Executive Summary
- Vietnam is actively strengthening comprehensive strategic partnerships with both the European Union and South Korea, aiming to enhance cooperation across trade, investment, green and digital transitions, and regional security.
- Regarding the EU, Prime Minister Pham Minh Chinh reaffirmed Vietnam’s commitment to combating IUU fishing, urged the lifting of the “yellow card,” and proposed elevating the bilateral partnership to a comprehensive strategic level focusing on trade, investment, and green/digital transformation.
- At the ASEAN-South Korea Summit, leaders agreed to implement the 2026-2030 Action Plan and upgrade the ASEAN-Korea Free Trade Agreement (AKFTA) to include high-quality cooperation in green and digital economies and supply chain connectivity, building on their existing Comprehensive Strategic Partnership.
The Story So Far
- Vietnam is actively pursuing elevated strategic partnerships with both the European Union and South Korea, driven by a strategic imperative to boost its economic growth through increased trade, investment, and cooperation in green and digital transitions. These diplomatic efforts also reflect Vietnam’s commitment to enhancing its international standing, promoting regional stability, and addressing shared global challenges through multilateral engagement.
Why This Matters
- Vietnam’s recent diplomatic engagements underscore a strategic push to deepen comprehensive partnerships with both the European Union and South Korea, which is expected to drive significant advancements in trade, investment, and collaboration on future-oriented sectors like green and digital economies. For Vietnam, a key implication is the potential lifting of the EU’s IUU ‘yellow card,’ which would boost its seafood exports, while the planned upgrade of the ASEAN-Korea Free Trade Agreement will further integrate regional economies into high-quality, sustainable supply chains, enhancing overall economic resilience and digital transformation across the region.
Who Thinks What?
- Prime Minister Pham Minh Chinh underscored Vietnam’s commitment to strengthening comprehensive strategic partnerships with both the European Union and South Korea, advocating for elevated cooperation in trade, investment, green and digital transitions, and regional security, while also committing to combat IUU fishing and seeking the lifting of the EU’s “yellow card.”
- European Council President Antonio Costa affirmed the EU’s appreciation for Vietnam’s strategic role and economic development, expressing a desire to deepen collaboration in trade, green transition, digital transformation, and joint responses to global challenges, aligning with the EU’s broader engagement with ASEAN and the Indo-Pacific.
- South Korean President Lee Jae-myung, alongside ASEAN leaders, acknowledged the dynamic growth of ties and committed to deepening collaboration across strategic fields including digital transformation, clean energy, and maritime security, while proposing an upgrade to the ASEAN-Korea Free Trade Agreement and reaffirming support for ASEAN centrality.
Hanoi, Vietnam – On October 27, Prime Minister Pham Minh Chinh engaged in high-level discussions with European Council President Antonio Costa and participated in the 26th ASEAN-South Korea Summit, signaling Vietnam’s commitment to strengthening comprehensive strategic partnerships with both the European Union and South Korea. These meetings underscored a shared ambition to enhance cooperation across trade, investment, green and digital transitions, and regional security.
Vietnam-EU Relations: Towards a Comprehensive Strategic Partnership
During his meeting with European Council President Antonio Costa, Prime Minister Chinh reaffirmed the European Union as a crucial global partner for Vietnam. He highlighted Vietnam’s resolute political will to combat illegal, unreported, and unregulated (IUU) fishing, noting his personal weekly oversight of efforts by ministries and provincial authorities.
Prime Minister Chinh urged the European Commission to dispatch an inspection team to Vietnam soon to assess progress and facilitate the lifting of the EU’s IUU “yellow card.” He also outlined Vietnam’s initiatives to promote sustainable fisheries, build capacity for industry stakeholders, and transition from capture to aquaculture-based livelihoods.
The Vietnamese Prime Minister proposed a roadmap to elevate the bilateral partnership to a comprehensive strategic level, focusing on enhanced cooperation in trade, investment, science and technology, and innovation. President Costa reciprocated, affirming the EU’s appreciation for Vietnam’s strategic role and its impressive economic development.
President Costa expressed the EU’s desire to deepen collaboration with Vietnam, particularly in trade, green transition, digital transformation, and joint responses to global challenges. He also emphasized the importance of multilateral cooperation, aligning with the EU’s prioritized engagement with ASEAN and the broader Indo-Pacific region. Costa commended Vietnam’s constructive approach to peace and security, alongside its respect for international law.
ASEAN-South Korea Summit: Elevating Strategic Ties
Earlier the same day, Prime Minister Pham Minh Chinh joined other ASEAN leaders and South Korean President Lee Jae-myung at the 26th ASEAN-South Korea Summit. Leaders acknowledged the dynamic growth of ties since their upgrade to a Comprehensive Strategic Partnership in 2024.
South Korea stands as ASEAN’s fifth-largest trading partner and seventh-largest foreign direct investor, with bilateral trade reaching USD 208.2 billion and South Korean FDI totaling USD 7.6 billion in 2024. Initiatives like the ASEAN-Korea Digital Academy have significantly boosted regional digital capabilities and talent development.
The leaders agreed to implement the 2026-2030 Action Plan and commence negotiations in 2026 to upgrade the ASEAN-Korea Free Trade Agreement (AKFTA). This upgrade aims to incorporate high-quality cooperation in emerging areas such as green and digital economies, and supply chain connectivity.
South Korea and ASEAN committed to deepening collaboration in strategic fields including digital transformation, innovation, clean energy, critical minerals, sustainable environment, maritime security, transnational crime prevention, and cybersecurity. President Lee Jae-myung reaffirmed South Korea’s support for ASEAN centrality and its Indo-Pacific Outlook, proposing cooperation built on pillars of “Fulfilling dreams and hope; platform for growth and innovation; partnership for peace and stability.”
Prime Minister Chinh highlighted that ASEAN-South Korea ties have entered a more strategic and comprehensive phase, advocating for enhanced coordination to address common challenges and foster sustainable growth. Vietnam expressed support for South Korea’s efforts to resume inter-Korean dialogue and pledged active contributions to peace and prosperity on the Korean Peninsula.
Prime Minister Chinh proposed three key directions to further elevate the ASEAN-South Korea comprehensive strategic partnership. These include prioritizing green, digital, circular, and sustainable economic integration, expanding cooperation into emerging fields like AI and renewable energy, and supporting ASEAN’s small and medium-sized enterprises.
Furthermore, he called for deeper cooperation in culture, education, people-to-people exchange, tourism, and talent development, along with creating more favorable conditions for ASEAN citizens in South Korea. Finally, he urged both sides to jointly contribute to regional peace, security, and prosperity, advocating for the East Sea (South China Sea) to become a zone of peace, cooperation, and sustainable development.
Outlook on Enhanced Partnerships
These recent diplomatic engagements underscore Vietnam’s proactive role in fostering robust international partnerships. The focus on elevating strategic relationships with both the European Union and South Korea reflects a broader regional commitment to sustainable economic growth, digital transformation, and collective security in a rapidly evolving global landscape.
