SEOUL: South Korean and Vietnamese business and government leaders vow to bolster cooperation in high-tech sectors, supply chains and energy, as both countries look to navigate mounting geopolitical tensions and protectionist trade policies.
The commitment was made during the South Korea-Vietnam Business Forum held on Tuesday at Lotte Hotel in Seoul, hosted by the Korea Chamber of Commerce and Industry (KCCI) together with South Korea’s Trade Ministry, the Vietnamese Embassy and Vietnam’s Finance Ministry.
It was organised to mark General Secretary of the Communist Party of Vietnam To Lam’s visit to South Korea, the first time Vietnam’s top leader had traveled here in 11 years.
“The domestic and global environment facing both countries today is not easy,” Chey Tae-won, chair of KCCI and SK Group, said in his opening remarks at the forum.
“The spread of protectionism, such as the United States imposing reciprocal tariffs, and rising geopolitical conflicts have increased uncertainty in the global economy, while existing growth models are reaching their limits.”
Chey stressed that such crises “cannot be overcome by the strength of one country alone”, calling for “solidarity and cooperation with trustworthy partners to make a breakthrough”.
“The two countries are optimal partners in times of crisis,” he said, highlighting digital and high-tech industries, supply chains and energy as four key areas where the two countries can cooperate.
In response, Vietnam Finance Minister Nguyen Van Thang said Vietnam and South Korea are nations with “similar cultures and strategic partners that are key components of regional and global value chains”.
“The Vietnamese government welcomes South Korean companies to expand not only in Vietnam, but also into third markets with us, and we are ready to engage in mutually beneficial cooperation, pledging support for large-scale joint projects.
South Korean Prime Minister Kim Min-seok attended the forum, as well as about 300 corporate leaders, including Samsung Electronics president Park Seung-hee, SK Innovation chief executive officer (CEO) Choo Hyeong-wook, LG CNS president Hyun Shin-gyoon and Lotte Shopping CEO Chung Joon-ho.
Some 200 Vietnamese officials and business leaders were also present, including Lam, Foreign Minister Bui Thanh Son, Petrovietnam chair Le Manh Hung, Viettel chair and CEO Tao Duc Thang and Military Bank chair Luu Trung Thai, among others.
The forum concluded with the signing of 52 memoranda of understanding between companies and institutions from both countries, including SK Innovation, Hyosung Heavy Industries, KT, Kepco KDN and the South Korea Tourism Organisation, pledging stronger collaboration across a wide range of industries, from energy, to shipbuilding, aviation, artificial intelligence advanced materials and drones.
Trade between the two countries has expanded from US$500mil when diplomatic ties were established in 1992 to US$86.7bil in 2024.
At a summit held on Monday, the leaders of South Korea and Vietnam agreed to reach US$150bil by 2030.
Vietnam is now the third-largest trading partner of South Korea after China and the United States, while South Korea maintains its No. 3 position with Vietnam.
Seoul is also the largest foreign investor in Vietnam, with cumulative investment totaling US$92.5bil and about 10,000 South Korean companies operating in the country.
On Monday, South Korean President Lee Jae Myung hosted a state dinner to welcome Lam, reiterating expanded cooperation in high-tech energy and infrastructure projects between the two countries.
More than 120 senior officials and executives from major South Korean conglomerates with significant operations in Vietnam attended the dinner at Cheong Wa Dae, which was previously the presidential residence. — The Korea Herald/ANN
