South Korean president visits Vietnam as bilateral trade slumps

FILE PHOTO: South Korean President Yoon Suk Yeol speaks during a joint press conference with French President Emmanuel Macron (not pictured) at Elysee Palace in Paris, France June 20, 2023. Christophe Petit Tesson/Pool via REUTERS/File Photo

HANOI (Reuters) - Visiting South Korea President Yoon Suk Yeol is set to hold talks with Vietnam's leaders on Friday, meeting at a pivotal time in their relations as bilateral trade falls and Hanoi plans tax hikes for top Korean manufacturers.

The two countries over the last few decades have developed almost symbiotic industrial ties, with South Korea the largest foreign investor in Vietnam, where multiple Korean companies have manufacturing hubs, including LG Electronics and conglomerate SK Group.