President Lee Jae-myung’s state visit to Vietnam, joined by a business delegation led by heads of major conglomerates, is expected to accelerate South Korean corporate cooperation and investment in nuclear power, transport infrastructure and energy in Vietnam, a key “Global South” emerging economy.
Business officials said a Korea-Vietnam business forum was held in Hanoi on April 23 (local time) with Lee and leading executives from both countries in attendance.
On the South Korean side, about 250 people attended, including SK Group and Korea Chamber of Commerce and Industry Chairman Chey Tae-won, Samsung Electronics Chairman Lee Jae-yong, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, POSCO Group Chairman Chang In-hwa, HD Hyundai Vice Chairman Chung Ki-sun, GS Group Chairman Huh Tae-soo and Doosan Enerbility Chairman Park Ji-won.
About 250 Vietnamese business leaders also participated, including PVN Chairman Le Ngoc Son, EVN Chairman Dang Hoang An, Sun Group Chairman Dang Minh Truong, THACO Group Chairman Tran Ba Duong and FPT Group Chairman Truong Gia Binh, underscoring interest in expanding bilateral economic ties.
More than 70 memorandums of understanding were signed across sectors including advanced technology, consumer goods, infrastructure, energy and finance.
Nuclear power drew particular attention. Doosan Enerbility signed MOUs with PTSC and PETROCONs, subsidiaries of Vietnam’s PVN, on cooperation for new nuclear power projects and supply-chain development. PVN plans to build two nuclear reactors in Ninh Thuan province in central Vietnam, and the agreements were described as laying groundwork for participation in the No. 2 reactor project.
In infrastructure, Hyundai Rotem signed a contract with THACO Group to supply rolling stock and signaling systems for Ho Chi Minh City’s Metro Line 2, marking its first order in Vietnam’s rail market. The deal is worth about 491 billion won.
The contract is significant because Japanese and Chinese companies have dominated the market. With THACO pursuing an urban rail project in Da Nang valued at about 14 trillion won, Hyundai Rotem could win additional orders in vehicles and signaling, the business community said.
GS Engineering & Construction is reported to be moving ahead with partners including FPT Group on artificial intelligence data centers and smart-city construction in Vietnam. Huh is also expected to discuss broader cooperation with local companies and institutions, including convenience stores and energy businesses.
SK Innovation E&S, under Chey’s leadership, said it will focus on ensuring the success of a large-scale liquefied natural gas power project in Nghe An province in north-central Vietnam, targeted for completion in 2030 and valued at about 3.3 trillion won. The project includes a 1,500-megawatt combined-cycle gas power plant, a 250,000-cubic-meter LNG terminal and a dedicated port.
* This article has been translated by AI.
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