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Vietnamese State President Luong Cuong (left) and Korean President Lee Jae Myung (Photo: VNA)

Vietnamese State leader holds talks with Korean President in Gyeongju city

Vietnamese State President Luong Cuong held talks with Korean President Lee Jae Myung in Gyeongju city on October 30 afternoon as he is in the Republic of Korea (RoK) to attend the APEC Economic Leaders’ Week 2025.

At the talks, President Lee affirmed that the RoK always considers Vietnam a key partner in implementing its foreign policies in the region, and emphasized that President Cuong's working trip is of important significance in common cooperation for peace and prosperity in the Asia-Pacific region.

President Lee congratulated Vietnam on its development achievements, including its current economic growth of over 7%. He affirmed that the RoK is ready to continue to accompany Vietnam in the next stages of development.

President Cuong, for his part, sincerely thanked President Lee, the Government and people the RoK for their warm, friendly and thoughtful reception, and conveyed the greetings and warm regards of Party General Secretary To Lam and senior leaders of Vietnam to the Korean President.

The Vietnamese leader said he was pleased to see that after more than 30 years of establishing diplomatic relations, the relationship between the two countries has been continuously consolidated and developed. Vietnam and the RoK have become reliable partners, closely cooperating at the strategic level, and are close friends, understanding each other.

Vietnam consistently attaches importance to the relationship with the RoK and hopes that the cooperation between the two countries will continue to have new, more substantial, effective and sustainable changes in all fields, President Cuong said.

The two leaders agreed to continue promoting delegation exchanges and high-level and all-level exchanges through various channels, effectively coordinate the implementation of existing cooperation mechanisms and promote the substantive implementation of signed cooperation documents between the two countries, especially the agreements reached during the State visit to the RoK by General Secretary To Lam in August 2025. They consented to promote mutually beneficial economic cooperation, in line with the development goals of both sides, creating a major and substantive shift in cooperation.

President Cuong suggested the two sides coordinate to implement substantive measures to soon reach the bilateral trade target of 150 billion USD by 2030 in a balanced and sustainable direction. He affirmed that Vietnam will create favorable conditions for Korean enterprises to confidently invest for a long-term in Vietnam.

President Lee emphasized that the RoK continues to consider Vietnam an important strategic partner in economic, trade and investment cooperation, and pledged to increase quotas and expand the industries receiving Vietnamese workers. He agreed to cooperate in technology transfer and development of supporting industries in Vietnam; and continue supporting Korean enterprises to expand investment in Vietnam, especially in important areas such as infrastructure, energy, and new urban construction, cited VNA.

The two leaders agreed to realize the implementation of science, technology, innovation, digital transformation and human resource development cooperation as a new pillar in the bilateral relations. They agreed to step up educational, cultural and people-to-people cooperation activities to create deeper connections and understanding.

President Cuong proposed the Korean side continue to pay attention, have policies to protect legitimate rights, ensure security and safety, and create all favorable conditions for the Vietnamese community to feel secure in living, studying, and working for a long-term in the RoK.

Also within the framework of the talks, the two leaders discussed international and regional issues of mutual concern. President Cuong congratulated the RoK on successfully organising the APEC Economic Leaders’ Week 2025, and hoped that the East Asian country would support and coordinate with Vietnam to successfully organise the APEC Economic Leaders’ Week 2027.

The two sides agreed to closely cooperate and support each other in regional and international forums of mutual interest; and together promote the early upgrade of the ASEAN-Korea Free Trade Agreement and the implementation of the Mekong-RoK Summit in the coming time.

The two sides shared a common strategic vision on maintaining peace and stability in the East Sea, and ensuring legitimate and legal rights in accordance with international law and the 1982 United Nations Convention on the Law of the Sea (UNCLOS).

Vietnam proposes directions to promote innovation and shared prosperity at AMM 36

The Republic of Korea’s (RoK) Foreign Minister Cho Hyun and Minister for Trade Yeo Han Koo co-chaired the 36th APEC Ministerial Meeting (AMM 36) on October 30 in Gyeongju, within the framework of the 2025 APEC Economic Leaders’ Week.

The meeting was attended by foreign and economy ministers and APEC heads of delegation from 21 member economies, the Director-General of the World Trade Organization (WTO), the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), the Chair of the APEC Business Advisory Council (ABAC), as well as representatives from international and regional organizations.

A Vietnamese delegation, led jointly by Nguyen Hong Dien, Party Central Committee member and Minister of Industry and Trade, and Nguyen Minh Hang, Deputy Minister of Foreign Affairs, participated in the meeting.

At the meeting, ministers conducted a comprehensive assessment of APEC cooperation in 2025, particularly the progress in implementing goals and action plans to realize the APEC Vision to 2040, and engaged in in-depth discussions on directions and concrete measures to further enhance APEC’s role across its three core pillars: Connectivity, Innovation, and Prosperity.

