Top Korean firms to attend business forum in Vietnam to boost trade

Executives from South Korean leading conglomerates will attend an economic forum in Vietnam on June 24 as both countries seek to expand economic cooperation.

The Korean business mission, set to join the event in Hanoi, 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 reputable newspaper in South Korea.

During their summit talks in Hiroshima on May 19 on the sidelines of the extended G7 Summit, Vietnamese Prime Minister Pham Minh Chinh and South Korean President Yoon Suk Yeol committed to expanding the two countries’ bilateral trade and economic ties. They also discussed ways to enhance relations.

Vietnam has become a major investment destination for Korean majors like Samsung, LG, SK Group, Hyundai, Lotte Group, and Hyosung.

Dong-A Ilbo said in a June 3 report that major firms on both sides are expected to sign memorandums of understanding and hold trade-related talks.

Vietnam has become a production hub of South Korean heavyweights like Samsung and LG. Samsung Electronics launched its $220-million R&D center in Hanoi in late December and is making the new facility a global hub for the giant’s new-generation products.

Following that, LG Electronics is ramping up R&D in Vietnam to serve its rapidly growing electric vehicle-related business by inaugurating an R&D facility also in Hanoi this March.

LG Electronics did not reveal the investment for the new center, just saying the new facility will further nurture its existing auto parts-focused R&D center in Hanoi, which the Korean giant has been running since 2016.

LG plans to channel another $4 billion into Vietnam, LG Corp. vice chairman and CEO Kwon Bong-seok said in Seoul on December 5, 2022, as top Korean and Vietnamese leaders upgraded their ties to a comprehensive strategic partnership on the occasion of the 30th anniversary of bilateral relations.