74 MOUs Signed Between Companies at Korea-Vietnam Business Forum... Kim Yongbeom: "200 Billion Dollar Trade Within Reach"

South Korea and Vietnam have taken a significant step forward in economic cooperation, prompted by President Lee Jaemyung's state visit to Vietnam. The two countries signed 12 government and institution-level cooperation documents covering infrastructure, nuclear power, and artificial intelligence (AI), as well as 74 memoranda of understanding (MOUs) between private companies, encompassing sectors such as energy and K-consumer goods. Notably, in the case of nuclear power cooperation, it was at the request of the Vietnamese side, not a Korean proposal, which is seen as a sign that the two countries are now entering a stage where they jointly design future high-tech industries and key infrastructure.

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Kim Yongbeom, policy chief at the Presidential Office, held a press briefing at the press center after attending the Korea-Vietnam Business Forum at the JW Marriott Hotel in Hanoi on the afternoon of the 23rd (local time). He stated, "This state visit has become an excellent starting point for cooperation in nuclear power, energy, and infrastructure, which are essential to securely support the growth of future high-tech industries."

The preliminary meeting held before the forum was attended by President Lee and Vietnamese Prime Minister Le Minh Khai, along with business leaders such as Chey Taewon, Chairman of the Korea Chamber of Commerce and Industry (Chairman of SK Group); Lee Jaeyong, Chairman of Samsung Electronics; Koo Kwangmo, Chairman of LG Group; Shin Dongbin, Chairman of Lotte Group; Jang Inhwa, Chairman of POSCO Holdings; Jung Kisun, Chairman of HD Hyundai; Hur Taesoo, Chairman of GS Group; Sohn Kyungshik, Chairman of CJ Group; Cho Hyunjoon, Chairman of Hyosung; Park Ji-won, Chairman of Doosan Enerbility, among a total of 13 business executives.

At the meeting, Chey Taewon, Chairman of SK Group, emphasized the importance of AI data centers and stable power supply, outlining plans to leverage LNG businesses as a foundation to contribute to the Vietnamese AI industry. Lee Jaeyong, Chairman of Samsung Electronics, stated, "Vietnam's success is Samsung's success," and expressed his commitment to supporting the local high-tech ecosystem and talent development. Koo Kwangmo, Chairman of LG Group, presented plans to expand the group's role not only in home appliances but also in manufacturing innovation such as smart factories. Choi Sooyoun, CEO of Naver, proposed enhanced cooperation in nurturing local AI talent and technology transfer, drawing from the company's experience in hosting AI hackathons.

Additionally, Shin Dongbin, Chairman of Lotte, expressed his intention to further expand cooperation based on the group's local business portfolio, which has grown from food to distribution, hotels, and chemicals. Hur Taesoo, Chairman of GS Group, shared plans to enter urban development, smart cities, and data center sectors. Jung Wonju, Chairman of Daewoo E&C, mentioned ongoing smart city projects in Vietnam and expressed willingness to participate in large-scale infrastructure projects such as high-speed railways and nuclear power. Park Ji-won, Chairman of Doosan Enerbility, emphasized that stable power supply is the core of the AI era and that his company is the ideal partner for new nuclear power plant construction. Jang Inhwa, Chairman of POSCO Holdings, announced plans to establish a secondary battery material plant for electric vehicles, while Jung Kisun, Chairman of HD Hyundai, referred to investments in shipbuilding and production capacity expansion. Sung Kim, President of Hyundai Motor Company, stated intentions to expand local joint production and social contributions.

Vietnamese companies also expressed their intention to expand cooperation with Korean firms. In particular, IT company FPT proposed to both leaders the establishment of a Strategic Technology Center for joint research in areas such as AI, semiconductors, cybersecurity, and unmanned aerial vehicles. In response, Prime Minister Le Minh Khai emphasized the importance of cooperation in semiconductors, AI, digital technology, components and materials, and talent development, stating, "We will support businesses so they can operate quickly, clearly, and effectively, and will resolve any problems immediately." Regarding FPT's proposal to establish an advanced technology cooperation committee, he commented that it was "a very good idea." According to Kim, President Lee emphasized in his closing remarks that "the more turbulent the world order and the more uncertain the future, the more important it is to pool our capabilities to design the future together."

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More than 500 key business figures from both countries attended the subsequent business forum. Kim stated, "We witnessed a high level of interest and commitment to expanding economic cooperation between the two nations," adding, "A total of 74 MOUs were signed, covering advanced industries, energy, infrastructure, and K-consumer goods."

Kim highlighted nuclear power cooperation as a major economic achievement of this visit to Vietnam. He explained, "At the MOU exchange ceremony held during the summit yesterday, two MOUs in the field of nuclear power were signed. While the nuclear power personnel training cooperation signed during Party Secretary General To Lam's visit to Korea last August was largely at the request of the Korean side, this time, MOUs for nuclear power development and financial cooperation were signed at the request of Vietnam, which is a notable difference."

Accordingly, the state-run energy companies of both countries will jointly explore new nuclear power plant construction and actively pursue cooperation in building a nuclear power supply chain. Institutions such as the Export-Import Bank of Korea and Korea Trade Insurance Corporation will also consider the possibility of related financial support.

There were also achievements in large-scale infrastructure. Kim said, "This state visit has further increased the prospects for Korean companies to participate in Vietnam's mega national infrastructure projects, such as railway and new city construction." He also introduced that, at the forum, a domestic company agreed to sign a contract worth 330 million dollars for urban rail vehicles with Ho Chi Minh City.

Furthermore, Kim predicted that, considering the growth of economic relations between the two countries, annual bilateral trade could soon reach 200 billion dollars. He noted, "South Korea and Vietnam are the third-largest trading partners for each other, and last year's trade volume reached a record 94.6 billion dollars," adding, "At this rate, surpassing 100 billion dollars and leaping toward 200 billion dollars is not a distant future." He continued, "For the past 30 years, Korea and Vietnam have created one of the world's most notable examples of successful economic cooperation," and added, "Now, based on this stable relationship, we must move on to a new stage of jointly creating the future."

Meanwhile, Kim addressed the recent decision rally by the Samsung Electronics labor union, stating, "We hope the issue will be resolved wisely through dialogue." In response to a question on whether President Lee had been briefed or made any comments on the matter, Kim replied, "The president has not made any separate remarks." He added, "I have seen reports of the situation reviewed at the daily briefing presided over by the chief of staff, and since labor-management relations have not reached an extreme stage, I believe the issue will be resolved smoothly."

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