• South Korea and Vietnam agree to strengthen cooperation in response to US tariffs.
• Both countries aim to raise bilateral trade to $150 billion by 2030.
• Samsung Electronics significantly relies on Vietnam for global phone production.

On April 16, South Korea and Vietnam announced their intent to cooperate closely in light of the recently announced US tariffs, which present significant challenges for both countries and companies such as Samsung Electronics, which has made substantial investments in Vietnam, according to Channel News Asia.

The two countries aim to elevate bilateral trade to $150 billion by 2030, striving for a "more balanced and sustainable manner," as stated by Vietnam's foreign ministry. This goal highlights the importance both nations place on economic collaboration, especially amidst increasing trade tensions, reports Reuters.

Samsung, which produces more than 60% of its phones globally in Vietnam, faces vulnerabilities due to the steep tariffs introduced by U.S. President Donald Trump. The tariffs include a 46% duty on imports from Vietnam and a 25% duty on imports from South Korea, creating significant pressures on the Southeast Asian country's export model, according to South China Morning Post.

In their bilateral meetings, South Korean Foreign Minister Cho Tae-yul and his Vietnamese counterpart Bui Thanh Son discussed mutual cooperation, especially in sectors such as infrastructure, electronics, semiconductors, and renewable energy. Vietnam is particularly encouraging South Korean businesses to expand their operations within the country, aiming to address both the economic challenges posed by tariffs and foster growth, as noted by Channel News Asia.

The two nations have also agreed to continue coordinating their positions on international and regional issues of mutual concern, reinforcing their diplomatic and economic ties in the face of ongoing tariff challenges, according to Reuters.