South Korean President Lee Jae Myung and Vietnamese leader To Lam agreed to expand cooperation on energy security, supply chains and infrastructure during the former's four-day visit to Hanoi, Yonhap News Agency reported on April 22. The memorandums of understanding include two on nuclear power feasibility studies and financing; a power infrastructure agreement for renewable energy and grid modernization, artificial intelligence, cybersecurity and digital transformation cooperation; and a contract to construct part of Ho Chi Minh City's metro system.

Both governments explicitly tied the new push to supply chain instability and energy uncertainty stemming from volatility in the Middle East. The visit also comes as Vietnam grows more important to South Korean companies as a manufacturing base, where South Korea is already Vietnam's largest investor. Meanwhile, Vietnam is maintaining its efforts to move up the manufacturing value chain.