Top business leaders from South Korea and Vietnam have called for a stronger strategic economic partnership to boost cooperation across key sectors. This comes as both countries face complex challenges in the global business environment.
At a business forum hosted by the Korea Chamber of Commerce and Industry (KCCI) on Tuesday, Chey Tae-won, chairman of South Korea’s SK Group and head of KCCI, stressed the need for deeper collaboration. He highlighted risks such as U.S. protectionism and global geopolitical tensions affecting both countries.
“Both South Korea and Vietnam must respond proactively to changing conditions and find new growth opportunities,” Chey said. He emphasized that no single country can overcome these challenges alone. “We need breakthroughs through partnerships with trusted allies.”
The forum included top officials like Vietnamese leader To Lam, visiting South Korea on a state visit, and South Korean Prime Minister Kim Min-seok, along with about 500 business executives from both nations.
Chey suggested focusing on four key areas for partnership: digital technology, advanced innovation, supply chains, and energy. He also encouraged Vietnamese business leaders to support the upcoming Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, from October 31 to November 1.
During the event, SK Innovation promised to help build competitive energy infrastructure in Vietnam. This will supply the power needed for advanced industries such as semiconductors and batteries. Meanwhile, HD Korea Shipbuilding & Offshore Engineering pledged to maintain strong cooperation and invest further in Vietnam’s infrastructure.
Other notable participants included 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, head of Vietnam’s Military Commercial Joint Stock Bank.
The forum also saw the signing of 38 memorandums of understanding between the two countries. These agreements cover energy, shipbuilding, aviation, and artificial intelligence.
Trade between South Korea and Vietnam has surged in recent decades, reaching $86.7 billion in 2024. This marks a huge rise from just $500 million in 1992, when diplomatic relations were established.
Vietnam is now South Korea’s third-largest trade partner after China and the United States. South Korea is also Vietnam’s largest foreign investor, with a total investment of $92.5 billion. Currently, about 10,000 South Korean companies operate in Vietnam.
This growing partnership shows a clear commitment from both sides to strengthen economic ties amid a challenging global landscape. The focus on technology, supply chains, and energy signals a shared vision for sustainable growth and cooperation in the years ahead.