Korean Companies Secure Record-Breaking $82 Million Export Contracts in Vietnam

24 Export Contracts Signed at Business Partnership Event
Full-Fledged Cooperation in Advanced Industries Including Nuclear Power, Secondary Batteries, and Electricity

President Lee Jae-myung and Prime Minister Le Minh Hung of Vietnam are taking a commemorative photo with businesspeople from both countries at a pre-discussion meeting of the Korea-Vietnam Business Forum held at a hotel in Hanoi on the 23rd (local time). Photo by Yonhap News

During President Lee Jae-myung's state visit to Vietnam, Korean companies secured export contracts worth a record-breaking 82 million dollars.

On the 23rd, the Ministry of Trade, Industry and Energy, together with Korea Trade-Investment Promotion Agency, held the 'Korea-Vietnam Business Partnership' event at the Vietnam National Convention Center (NCC) in Hanoi. The event was attended by around 100 Korean companies in fields such as artificial intelligence (AI) and semiconductors, bio and medical, content and consumer goods, and energy and environment, along with about 200 Vietnamese buyers.

Korean companies participating in the event signed a total of 24 export contracts, amounting to approximately 82 million dollars. This marks the largest achievement for a business partnership event since 2015, far surpassing previous records with India (48.29 million dollars) and China (44.11 million dollars).

Kim Jeonggwan, Minister of Trade, Industry and Energy, visited the 'K-Lifestyle Showcase' and the 'Business Support Counseling Center' within the event venue to encourage the companies. He stated, "Vietnam is one of Korea’s top three trading partners and a key partner in supply chain cooperation," and added, "The government will strengthen its support so our companies can create various business opportunities."

On the same afternoon, the 'Korea-Vietnam Business Forum,' co-hosted by the Ministry of Trade, Industry and Energy and the Korea Chamber of Commerce and Industry, was held at the JW Marriott Hotel in Hanoi. President Lee Jae-myung and Vietnamese Prime Minister Pham Minh Chinh attended the event, where a total of 73 Memorandums of Understanding (MOUs) were exchanged between companies and institutions from both countries.

In the energy sector, Doosan Enerbility and Vietnam Petrocons signed an MOU to cooperate on nuclear power localization, laying the groundwork for the introduction of Small Modular Reactors (SMRs). Korea Electric Power Corporation also revised its power infrastructure cooperation MOU with Vietnam Electricity (EVN) to strengthen joint development efforts.

In the high-tech industry sector, POSCO Future M secured an investment registration certificate to build a synthetic graphite anode material plant in Thai Nguyen Province, Vietnam, thereby working to establish a global secondary battery supply chain. Hyundai Motor Company and Korea International Cooperation Agency (KOICA) signed an MOU with the Vietnamese Ministry of Education and Training to foster technical talent in the automotive sector.

In the subsequent presentation session, companies and institutions such as Samsung Electronics, SK Innovation, Korea Institute of Science and Technology (KIST), and Korea Institute for International Economic Policy (KIEP) discussed concrete cooperation plans in areas including the development of the parts industry, AI and power infrastructure, scientific and technological cooperation, and nurturing talent for high-tech industries.

The Ministry of Trade, Industry and Energy stated, "We plan to continue follow-up measures to ensure that the economic cooperation outcomes achieved during this state visit lead to tangible business opportunities."

This content was produced with the assistance of AI translation services.