Lee Jae-myung Says South Korea, Vietnam to Expand Cooperation in Nuclear, Infrastructure

President Lee Jae-myung said April 22 (local time) that South Korea and Vietnam will broaden cooperation in “strategic areas” including nuclear power, infrastructure and science and technology innovation.

Speaking at a luncheon with members of the Korean community at a hotel in Hanoi during his state visit to Vietnam, Lee said he aims to develop bilateral ties — already “at the highest level” — into a more future-oriented and strategic partnership.

Lee noted that the two countries established diplomatic relations in 1992 and “in just one generation” became each other’s top three trading partners. He added that Vietnam is South Korea’s largest destination for investment, with about 10,000 Korean companies operating there.
  An auto insurance product offering discounts to drivers who join a five-day driving rotation system is set to be launched next month, officials said. A fourth round of a maximum oil price system will be decided after weighing market impact, global oil prices and the public burden.

The Democratic Party, the government and the presidential office said they discussed responses to the Middle East situation at a high-level meeting April 22 at the prime minister’s official residence in Seoul’s Samcheong-dong.

Kang Jun-hyeon, the party’s chief spokesperson, said the non-life insurance industry will introduce a special rider next month that discounts auto premiums for participation in the five-day system, providing benefits to people who voluntarily conserve energy.

Officials said they will decide whether to implement the fourth maximum oil price system after a comprehensive review of market effects, international factors and the burden on the public.
  South Korea’s Unification Ministry said Unification Minister Jeong Dong-young’s recent public mention of Kusong as the location of a uranium enrichment facility in North Korea was a summary assessment based on outside information.

In reference material distributed to reporters on April 22, the ministry said Jeong’s remarks drew on comments by International Atomic Energy Agency Director General Rafael Grossi and information from the Institute for Science and International Security, among other sources, to address the status of North Korea’s nuclear facilities.

The ministry said Jeong referred to Grossi’s March 2 keynote speech to underscore the seriousness and urgency of the North Korea nuclear issue. It added that Jeong had mentioned Kusong in the same context during his confirmation hearing in July last year.
  Tensions are rising as Samsung Electronics’ labor union has signaled large-scale rallies and a general strike, drawing criticism that such moves could amount to self-inflicted damage as global competition in semiconductors intensifies.

Industry officials said April 22 that the union’s joint struggle headquarters will press ahead with a rally at the Pyeongtaek campus on April 23 as a prelude to a general strike in May. The hard line has heightened unease in the industry, recalling conditions two years ago when uncertainty and weakening chip results coincided with the company’s first-ever strike.
  South Korea’s benchmark KOSPI extended its run of record highs for a second straight session, topping 6,400. While the rally has been clear, uncertainty over whether the Middle East war will end has also fueled caution.

The market’s gains have been uneven, with money increasingly concentrated in the top two chipmakers by market value. About 40% of institutional and foreign buying flowed into Samsung Electronics and SK Hynix, and the exchange-traded fund market is also shifting toward semiconductors.

A planned launch by the end of next month of 2x leveraged ETFs tied to Samsung Electronics and SK Hynix is expected to intensify the concentration of funds in semiconductor-related products.