AI, Materials, Shipbuilding... 52 MOUs Signed Between Two Countries [Here is Southeast Asia]

Choi Tae-won, Chairman of the Korea Chamber of Commerce and Industry, emphasized on the 12th that "the role of entrepreneurs is more important than ever to further solidify future-oriented cooperation between Korea and Vietnam." Taking advantage of the visit of Vietnam's top leader to Korea for the first time in 11 years, the Korea-Vietnam Business Forum was held, where 47 Korean companies and organizations, including SK Innovation E&S, Hyosung Heavy Industries, KT, KEPCO KDN, and Korea Tourism Organization, and 37 Vietnamese companies and organizations agreed to strengthen cooperation in various fields ranging from energy, shipbuilding, and aviation to artificial intelligence (AI), advanced materials, and drones.

This forum was co-hosted by the Ministry of Trade, Industry and Energy and the Vietnamese Ministry of Finance, and co-organized by the Korea Chamber of Commerce and Industry and the Embassy of Vietnam in Korea, held at the Lotte Hotel in Jung-gu, Seoul, where a total of 52 memorandums of understanding (MOUs) were signed.

In his opening speech at the 'Korea-Vietnam Business Forum' held at the Lotte Hotel in Jung-gu, Seoul, Chairman Choi stated, "Korea and Vietnam are the best partners who can join hands in times of crisis," adding, "Korea and Vietnam face common challenges of actively responding to rapidly changing environments such as the spread of protectionism, including mutual tariffs imposed by the United States, and geopolitical conflicts, and discovering new growth engines."

The Korea Chamber of Commerce and Industry, the Ministry of Trade, Industry and Energy, the Vietnamese Embassy, and the Vietnamese Ministry of Finance jointly held this event, which was attended by over 300 entrepreneurs including Party Secretary General Rum Viet Dang, Prime Minister Kim Min-seok, Samsung Electronics President Park Seung-hee, SK Innovation CEO Choo Hyung-wook, LG CNS President Hyun Shin-kyun, Lotte Shopping CEO Jung Joon-ho, and other high-ranking government officials such as First Vice Minister of Industry Moon Shin-hak and Korean Ambassador to Vietnam Choi Young-sam. From the Vietnamese side, Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son, Minister of Finance Nguyen, Minister of Industry and Trade Nguyen Hong Dien, and other government officials, as well as business leaders such as Le Man Hong, Chairman of PetroVietnam Group, Tao Duc Thang, Chairman of Viettel Group, and Luu Trung Tai, Chairman of Military Bank, attended with over 200 entrepreneurs.

Since establishing diplomatic relations in 1992, Korea and Vietnam have continuously expanded exchanges, with bilateral trade volume increasing from $500 million (approximately 695.8 billion won) at the time of diplomatic relations in 1992 to $86.7 billion (approximately 120.6777 trillion won) last year, a more than 173-fold increase over 32 years. Vietnam has established itself as Korea's third-largest trading partner for three consecutive years, following China and the United States, while Korea has also become Vietnam's third-largest trading partner.

Choo Hyung-wook, the first presenter, stated, "Advanced industries such as semiconductors, secondary batteries, and artificial intelligence (AI) require large-scale power supply," adding, "SK will provide Vietnam with environmentally friendly and competitive energy, including the construction of liquefied natural gas (LNG) power infrastructure and the use of renewable energy." It was reported that SK Group held a 'Vietnam-SK Business Meeting' focusing on energy cooperation with Vietnamese officials visiting Korea in the afternoon.

Kim Sung-joon, CEO of HD Korea Shipbuilding & Offshore Engineering, proposed ways to expand cooperation and support, including facility investment for the growth of Vietnam's shipbuilding industry. SK Innovation and 47 Korean companies and organizations, along with 37 Vietnamese companies and organizations, agreed to strengthen cooperation in various fields ranging from energy, shipbuilding, and aviation to AI, advanced materials, and drones.


ehcho@fnnews.com Reporter Cho Eun-hyo