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Vietnam's ruling party chief to meet Korea Inc. during state visit

Published: 07 Aug. 2025, 17:33 Updated: 07 Aug. 2025, 18:20

General Secretary To Lam speaks during a press conference in Hanoi, Vietnam, on Aug. 3, 2024. [EPA/YONHAP]

To Lam, general secretary of the Communist Party of Vietnam, is set to meet with heads of Korea’s major business groups and top economic organizations during his state visit to Korea starting Sunday.

Lam will attend a state banquet hosted by President Lee Jae Myung on Monday, his second day in Korea, and meet with the leaders of Korea’s six major economic organizations and major conglomerates, according to business sources on Thursday.

The six economic group leaders expected to attend are Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry and SK Group; Ryu Jin, chairman of the Federation of Korean Industries; Sohn Kyung-shik, chairman of the Korea Enterprises Federation; Yoon Jin-sik, chairman of the Korea International Trade Association; Kim Ki-mun, chairman of the Korea Federation of Small and Medium Business (KBIZ); and Choi Jin-sik, chairman of the Federation of Middle Market Enterprises of Korea.

Conglomerate chiefs with significant operations in Vietnam — including those from Samsung Electronics, Hyundai Motor and LG — are also reportedly on the invite list, along with leaders from Lotte, Posco, Hanwha, HD Hyundai, GS, Shinsegae, Doosan and Hyosung. Final attendees will be confirmed on Saturday.

The banquet is expected to host around 50 participants, including Korean and Vietnamese officials. If top executives attend, it will mark the first official meeting between President Lee and prominent business leaders since the Korea-U.S. tariff negotiations were concluded in late July.

Lam will join Prime Minister Kim Min-seok at the Korea-Vietnam Business Forum and joint roundtable at a hotel in central Seoul on Tuesday afternoon. Initially planned as individual meetings, the format was expanded at Vietnam’s request. CEOs of major Korean subsidiaries are expected to discuss concrete cooperation plans in supply chains, investment, energy, nuclear power and advanced industries.

Presidential spokesperson Kang Yu-jung briefs the press on the upcoming state visit by Vietnam's General Secretary of the Communist Party, To Lam, at the presidential office in Yongsan, central Seoul, on Aug. 7. [YONHAP]

Lam’s visit marks the first by a Vietnamese general secretary to Korea since Nguyen Phu Trong visited in 2014 under the Park Geun-hye administration. The visit is expected to significantly broaden economic and industrial cooperation between the two countries, especially amid Vietnam’s large-scale bidding for projects such as nuclear power plants and high-speed rail.

“President Lee will discuss not only politics, security, trade and investment but also strategic sectors such as nuclear power, high-speed rail, smart cities and science and technology talent development during the summit and state banquet scheduled for Nov. 11,” presidential office spokesperson Kang Yu-jung said Thursday. “This will serve as an opportunity to strengthen bilateral ties further.”

Nuclear cooperation with Vietnam

Vietnam is Korea’s third-largest trading partner after the United States and China. Korea remains the largest foreign investor in Vietnam, with cumulative investment reaching $92 billion.

Vietnam’s renewed push for nuclear energy is drawing particular interest. The government plans to resume the long-delayed Ninh Thuan nuclear power project, aiming to build four reactors by 2030 at an estimated cost of 30 trillion won ($21.7 billion). Leaders from China, Japan and France have also visited Vietnam recently in hopes of securing contracts.

Korea is accelerating efforts to win the bid, with the Ministry of Trade, Industry and Energy, Korea Electric Power Corporation (Kepco) and Doosan Enerbility forming a “Team Korea” consortium.

“Vietnam is a critical production hub and strategic investment destination for Korean firms, especially as companies seek to diversify supply chains and reduce reliance on China,” said one industry official. “This visit could help enhance institutional stability and establish stronger high-level communication between the two countries.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM SU-MIN, NA SANG-HYEON [[email protected]]