Executives of Lotte Group and Samsung Group shake hands on the sidelines of the Vietnam-Korea Business Forum in Hanoi, 2023. Photo: Nguyen Khanh / Tuoi Tre
According to South Korean newspaper Chosun Daily, the trip is expected to advance bilateral cooperation in a wide range of strategic sectors, including semiconductors, electronic components, artificial intelligence, science and technology, energy transition, critical minerals, infrastructure development, and nuclear power plants.
Both sides are also aiming to strengthen trade ties, with a shared goal of reaching US$150 billion in two-way trade by 2030.
Besides, the two sides will discuss the possibility of Korean companies participating in Vietnam’s new key infrastructure projects, including smart cities.
Among those traveling with the president are Chey Tae Won, chairman of SK Group and head of the Korea Chamber of Commerce and Industry, Lee Jae Yong, chairman of Samsung Electronics, Chung Eui Sun, chairman of Hyundai Motor Group, Koo Kwang Mo, chairman of LG Group, Chung Ki Sun, chairman of HD Hyundai, and Cho Hyun Joon, chairman of Hyosung Group.
Their presence highlights their interest in Vietnam and Vietnam’s key role in the production chains of Korean firms.
Vietnam is the second stop in President Lee’s regional tour, following his visit to India from April 19.
That leg of the trip included a business forum in New Delhi attended by more than 250 leading Korean companies.
Senior executives from Samsung, SK, Hyundai Motor, and LG are also expected to participate in the Vietnam-Korea Business Forum in Hanoi, according to reports from the Korea Herald.
Korean media have interpreted the strong corporate turnout as a sign that major conglomerates are leveraging the presidential tour to accelerate expansion into what is increasingly referred to as the ‘Global South’ – a term describing emerging and developing economies across Asia, Africa, and Latin America.
These markets are viewed not only as high-growth consumer bases but also as critical production hubs for exports to advanced economies, particularly in Europe, one business representative told JoongAng Ilbo.
