SK Group Chairman Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, speaks during a business forum held in Seoul on Aug. 12, 2025. (Image courtesy of Yonhap)
SEOUL, Aug. 12 (Korea Bizwire) — Top business leaders of South 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,” Chey Tae-won, chairman of South Korea’s SK Group, said in a business forum hosted by the Korea Chamber of Commerce and Industry (KCCI), citing uncertainties stemming from 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 South Korea, and South Korean Prime Minister Kim Min-seok, along with some 500 business leaders from the two countries.
Chey said South 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 (APEC) summit, scheduled to be held in South Korea’s southeastern city of Gyeongju from Oct. 31-Nov. 1.
During Tuesday’s forum, SK Innovation Co. 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 Co. pledged to continue cooperating with Vietnamese businesses, 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) on the sidelines of 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 on bilateral cooperation for the development of hyperscale data centers, high-speed railway systems and AI transformation, as well as promoting the use of renewable energy.
Trade volume between South Korea and Vietnam reached US$86.7 billion in 2024, marking a sharp increase from $500 million in 1992, when the two countries established diplomatic ties.
Vietnam is South Korea’s third-largest trade partner, following China and the United States.
South Korea is Vietnam’s largest foreign investor, with accumulated investment reaching $92.5 billion, and around 10,000 South Korean companies currently operating in the Southeast Asian nation, according to the KCCI.
(Yonhap)
