South Korea and Vietnam have vowed to deepen economic and strategic cooperation following a summit between President Lee Jae Myung and Vietnamese leader To Lam, Lee’s first state guest since taking office in June, Reuters reported.

The leaders agreed to expand trade to $150bn by 2030, encourage greater South Korean investment in Vietnam, and boost collaboration in technology, nuclear and renewable energy, finance, and infrastructure, including high-speed rail. At least 10 memoranda of understanding are set to be signed.

Vietnam, a key hub for South Korean firms such as Samsung, has long attracted investment with low labor costs and broad trade pacts. However, recent US tariffs — 15 percent on South Korean goods and 20 percent on Vietnamese imports — have added uncertainty to future business plans, according to Reuters.