Sharing a common understanding of the WTO’s importance in promoting trade, the ministers emphasized that WTO commitments and rules form an indispensable part of the global trading system. They hailed efforts to deepen and advance WTO discussions on contemporary trade issues, and agreed on the need to continue strengthening economic connectivity, supporting members in enhancing their capacity to engage in comprehensive, high-quality trade agreements, with a view toward the Free Trade Area of the Asia-Pacific (FTAAP).

The meeting also called for strengthened connectivity, accelerated structural reforms, removal of bottlenecks, and the consolidation of safe, self-reliant, sustainable, and open supply chains. Delegates spent plenty of time discussing solutions to effectively leverage opportunities from digital transformation, science and technology, particularly artificial intelligence (AI), to enhance productivity, competitiveness, and the quality of growth, while minimizing risks during the development process.

The ministers agreed to step up cooperation and coordinated action in response to challenges directly affecting inclusive and sustainable growth. They called for accelerated implementation of APEC action plans and cooperation programs in key areas, including climate change response, disaster risk reduction, and sustainable sea-based economic development.

On the occasion of the meeting, the ministers presented APEC awards for innovative ideas and applications in bio‑circular‑green economy models. A Vietnamese representative was honored with the “Youth” category award for a concept that recycles organic waste into environmentally friendly ink products, according to VOV.

At the 36th APEC Ministerial Meeting (Photo: congthuong.vn)

On the theme of connectivity, Minister Nguyen Hong Dien highlighted key measures to ensure free, open, sustainable, and inclusive trade and investment in the Asia‑Pacific region. He called on APEC members to beef up cooperation, share experience, and provide technical support in building AI capacity, particularly in workforce training, labor supply‑demand matching, and enabling public access to AI tools at low or no cost. He also emphasized continuing to promote investment cooperation, green finance, and technology transfer, while supporting developing economies in applying digital and AI technologies in supply chain management to ensure seamless regional trade flows. In addition, he urged active progress on WTO reform, especially in dispute settlement mechanisms, to enhance the organization’s operational effectiveness.

At the meeting, Vietnam reported that it has ratified the Phase I Fisheries Subsidies Agreement, joined the Multi‑Party Interim Appeal Arbitration Arrangement (MPIA), and reaffirmed its commitment to actively support and contribute to joint efforts to strengthen a fair, sustainable, and inclusive multilateral trading system.

On the theme of innovation and prosperity, Deputy FM Nguyen Minh Hang proposed several key directions for APEC to focus on to promote inclusive innovation and shared prosperity in the region. These include establishing a regional cooperation framework for emerging technologies to ensure AI and digital innovations serve people and drive inclusive growth; enhancing cooperation on labor mobility, human resource development, and sharing experience in addressing population aging; strengthening digital capacity so all generations can adapt, contribute, and benefit from the digital economy; promoting cross‑border co-operation in creative sectors to fully unlock human and community potential; investing in the creative ecosystem, supporting startups and micro, small, and medium enterprises, encouraging the mobility of creative experts, and transforming innovation and culture into powerful drivers for economic growth, job creation, and mutual understanding across the region.

The remarks of the Vietnamese delegation were shared and highly appreciated by other members and reflected in the meeting’s documents and declarations.

The 36th APEC Foreign Ministers’ Meeting is a key event of the 2025 APEC Economic Leaders’ Week, serving to prepare the agenda for the 32nd APEC Economic Leaders’ Meeting scheduled for October 31-November 1.

Vietnamese, Chinese localities boost cooperation

The fifth annual conference between the Secretaries of the Party Committees of Vietnam’s Lai Chau, Lao Cai, Tuyen Quang, and Dien Bien provinces, and Secretary of the Communist Party of China (CPC) Yunnan provincial Committee Wang Ning took place in Lai Chau on October 30.

The two sides reached consensus on strengthening friendship, expanding practical cooperation, deepening partnership, and enhancing people-to-people exchanges, which are expected to create strong momentum for them to foster cooperation in culture, sports, and tourism.

They also targeted stronger collaboration in border trade, investment, border gate infrastructure, transport connectivity, border management, and crime combat. Cooperation in industry, agriculture, forestry, science and technology, healthcare, environmental protection, justice, and finance, is also expected to grow further.

Vietnamese Permanent Deputy Minister of Foreign Affairs Nguyen Minh Vu called on both sides to fully harness their local strengths, promote joint development, and create conditions for businesses to meet, seek partnerships, and engage in enterprise forums. He urged greater efforts to remove bottlenecks, raise bilateral trade to new heights, build a peaceful, stable border, and step up exchanges between residents.

The minute of the fifth annual conference between the Secretaries of the Party Committees of Vietnam’s Lai Chau, Lao Cai, Tuyen Quang, and Dien Bien provinces, and Secretary of the Communist Party of China (CPC) Yunnan provincial Committee, is inked at the event. (Photo: VNA)

Secretary of Lai Chau province's Party Committee Le Minh Ngan emphasized that the conference provided an important platform for localities to concretise further the shared understanding reached between the high-ranking leaders of the two Parties and States, thereby strengthening practical cooperation and elevating the Vietnam–China relationship to new heights, for peace, stability, and common prosperity in the region and the world.

