South Korea and Vietnam said on Wednesday they agreed to cooperate closely, after the announcement of U.S. tariffs that pose a major challenge for both economies and for companies like Samsung Electronics with big investments in Vietnam.

South Korea's industry minister Ahn Duk-geun is visiting Vietnam as the two countries scramble to negotiate a reduction of threatened U.S. tariffs of 25% and 46%, respectively, that would otherwise apply in July after a global moratorium expires.

Chinese leader pledges to build strong bilateral relations with Hanoi, rejects protectionism, as he begins Asia tour aimed at projecting Beijing as a stable partner.

China and Vietnam expressed their support for maintaining a multilateral trade regime centered around the World Trade Organization in a joint statement issued on Tuesday at the end of a two-day visit by Chinese President Xi Jinping.

During Trump's first term, tariffs on China were a big win for Vietnam, especially in cities like Haiphong. Now the country's future isn't so clear.

Xi Jinping is in Southeast Asia to build bonds with countries that also face U.S. tariffs and have come under pressure from Washington to curb the transshipment of Chinese goods.