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Business leaders of Korea, Vietnam call for strategic partnership

Published: 12 Aug. 2025, 16:26 Updated: 12 Aug. 2025, 18:41

SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, speaks during a business forum in central Seoul on Aug. 12. [NEWS1]

Top business leaders of Korea and Vietnam on Tuesday highlighted the need to form a strategic economic partnership between their countries while vowing to continue enhancing their bilateral cooperation in various sectors.

“Today, the business environment faced by both countries at home and abroad remains challenging,” SK Group Chairman Chey Tae-won said during a business forum hosted by the Korea Chamber of Commerce and Industry (KCCI), citing the United States' protectionist policies and global geopolitical tensions.

“Both countries are facing the common task of proactively responding to the changing environment and discovering new growth engines,” added Chey, who is also currently serving as the head of the KCCI. “Such a crisis cannot be overcome by efforts of a single country, and we need to make breakthroughs through partnerships and cooperation with reliable partners.”

The special business forum was attended by Vietnamese leader To Lam, who is on a state visit to Korea, and Korean Prime Minister Kim Min-seok, along with some 500 business leaders from the two countries.

Prime Minister Kim Min-seok speaks during a business forum in central Seoul on Aug. 12. [NEWS1]

Chey said Korea and Vietnam can particularly seek partnerships in four major areas: digital, cutting-edge technology, supply chains and energy.

The SK Group chief also asked Vietnamese business leaders to support the Asia-Pacific Economic Cooperation summit, scheduled in Korea's southeastern city of Gyeongju, North Gyeongsang, from Oct. 31-Nov. 1.

During Tuesday's forum, SK Innovation vowed to provide Vietnam with competitive energy infrastructure to supply the massive amount of power essential for advanced industries, including semiconductors and batteries.

HD Korea Shipbuilding & Offshore Engineering pledged to continue cooperating with Vietnamese business, including fresh investment in infrastructure.

Other participants in the business forum included Samsung Electronics President Park Seung-hee and Lotte Shopping President Chung Joon-ho. Those from Vietnam included Le Manh Hung, president of PetroVietnam; Viettel Group Chairman Tao Duc Thang; and Luu Trung Thai, head of Vietnam's Military Commercial Joint Stock Bank.

In total, the two countries signed 52 memorandums of understanding (MOUs) at the business forum, covering areas such as energy, shipbuilding, aviation and artificial intelligence, according to the Ministry of Trade, Industry and Energy.

The signed MOUs included agreements related to bilateral cooperation on the development of hyperscale data centers, high-speed rail and AI, as well as promoting the use of renewable energy.

Trade volume between Korea and Vietnam reached $86.7 billion in 2024, marking a sharp increase from $500 million in 1992, when the two countries established diplomatic ties.

Vietnam is Korea's third-largest trade partner, following China and the United States.

Korea is Vietnam's largest foreign investor, with accumulated investment reaching $92.5 billion, and around 10,000 Korean companies currently operating in the Southeast Asian nation, according to the KCCI.

Yonhap