Reviewing progress since the fourth annual conference, he noted comprehensive cooperation results in a wide range of spheres. For 2026 and beyond, Ngan proposed continuing to implement the shared outcomes of the April 2025 state visit to Vietnam by Chinese Party General Secretary and President Xi Jinping, particularly the Vietnam–China Joint Statement on continuing to deepen the Comprehensive Strategic Cooperative Partnership and promoting the building of the Vietnam-China Community with a Shared Future that Carries Strategic Significance.

He suggested that both sides intensify the implementation of signed cooperation agreements based on equality and mutual benefit, while strengthening mutual visits and exchanges, and accelerating key projects, including rail links and smart border gates.

At the meeting, Wang expressed his commitment to strengthening cooperation between the two sides, expanding economic and trade links, and deepening people-to-people exchanges. He called for stronger transport connectivity, expanded cooperation in green energy and smart border gate development, and more favorable conditions for businesses to engage in joint surveys and investments.

The officials agreed to hold the sixth edition in Yunnan province in 2026.

Standard Chartered raises Vietnam’s growth forecast for 2025

Standard Chartered Bank has raised Vietnam’s 2025 growth forecast to 7.5 percent (6.1 percent prior) and 7.2 percent (6.2 percent prior) for 2026, in its latest macroeconomic update about Vietnam.

The bank also revises its inflation forecasts slightly to 3.4 percent for 2025 and 3.7 percent for 2026, reflecting stronger-than-expected growth momentum and easing price pressures.

Vietnam continues to strengthen its role in the global supply chain, supported by robust trade performance and deeper integration into global trade through multiple free trade agreements (FTAs).

Total export value reached US$42.7 billion in September 2025, up 24.7 percent year-on-year, driven by strong growth in key sectors such as electronics and computers (up 66.2 percent), telephones (up 17.5 percent), and machinery (up 11.6 percent).

Imports also rose by 24.9 percent to US$39.8 billion, led by electronics and computer supplies (up 43.6 percent) and machinery (up 33.6 percent), signaling continued expansion in production and industrial capacity.

Domestic credit growth has also accelerated, signaling continued economic recovery even without policy rate cuts. Credit growth is now above 15 percent year-on-year, reflecting improving business confidence and rising finance demand. Lending growth remains robust, supported by favorable liquidity conditions and government measures to stimulate growth, VGP reported.

Photo: VGP

Foreign direct investment (FDI) continues to be a key growth driver. Disbursed FDI rose 8.5 percent year-on-year (US$18.8 billion) in the first nine months of 2025, while pledged FDI rose 15.2 percent year-on-year (US$28.5 billion).

Tim Leelahaphan, Senior Economist for Vietnam and Thailand, Standard Chartered Bank said, Vietnam's resilience and adaptability are evidenced by its successful attraction of strong FDI and robust export growth, solidifying its strategic role in global supply chain diversification and pointing to strong prospects for continued economic expansion.

Earlier, HSBC revised up its 2025 gross domestic product growth forecast for Vietnam to 7.9 percent, from its previous projection of 6.6 percent.

Extreme flooding hits Hue and Da Nang, breaking historical records

Heavy rains triggered extreme flooding in Hue and Da Nang cities, central Vietnam from October 27 to 30, with water levels on major rivers exceeding alarm level 3 and surpassing historical records.

Some hydrological stations reported sustained high water levels for more than 70 consecutive hours.

Mai Van Khiem, Director of the National Center for Hydro-Meteorological Forecasting said, "From October 27 to 29, the main rivers in Hue and Da Nang experienced exceptional flooding, with most stations exceeding alarm level 3. Notably, five out of twelve stations recorded levels above previously established historical peaks."

Specific measurements included the Bo River in Hue at Phu Oc station reaching 5.27 meters at 19:00 on October 29, surpassing the 2020 historical record of 5.24 meters.

The Vu Gia River in Da Nang reached 27.20 meters at Thanh My station (14:00, October 29) and 19.32 meters at Hoi Khach station (15:00, October 29), exceeding previous records by 0.06 and 1.18 meters, respectively. The Thu Bon River recorded 18.68 meters at Nong Son station (19:00, October 29) and 5.62 meters at Cau Lau station (02:00, October 30), above historical levels by 0.15 and 0.14 meters, VOV reported.

Photo: VOV

Khiem emphasized that the flooding was both severe and prolonged due to continuous heavy rainfall. As of 07:00 on October 30, water levels at stations along the Huong, Vu Gia, and Thu Bon river systems remained above alarm level 3 for 60 to 73 hours, with Nong Son station recording the longest duration of 73 consecutive hours.

Forecasts indicate that water levels in Da Nang's rivers will remain above alarm level 3 for another 6-12 hours before gradually receding. This flooding event ranks among the largest in central Vietnam so far in 2024, characterized by prolonged rainfall, high flood levels, and slow drainage across the region.

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