Korea and Vietnam Agree to Close Cooperation on US Tariffs
Korea and Vietnam have agreed to maintain close communication regarding the potential impact of the recent reciprocal US tariffs, as they committed to continuing efforts to enhance cooperation in the economy and other areas, according to the Korean Foreign Ministry on Wednesday.
The Korean news agency Yonhap reported that Korean Foreign Minister Jo Tae-youl held talks on Tuesday in Hanoi with Vietnamese Deputy Prime Minister Pham Minh Chinh, who also serves as the Foreign Minister, highlighting the countries’ aim to “mitigate the impacts of the sharp increase in tariffs imposed by the Trump administration.”
It is noted that the Trump administration announced it would impose reciprocal tariffs of 25% and 46% on Korea and Vietnam, respectively, starting July 9, once the current 90-day suspension expires.
According to Yonhap, Korean companies are heavily investing in Vietnam, with Samsung Electronics producing nearly half of its smartphones in this Asian country.
Yonhap reported, citing a statement from the ministry, “In light of the close economic ties between the two countries, the ministers agreed to hold close consultations regarding the recent US measures.”
