Seoul: Top business leaders from South Korea and Vietnam have called for the establishment of a strategic economic partnership between the two countries. This announcement came during a business forum led by Chey Tae-won, chairman of South Korea's SK Group, who stressed the importance of strengthening bilateral cooperation amidst challenging global economic conditions.
According to Yonhap News Agency, Chey emphasized the need for both countries to adapt to the shifting economic landscape, citing the influence of protectionist policies from the United States and ongoing geopolitical tensions. He highlighted that the challenges faced by South Korea and Vietnam cannot be tackled by any single country alone, advocating for collaboration to discover new growth engines.
The forum, organized by the Korea Chamber of Commerce and Industry (KCCI), saw participation from Vietnamese leader To Lam and South Korean Prime Minister Kim Min-seok, alongside approximately 500 business leaders. Chey identified four key sectors for potential collaboration: digital, cutting-edge technology, supply chains, and energy.
In his address, Chey urged Vietnamese business leaders to support the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea. Furthermore, SK Innovation Co. committed to providing Vietnam with competitive energy infrastructure to support advanced industries, while HD Korea Shipbuilding and Offshore Engineering Co. pledged ongoing collaboration with Vietnamese businesses, including new investments in infrastructure.
The business forum also included prominent figures such as Samsung Electronics President Park Seung-hee, Lotte Shopping President Chung Joon-ho, PetroVietnam President Le Manh Hung, Viettel Group Chairman Tao Duc Thang, and Luu Trung Thai of Vietnam's Military Commercial Joint Stock Bank.
A total of 52 memorandums of understanding (MOUs) were signed during the event, spanning sectors such as energy, shipbuilding, aviation, and artificial intelligence. These agreements aim to foster bilateral cooperation in developing hyperscale data centers, high-speed rail systems, AI transformation, and the promotion of renewable energy.
Trade between South Korea and Vietnam has seen significant growth, reaching $86.7 billion in 2024 from just $500 million in 1992, when diplomatic ties were established. Vietnam is now South Korea's third-largest trade partner, and South Korea ranks as Vietnam's largest foreign investor, with investments totaling $92.5 billion and approximately 10,000 South Korean companies operating in Vietnam, as reported by the KCCI.