Description: South Korea’s president, Lee Jae Myung met with Vietnamese leader, To Lam, in Hanoi, where they signed 12 memorandums of understanding for enhancing cooperation on nuclear energy, security and high – tech development. The leaders are aiming to expand industrial cooperation as South Korea is Vietnam’s largest foreign investor, having multiple manufacturing companies operating in the country. The leaders also discussed close cooperation in the semiconductor industry with South Korea’s Samsung potentially expanding its area of operations in Vietnam.
Impact: South Korea and Vietnam are likely to expand their energy and technological partnership in areas such as trade, security cooperation and infrastructure development, according to the 12 memorandums of understanding signed by the leaders. Vietnam is likely pursuing a regional ambition of non – alignment, having secured a trade deal with the US, courted China on several strategic priorities and expanding cooperation with South Korea. South Korea is likely aiming to diversify its regional partnerships with President Lee having traveled to India most recently, in order to strengthen its energy independence, trade cooperation and industries delving into technological development such as manufacturing of semiconductors. The global crisis is pushing Asian countries to rapidly adapt to surging prices and unstable market conditions which would likely result in enhancing Asia’s multilateralism as a geopolitical concept.