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Korean, Vietnamese firms boost ties with 38 MOU signings
Delegates from Korean and Vietnamese firms and governments applaud during the Korea-Vietnam Business Forum in Seoul, Tuesday. Among the participants are Prime Minister Kim Min-seok, seventh from left, Vietnam’s Communist Party General Secretary To Lam, eighth from left, and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, sixth from left. Courtesy of KCCI
By Ko Dong-hwan
Top Vietnamese leader meets Korean prime minister
Major private and state-run companies of Korea and Vietnam signed dozens of strategic partnerships at the Korea-Vietnam Business Forum in Seoul, Tuesday.
The forum took place on the occasion of Vietnam’s Communist Party General Secretary To Lam’s visit to Korea. On Monday, he held a summit with President Lee Jae Myung and agreed to advance bilateral exchanges.
Vietnam is the third-largest trading partner of Korea behind China and the United States, while Korea ranks among Vietnam’s top three trading partners as well.
The forum brought together 300 business leaders from 47 Korean companies, including Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, Samsung Electronics President Park Seung-hee, SK Innovation CEO Choo Hyeong-wook, and Lotte Shopping CEO Jung Joon-ho. The Korean government was represented by Prime Minister Kim Min-seok and First Vice Minister of Trade, Industry and Energy Moon Shin-hak.
Some 200 Vietnamese delegates, including business representatives from 37 companies, also participated. Notable attendees included Deputy Prime Minister and Foreign Minister Bui Thanh Son, Petrovietnam Chairman Le Manh Hung, Viettel Group Chairman Tao Duc Thang and Military Bank Chairman Luu Trung Thai.
They signed a total of 38 memorandums of understanding (MOUs) covering areas such as energy, shipbuilding, artificial intelligence (AI), advanced materials and drones.
LG CNS President Hyun Shin-gyoon agreed with Vietnam Posts and Telecommunications Group Chairman To Dung Thai and Korea Investment Real Asset Management CEO Kim Yong-sik to jointly establish a new data center in Vietnam.
Korean information and communication technology (ICT) giant KT agreed with Viettel Group, a Vietnamese state-run ICT company, to cooperate on expanding AI technologies throughout Vietnamese industries and usher in AI transformation under the Vietnamese government’s initiative.
KCCI Chairman Chey Tae-won delivers a welcome speech during the Korea-Vietnam Business Forum in Seoul, Tuesday. Courtesy of KCCI
“Spread of trade protectionism worldwide fueled by U.S. reciprocal tariff measures is pushing the conventional business strategies to their limitations, urging us to seek new growth engines. This crisis calls for not one nation’s singular effort but solidarity of like-minded nations,” KCCI Chairman Chey said.
“Since the two countries officially became diplomatic partners in 1992, exchanges have broadened and Korea has become the largest investor to Vietnam. To further cement the bilateral ties, a more active role of business leaders is imperative,” he added.
Vietnamese Minister of Finance Nguyen Van Thang said Vietnam is revising regulations and upgrading the country’s investment environment for foreign firms in the fields of eco-friendly energies, digital finance, innovation and service sectors.
“The Vietnamese government wishes Korean firms to roll out businesses not only in Vietnam but also in third nations together with Vietnamese firms and government, jointly aiming for mutual benefit. Especially for semiconductors, AI and digital transformation, the Vietnamese finance ministry will keep a close partnership with the KCCI and Korean firms," the Vietnamese minister said.
The forum featured keynote speeches from six companies — three from each country — including SK Innovation, HD Korea Shipbuilding & Offshore Engineering and Petrovietnam. They addressed strategic sectors for both nations such as digital transformation, future industries, supply chains and energy.
The two countries’ trade volume spiked to $86.7 billion last year from $500 million in 1992. So far, 10,000 Korean firms doing business in Vietnam have invested a total $92.5 billion in Vietnam.
The KCCI has been running its Vietnamese office in Hanoi since 2009 to support Korean firms by resolving business difficulties there.