South Korean President Yoon aims to boost economic ties on Vietnam visit

South Korea’s President Yoon Suk Yeol will visit Vietnam from June 22-24 to promote trade and cooperation ties at the invitation of his Vietnamese counterpart Vo Van Thuong, his office announced on Tuesday.

It will be Yoon’s first bilateral visit to a member of the Association of Southeast Asian Nations (ASEAN), the office said.

Yoon and Vietnamese Prime Minister Pham Minh Chinh committed to expanding the two countries’ bilateral trade and economic ties during talks at the extended G7 Summit in Hiroshima on May 19. They also discussed ways to enhance relations.

The Korean president’s Vietnam agenda next week includes a summit with Vietnamese President Thuong on June 23. He will also discuss ways to deepen the Comprehensive Strategic Partnership established between the two countries last year.

Yoon will be accompanied by a 205-strong business delegation on his state visit to Vietnam, which is already a major investment destination for Korean companies, including global heavyweights.

Executives from leading conglomerates will attend an economic forum in Hanoi on June 24, the last day of Yoon’s Vietnam visit.

They will include Lee Jae-yong, chairman of Samsung Electronics; Chey Tae-won, chairman of SK Group; Chung Eui-sun, chairman of Hyundai Motor Group; Koo Kwang-mo, chairman of LG Group; and Shin Dong-bin, chairman of Lotte Group, according to Dong-A Ilbo, a South Korean newspaper.

Major firms on both sides are expected to sign memorandums of understanding and hold trade-related talks, the newspaper said on June 3.