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S.Korean business leaders come to Vietnam as President begins three-day visit

The Saigon Times

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HCMC – Chairpersons of South Korean corporations such as Samsung Electronics, SK, Hyundai Motor, LG, and Lotte are accompanying President Yoon Suk-yeol during his three-day visit to Vietnam starting June 22.

The business delegation consists of over 200 representatives from various sectors including finance, law, healthcare, information technology, and services. This is the largest business delegation under the current administration that have visited Vietnam.

Notable figures in the delegation include Executive Chairman of Samsung Electronics Lee Jae-yong, Chairman of SK Group Chey Tae-won, and Hyundai Motor Group Executive Chair Euisun Chung.

On June 22, President Yoon Suk-yeol visited showcases and met with businesses at the Korea-Vietnam Partnership Fair 2023 with the participation of 120 Vietnamese and Korean enterprises.

The Korea Trade-Investment Promotion Agency stated that “there are a total of 100 South Korean and 300 Vietnamese businesses establishing trade connections with each other. We expect around 1,000 business transactions will be made between enterprises of the two countries in the upcoming time.”

Today, Prime Minister Pham Minh Chinh will meet with leading South Korean businesses before attending the Vietnam-Korea Economic Forum with his counterpart.

In recent times, many large Korean businesses have increased their investments in Vietnam, opening up significant prospects for economic cooperation between the two countries.

Vice Chairman of Samsung Electronics Han Jong-hee announced last year that the corporation would increase its investment capital in Vietnam to US$20 billion to develop artificial intelligence and big data.

LG Corporation also revealed plans to invest an additional US$5 billion in Vietnam, while SK is boosting its capital injection in Vietnam by investing in Vietnamese big businesses such as Masan and Vingroup.

According to the Foreign Investment Agency, South Korea is one of Vietnam’s largest investors, leading in the number of new investment projects and frequency of capital increases and share acquisitions in the first five months of this year.

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