President Yoon Suk Yeol met with Vietnam's new President Luong Cuong to discuss economic cooperation between the two countries and other issues of mutual concern, Yoon's office said Saturday.

The bilateral summit, held on the sidelines of the Asia-Pacific Economic Cooperation summit in Lima, marked Yoon's first meeting with Cuong, who took office last month.

Yoon emphasized the importance of "mutually beneficial" cooperation in key areas, including infrastructure development and supply chains for key minerals, the office said.

Cuong described the bilateral ties as "very special and important," expressing hope for continued high-level communication to further strengthen the relations, it noted.

Vietnam is South Korea's third-largest trading partner after the United States and China. (Yonhap)