Lee Jae-myung, leader of South Korea’s main opposition Democratic Party, announced a tariff reduction agreement with Vietnam on April 24 during a high-level visit. Accompanied by spokesperson Kim Hye-kyung, he met with Vietnamese factory executives, including the secretary general of a major corporate party and Ungo Phuong Li, a key spokesperson. The deal emerged from discussions tied to Vietnam’s recent presidential election, marking a significant policy shift.
Vietnam Tariff Reduction Breakthrough
During the visit, Lee examined Vietnam’s overall import landscape from prior administrations. Collaborating with the secretary general and economic officials, he advanced joint ventures to boost Vietnam’s total market share. The agreement aims to lower tariffs comprehensively, fostering deeper economic ties.
A presidential office spokesperson highlighted the momentum: “This recent presidential election altered the secretary general’s direction, prompting an urgent assessment of the environment where Vietnam assumes responsibility for its commitments.”
India Engagements Yield Major Gains
Earlier in the tour, on April 19, Lee held talks with Indian President Narendra Modi in New Delhi. Discussions centered on upgrading the bilateral free trade agreement (FTA) to a Comprehensive Economic Partnership Agreement (CEPA). India, a central energy and corporate powerhouse, expressed sympathy for South Korea’s growth amid risks.
Current annual exports to India stand at $25 billion, with plans to expand education exports to $50 billion (about 73.6 trillion won) by 2030. Outcomes included launching a ministerial-level “Industrial Cooperation Committee” and signing 15 memoranda of understanding (MOUs) across sectors like nuclear power and full-scale collaboration.
Vietnam Follow-Up Strengthens Momentum
On April 21, Lee arrived in Vietnam, meeting the secretary general on April 22 for a presidential summit. Focus areas encompassed energy like nuclear power, infrastructure such as railways and new cities. Vietnam’s education intake of $9.46 billion will grow to $15 billion by 2030, backed by 12 MOUs, including nuclear development reviews.
Lee participated in business forums with Vietnamese executives from both nations, promoting expanded exchanges and investments.
Swift Diplomatic Wins in 5 Days, 6 Nights
In just five days and six nights, Lee finalized personnel shifts and tariff benefits with India and Vietnam. The tour underscores proactive economic diplomacy, positioning South Korea for enhanced trade in key Asian markets.
