Chairmen of leading Korean corporations visit Vietnam

The chairmen of leading corporations such as Samsung Electronics, SK, Hyundai Motor, LG, and Lotte were in the delegation accompanying President Yoon Sun Yeol on his visit to Vietnam.

On the morning of June 22, South Korean President Yoon Suk Yeol began a three-day state visit to Vietnam.

According to Yonhap , President Yoon Suk Yeol is accompanied by a 205-member business delegation from various fields such as finance, law, health care, information technology, and services. The delegation is considered the largest under the current administration, including Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and Hyundai Motor Group Chairman Euisun Chung. The delegation may sign a number of memorandums of understanding as leading Korean exporters are looking to expand their supply chains and exports.

On the afternoon of June 22, the Korea - Vietnam Partnership Fair took place with the participation of 120 enterprises, including many large economic groups such as Samsung, LG, Hyundai Motor, Hyosung.

"In total, 100 Korean enterprises and 300 Vietnamese enterprises have registered for trade connections. We expect about 1,000 trade transactions between businesses on both sides," said a representative of the Korea Trade-Investment Promotion Agency (KOTRA).

Tomorrow, Prime Minister Pham Minh Chinh is scheduled to meet with a number of prominent Korean businesses. Afterwards, the Prime Minister and the Korean President will attend the Vietnam-Korea Economic Forum.

Recently, the increase in investment by large Korean enterprises in Vietnam has brought great expectations for economic cooperation between the two countries. At the end of last year, Samsung Electronics Vice President Han Jong-hee said that he would increase investment capital in Vietnam to 20 billion USD, focusing on the fields of artificial intelligence and big data. Samsung is currently the Korean enterprise investing the most in Vietnam, and the group has just put into operation the largest Research and Development (R&D) Center in Hanoi in Southeast Asia.

LG Group also revealed that it will invest an additional 5 billion USD in Vietnam in the near future, or SK is increasing its capital investment in Vietnam through investments in Masan and Vingroup.

According to data from the Foreign Investment Agency, in the first 5 months of the year, South Korea was one of the economies with the largest investment capital in Vietnam. In particular, South Korea led in the number of new projects, capital adjustments and capital contributions to buy shares.

Phuong Anh

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