Vietnamese prime minister's visit bolsters investments from Korean conglomerates
Samsung Electronics Executive Chairman Lee Jae-yong, left, shakes hands with Prime Minister of Vietnam Pham Minh Chinh at Lotte Hotel Seoul, Tuesday. Courtesy of Vietnamese government
Samsung, Hyundai, Lotte, Hyosung chiefs vow to expand investments in Vietnam
Prime Minister of Vietnam Pham Minh Chinh has held a series of meetings with the chiefs of leading conglomerates here in Korea, during his four-day visit to Seoul this week, according to industry officials, Tuesday.
Korean business leaders reportedly promised the third-most powerful man in Vietnam that their companies would increase investments in future-oriented industries in the rapidly growing nation.
On Tuesday morning, Samsung Electronics Executive Chairman Lee Jae-yong met with the Vietnamese prime minister, who has struggled to attract investments in his country’s semiconductor sector. The two previously met in 2022, when the Korean firm built an R&D facility in Vietnam.
Among global companies operating in Vietnam, Samsung is the largest investor. The conglomerate currently runs production plants for mobile phones, displays, batteries and camera modules in the Southeast Asian country.
The Korean firm plans to invest heavily over the next three years to make its factory in Vietnam the group's largest display module production base globally.
Pham is also scheduled to look around Samsung’s semiconductor factory in Pyeongtaek, Gyeonggi Province, Wednesday, along with Jun Young-hyun, who is leading the tech giant’s chip business.
A day before his meeting with Lee, the Vietnamese prime minister had a series of meetings with Hyundai Motor Group Executive Chair Chung Euisun, Lotte Group Chairman Shin Dong-bin, Hyosung Chairman Cho Hyun-joon and many other senior executives from Korean companies, such as SK and Doosan.
Chung promised transfers of Hyundai’s electric vehicle technologies and sponsorship for Vietnam’s national football team. Shin discussed Lotte’s large-scale investments in the construction of smart cities in the Southeast Asian country.
Hyosung Chairman Cho Hyun-joon, left, talks with Prime Minister of Vietnam Pham Minh Chinh at Lotte Hotel Seoul, Monday. Courtesy of Hyosung
The Hyosung chairman and his younger brother, HS Hyosung Vice Chairman Cho Hyun-sang, discussed partnerships with Pham in various sectors ranging from chemical to logistics, IT, energy and financial services. The two Chos also met the Vietnamese prime minister during the Korea-Vietnam Business Forum at the Korea Chamber of Commerce and Industry building in Seoul that day.
“Based on the belief that Vietnam will remain as the center of our business in the future, we have increased our investments in Vietnam,” the Hyosung chairman said.
“Through increased investments, we will make Vietnam the global foothold for our carbon fiber production,” the HS Hyosung vice chairman said.
Korea Federation of SMEs Chairman Kim Ki-moon and Industrial Bank of Korea CEO Kim Sung-tae also met with Pham to bolster bilateral ties between the two countries’ small- and medium-sized enterprises (SMEs).
POSCO Group Chairman Chang In-hwa was invited to a reception hosted on Tuesday evening by South Korean Prime Minister Han Duck-soo for his Vietnamese counterpart.