(KPL/Yonhap) Republic of Korea and Vietnam agreed Wednesday to closely cooperate on energy security and supply chains to address global uncertainties stemming from the war in the Middle East, President Lee Jae Myung said of his bilateral summit with Vietnamese leader To Lam in Hanoi.

"We two leaders concurred that bilateral cooperation has become even more important amid the supply chain instability stemming from recent volatility in the Middle East," the leaders said in a joint press announcement.

"To this end, we agreed to work closely together to bolster energy security and stabilize global supply chains."

Lee is currently on a state visit to Vietnam, reciprocating an earlier trip to Seoul by the Vietnamese leader, who serves as both general secretary of the Communist Party and state president.

Vietnam has emerged as a key manufacturing hub for South Korean companies and an increasingly strategic partner in efforts to diversify supply chains beyond China and mitigate geopolitical risks.

The two leaders underscored the importance of bolstering trade and investment amid global uncertainties, reaffirming their earlier goal of increasing the countries' bilateral trade to US$150 billion by 2030, up from $94.6 billion last year.

Lee said both countries also agreed to strengthen cooperation in energy and infrastructure, noting that a deal is expected to be signed Thursday for Republic of Korea's exports of metro systems to Ho Chi Minh City.

He expressed hope that the upcoming contract would pave the way for expanded cooperation in large-scale infrastructure projects in Vietnam, including urban development and airports.

Hyundai Rotem plans to sign a deal worth about $110 million as part of a broader urban rail development project in Ho Chi Minh City on Thursday, according to sources familiar with the matter.

Discussions are also under way for Korean companies to participate in a $740 million development project in a southeastern city of Vietnam and a consulting project for Gia Binh International Airport, north of Hanoi, the sources said.

On the sidelines of the summit, 12 memorandums of understanding (MOUs) were signed to pave the way for cooperation across energy, infrastructure, technology and culture, among other areas.

The state-run Korea Electric Power Corporation and Vietnam National Industry-Energy Group signed two MOUs on joint feasibility studies and financing for potential nuclear power development projects in Vietnam, as the Southeast Asian nation reviews the possibility of reviving its nuclear program to meet growing power demand.

Another agreement on power infrastructure signed between the two governments aims to lay the groundwork for expanded cooperation in renewable energy and the modernization of power grids.

In the technology sector, the two governments signed an agreement on digital cooperation to promote collaboration in artificial intelligence (AI), cybersecurity and digital transformation.

To Lam said he and Lee reaffirmed the importance of strategic cooperation for manufacturing supply chains between the two countries amid a shifting global landscape.

The Vietnamese leader welcomed expanded investment by Korean companies in sectors such as infrastructure, smart cities, semiconductors, AI data centers, nuclear energy and port construction, and vowed to foster a transparent and open business environment for Korean firms operating in Vietnam.

Regional security issues were also discussed during the talks.

Lee said he explained his government's efforts to promote peace on the Korean Peninsula, while To Lam expressed strong support for Republic of Korea's commitment to resuming talks with North Korea, and pledged to contribute to peace and stability on the peninsula.

"Our two countries also agreed to continue close coordination and to further expand cooperation in the international arena, including at the United Nations," Lee said.

Lee's trip to Vietnam follows To Lam's state visit to Republic of Korea in August 2025, highlighting growing momentum in bilateral ties.

The Republic of Korean president arrived here Tuesday on a four-day state visit, becoming the first foreign leader to visit Vietnam since To Lam was elected state president earlier this month, consolidating his authority by holding the country's two most powerful positions simultaneously.

KPL