Lee Calls Vietnam Key Partner, Urges Stronger Rare Earths and Urea Supply Chains

President Lee Jae-myung, on a state visit to Vietnam, met with business leaders on April 23 (local time) and called for expanded economic cooperation. 

Speaking at the Korea-Vietnam Business Forum at a hotel in Hanoi, Lee said that with global economic uncertainty rising, cooperation between South Korea and Vietnam — which he called “the best partners” — is more important than ever. 

From South Korea, attendees included Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, SK Group Chairman Chey Tae-won and Doosan Enerbility Chairman Park Ji-won, among other executives.

Vietnamese participants included Le Ngoc Son, chairman of the oil and gas corporation; Dang Hoang An, chairman of the power corporation; Dang Ngoc Hoa, chairman of Vietnam Airlines; and Phung Quang Hiep, chairman of the chemical corporation, who discussed potential cooperation with South Korea.

Lee said he was confident the two countries are “the best partners” in leading global value chains, adding that expanding trade and investment could make it possible to meet a new goal of $150 billion in bilateral trade by 2030. 

He urged stronger manufacturing cooperation and a broader partnership in advanced industries such as semiconductors and electric vehicles. He also stressed the need to strengthen supply-chain links in energy-related items essential to high-tech industries, including rare earths and urea solution.

Lee said building high-efficiency power distribution networks — including LNG power plants and nuclear power plants — is needed to support Vietnam’s stable industrial environment. He added that the business leaders gathered at the forum should serve as a cornerstone for opening a new chapter of cooperation.

In welcoming remarks, Vietnamese Prime Minister Le Minh Hung called for stronger practical ties between companies to achieve shared growth, and asked South Korea to expand higher-quality investment in Vietnam. He also urged more investment and stronger technology transfer in high value-added fields such as advanced technology, semiconductors, artificial intelligence and clean energy.

Business leaders also pledged to step up cooperation. Asked about accompanying Lee on his India-Vietnam trip, Samsung Electronics Chairman Lee Jae-yong replied briefly, “Businesspeople should speak with results.”

LG Group Chairman Koo Kwang-mo said he hoped cooperation with India and Vietnam would advance in quality as well as scale. Doosan Enerbility Chairman Park Ji-won said, “We are trying to build a nuclear power plant in Vietnam. At today’s forum, I will explain Doosan Enerbility’s performance well.”