President Lee Announces Korean Railway Export Deal with Vietnam

During his state visit to Vietnam, President Lee Jae-myung has cemented a significant milestone in bilateral cooperation by announcing a landmark contract for the export of Korean railway vehicles to Ho Chi Minh City. This agreement, set to be finalized with Vietnam's Tuan Minh Group for the Ho Chi Minh Metro Line 2 project, positions South Korea as a key partner in Vietnam's burgeoning infrastructure development.

The deal, involving Hyundai Rotem, is estimated to be worth between $110 million and $350 million, underscoring the scale of this collaboration. President Lee expressed his hope that this contract will not only contribute to improving Vietnam's railway infrastructure but also pave the way for broader cooperation in Vietnam's major transportation and logistics projects. This aligns perfectly with Vietnam's national development vision, which includes ambitious new city and airport initiatives.

Beyond the railway deal, President Lee and Vietnamese Communist Party General Secretary and State President Tô Lâm committed to deepening strategic partnerships in areas such as nuclear power and infrastructure. This visit builds upon the momentum from the previous summit in South Korea, focusing on tangible outcomes. The leaders also reaffirmed their goal to reach $150 billion in bilateral trade by 2030, with specific agreements on mutual agricultural product exports, including heat-treated poultry, and enhanced cooperation in pharmaceuticals, signaling a robust and expanding economic relationship between the two nations.