S Korean Government holds roundtable with companies operating in Vietnam
South Korea’s Ministry of Trade, Industry, and Energy on Monday organized a roundtable with Korean businesses operating in Vietnam to discuss strategies to respond to potential changes in U.S. trade policies under the upcoming administration of President-elect Donald Trump.
Production of electronic components at Doosung Tech Vietnam Co., Ltd., an 100% Korean invested firm, in Luong Son Industrial Park in Hoa Binh province, northern Vietnam. Photo courtesy of Vietnam News Agency.
According to the ministry, the meeting, held in Seoul, came amid potential shifts under the second Trump administration, including the implementation of blanket tariffs on all imports, which are expected to impact Korean firms operating overseas as well.
Trade Minister Cheong In-kyo said at the meeting that the South Korean Government plans to utilize communication channels with Vietnam, including the joint committee on the bilateral free trade agreement scheduled for next month, to minimize uncertainties for Korean firms operating in the Southeast Asian country.
The ministry said that Vietnam is the South Korea’s third-largest trading partner, with 9,000 Korean companies currently operating in the country in industries including electronics, semiconductors, and textiles.
South Korea will continue to closely monitor the global trade environment and maintain active communication with industries to proactively address potential changes, the ministry added.
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