The two leaders held their first meeting in Lima on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.
"As each other's third-largest trading partners, I expect our nations to continue strengthening cooperation to boost investment," Yoon said.
He expressed hope for continued participation of South Korean companies in Viet Nam's infrastructure projects, including high-speed rail development.
He also called for increased supply chain cooperation, particularly in critical minerals.
Cuong expressed hope to accelerate cooperation through high-level exchanges, according to Seoul's presidential office.
"It is important that both countries fully utilize their respective strengths to enhance mutually beneficial cooperation and support business activities," he said.
The two leaders expressed satisfaction with expanding defense and security cooperation under their comprehensive strategic partnership.
They agreed to deepen military industry collaboration, including a program to transfer decommissioned South Korean naval vessels to support Viet Nam's maritime security capabilities, Yoon's aides said.
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