President Lee Jae-myung arrived in Vietnam, his second stop after a state visit to India, and business leaders are also gathering there to carry out an economic delegation schedule, industry officials said. The push reflects an effort to expand business in Vietnam — seen along with India and Brazil as a key “Global South” market — as companies seek to manage global uncertainty. Large-scale investment announcements are expected again at the Korea-Vietnam Business Forum on the 23rd.
According to the business community on the 22nd, top executives who completed the India delegation schedule — including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, HD Hyundai Group Vice Chairman Chung Ki-sun and Hyosung Group Chairman Cho Hyun-joon — are moving on to Vietnam to continue the delegation’s activities.
The Vietnam leg is being led by SK Group Chairman Chey Tae-won in his role as chairman of the Korea Chamber of Commerce and Industry. Chey and Park Ji-won, chairman of Doosan Enerbility, were among major business figures who boarded a flight to Vietnam that day.
Financial leaders are also joining Lee’s state-visit schedule, led by Financial Services Commission Chairman Lee Eok-won. They include KB Kookmin Bank CEO Lee Hwan-ju, Shinhan Bank CEO Jeong Sang-hyeok, Hana Bank CEO Lee Ho-seong, Woori Bank CEO Jeong Jin-wan and NH NongHyup Bank CEO Kang Tae-young.
Vietnam is South Korea’s third-largest trading partner after China and the United States. Last year, total Korea-Vietnam trade recorded $62.8 billion in exports and $31.8 billion in imports. Overall trade expanded to $94.6 billion from $86.8 billion in 2024.
South Korea’s four major conglomerates already run sizable production bases in Vietnam. Samsung Electronics operates six manufacturing plants and one research and development center nationwide and produces more than 50% of its smartphones there. SK Group has been expanding local energy infrastructure projects, including power plants and liquefied natural gas terminals.
Hyundai Motor has strengthened production and sales through its local joint venture, HTMV, and ranked No. 1 in local sales in 2023 and 2024, beating Toyota. LG Electronics is developing Vietnam as a key production hub for its automotive components business, while affiliates LG Innotek and LG Display also operate major production sites in the country.
For Vietnam, South Korea is a major economic partner. Vietnam’s business outlet VN Economy reported that South Korea is Vietnam’s largest foreign investor, with cumulative registered investment estimated at 126 trillion won to 133 trillion won.
Vietnam’s ambassador to South Korea, Buhan, said the core agenda of Lee’s trip and the economic delegation is shifting bilateral cooperation from capital- and labor-dependent industries to advanced sectors such as semiconductors and artificial intelligence. He said that could help achieve the two countries’ goal of $150 billion in trade by 2030.
Attention is now focused on the Korea-Vietnam Business Forum on the 23rd. Organizers expect announcements on strategic cooperation and private-sector investment memorandums of understanding covering not only advanced technologies such as semiconductors but also nuclear power, high-speed rail and large-scale new-city infrastructure.
A business official said Vietnam is a key country with the capacity to fill gaps left by China in both production and market terms, adding that, as in India, domestic companies are likely to announce investments worth several trillion won.
* This article has been translated by AI.
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