The chief of the ruling Democratic Party (DP) voiced hope Monday that the upcoming South Korea-US summit can help resolve various bilateral issues, including Seoul's COVID-19 vaccine procurement.

"I expect that momentum can be created by the historic South Korea-US summit to relieve the (Korean) people's anxieties over vaccine issues, (foment) cooperation on semiconductors and a joint response to climate change, and resolve North Korean issues," DP Chairman Song Young-gil said during a meeting of the supreme party council.

"I have expectations that President Moon (Jae-in) and President (Joe) Biden will build personal trust between them and produce various results concerning the South Korea-US relationship," Song noted.

The chairman also added that he "expects" progress on the issue of turning South Korea into an "Asian production base" for COVID-19 vaccines.

His remarks came as Moon and Biden are set to hold their first in-person meeting in Washington on Friday.

The meeting is widely expected to draw on a range of top priority issues, including, most notably, Seoul's efforts for early procurement of COVID-19 vaccines, as well as the Biden administration's new North Korea policy.

Seoul earlier proposed a vaccine swap arrangement with Washington, under which the US would first provide COVID-19 vaccines to South Korea from its stockpile and later get paid back in vaccines. (Yonhap)