South Korea, Vietnam leaders pledge deeper ties amid challenges

South Korea and Vietnam pledged deeper economic and strategic cooperation as their leaders held a summit on Monday, with the countries seeking to leverage their business ties to navigate a challenging global trading environment.

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South Korean President Lee Jae Myung is hosting Vietnamese leader To Lam as his first state guest since taking office on June 4 and discussed promoting trade and investment in the Southeast Asian country, Mr, Lee’s office said.

Mr. Lam, who is the Vietnamese Communist Party general secretary, leads a delegation of industry, trade, foreign and technology ministers and senior party and parliament members on the four-day state visit.

“Our countries agreed that about 10,000 Korean companies operating in Vietnam contribute to Vietnam’s economic development and mutually beneficial cooperation between the two countries.” Mr. Lee said ina televised address.