President Lee Jae-myung: Vietnam is an ideal partner; strengthen 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 economic cooperation between South Korea and Vietnam was more important than ever as uncertainty in the global economy grows.
He said he was confident the two countries are "ideal partners" in leading global value chains, and that expanding trade and investment could make it possible to reach a new goal of $150 billion in bilateral trade by 2030.
Lee also urged stronger manufacturing cooperation and a broader partnership in advanced industries such as semiconductors and electric vehicles. He said it was also important to strengthen supply-chain links in energy-related items essential to high-tech industries, including rare earths and urea solution.
Third U.S. aircraft carrier moves closer to Middle East as truce extended
With a ceasefire between the United States and Iran extended, a third U.S. aircraft carrier has moved closer to the Middle East. The United States is working to hold a second round of talks on ending the war while also reinforcing forces in case fighting resumes. CNN reported on April 23 (local time), citing photos posted on the Pentagon website, that the aircraft carrier George H.W. Bush has been in the Indian Ocean since April 21.
The move would soon give the U.S. Navy access to dozens more military aircraft that could be used if the ceasefire ends or if Iran’s ports are blockaded. The Pentagon did not disclose the carrier’s exact location in the Indian Ocean.
Seoul apartment prices rise 0.15% as outer districts lead gains
Apartment sale prices in Seoul rose 0.15%, led by continued strength in midpriced areas including Seongbuk, Dongdaemun, Gangbuk and Gangseo districts. According to the Korea Real Estate Board’s weekly apartment price trend report released April 23, Seoul apartment sale prices for the third week of April (as of April 20) rose 0.15% from the previous week, accelerating from a 0.10% increase a week earlier.
Outlying districts with large concentrations of midpriced apartments drove the gains. Seongbuk rose 0.27%, centered on Gireum and Hawolgok; Dongdaemun gained 0.25%, led by Dapsimni and Hwigyeong; Gangbuk climbed 0.24% on large complexes in Mia and Beon; Gwangjin rose 0.22% around Guui and Gwangjang; and Nowon increased 0.22% near stations in Wolgye and Junggye.
Outside the capital, apartment prices fell. The five major metropolitan cities, flat the previous week, slipped 0.01% in the third week. Sejong fell 0.07%, reversing from a 0.02% rise a week earlier.
Large oil bet spotted before Trump announced truce extension
A large trade betting on falling oil prices was detected shortly before U.S. President Donald Trump abruptly announced an extension of the ceasefire with Iran.
Reuters reported April 22 (local time) that traders sold 4,260 Brent crude futures contracts about 15 minutes before Trump announced the extension on April 21.
At the time, the trade was worth about $430 million (about 630 billion won) and amounted to a major directional bet on lower prices. Reuters noted the trade occurred during the typically thinly traded period after settlement, given that the Brent market settles at 18:30 GMT.
Because similar trades have repeatedly appeared just ahead of major policy announcements, some have raised the possibility of leaked inside information. The U.S. Commodity Futures Trading Commission has opened an investigation into a series of unusual oil futures trades, including transactions on March 23 and April 7.
Korea gasoline prices among OECD’s lowest at 1,894 won per liter
As geopolitical risks from the Middle East push up global oil prices and gasoline costs worldwide, South Korea’s gasoline prices have remained low compared with other advanced economies, according to industry data. The assessment cited government price-stabilization measures and refiners’ competitiveness and supply capacity.
Industry officials said April 23 that Korea National Oil Corp.’s Opinet data for the first week of April showed South Korea had the second-lowest gasoline price among 23 OECD countries, at 1,894 won per liter, behind Japan. Only three countries, including third-ranked Canada, were below 2,000 won per liter. Prices were far higher in major European countries, including the Netherlands (4,045 won), Denmark (3,868 won), Germany (3,698 won) and France (3,482 won).
The industry pointed to large-scale refining facilities and investment in advanced processing as key factors. The combined refining capacity of South Korea’s four major refiners totals 3.36 million barrels per day, ranked fifth in the world. The companies also operate multiple plants considered among the world’s top facilities on a single-site basis, enabling cost reductions through economies of scale.
Government price-stabilization policies also played a role. The data said that after the Middle East war, refiners cooperated with market stabilization by holding back supply-price increases and minimizing margins alongside the introduction of a maximum price system. Company-run gas stations also joined price cuts, helping ease the burden on consumers.
* This article has been translated by AI.
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