Yoon’s Vietnam visit with largest delegation focuses on finance, IT ties

South Korean President Yoon Suk Yeol (right), who is on a state visit to Vietnam, toasts with SK Group Chairman Chey Tae-won at a dinner meeting at a hotel in Hanoi on June 22 (local). [Photo by Yonhap]

South Korean President Yoon Suk Yeol kicked off his three-day visit to Vietnam on Thursday, marking his first bilateral visit to one of the Association of Southeast Asian Nation (ASEAN) members since taking office.

He was accompanied by the current administration’s largest-ever business delegation, which underscores the importance of bolstering economic ties, particularly in the areas of service and infrastructure.

“We should go beyond manufacturing and expand the scope of cooperation to encompass finance, retail, information technology, and cultural content sectors,” Yoon said, during an interview with Vietnam News Agency ahead of his visit.

On the first day of his trip, Yoon attended the Vietnam-Korea Partnership Fair and encouraged businesses participating in the trade show.

The state visit is being accompanied by a 205-member business delegation. Chiefs of Korea’s top conglomerates joined, including Samsung Electronics Co. Executive Chairman Jay Y. Lee, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Euisun Chung, LG Group Chairman Koo Kwang-mo, Lotte Group Chairman Shin Dong-bin, and Hanwha Group Vice Chairman Kim Dong-kwan.

The heads of six business lobby groups also joined.

Vietnam is Korea’s third-largest trading partner and a key ASEAN partner. The two countries have set the goal to achieve $150 billion in trade by 2030.

The latest visit to Vietnam is expected to kick-start the Yoon administration’s diplomacy toward ASEAN.

“Vietnam is a key country in the Indo-Pacific strategy,” Yoon said. “This visit will serve as a cornerstone to mark the beginning of the full-scale implementation of the Korea-ASEAN Solidarity Initiative (KASI) with Vietnam.”