoul on Monday. Photo: YNA/dpa

Published: 7:35pm, 5 Dec 2022

South Korea and Vietnam elevated three decades of ties to a “comprehensive strategic partnership” on Monday, joining forces to expand contribution to global value chains amid mounting Sino-US rivalry.

Vietnamese President Nguyen Xuan Phuc, on a state visit to Seoul, and his South Korean counterpart Yoon Suk-yeol watched as their government ministers signed a raft of documents which Yoon said would “broaden the horizon” of bilateral cooperation.

“Over the past 30 years, the two countries have successfully built an exemplary win-win cooperation relationship,” Yoon said. “Based on these achievements, we are now opening a new era in bilateral relations by setting up a comprehensive strategic partnership.”

“Remarkable progress” had been made in trade and investment cooperation as the peoples of both countries had become close neighbours and “cousins”, he added.

Nguyen is the first state guest to visit Yoon since he took office in May.

Vietnamese President Nguyen Xuan Phuc (left) and South Korean President Yoon Suk-yeol wave at well-wishers carrying national flags of the two nations during a welcoming ceremony at the presidential office in Seoul on Monday. Photo: Yonhap via AP

Professor Lee Han-woo, an expert in Vietnamese politics and economy at Sogang University, said the upgrading of bilateral ties to a “comprehensive strategic partnership” meant South Korea had become the fourth country following China, Russia and India to enter Vietnam’s highest-level diplomatic ties.