Samsung chief to meet with Vietnamese Prime Minister in Seoul

Vietnamese Prime Minister Pham Minh Chinh

South Korean business tycoons, including Samsung Electronics Co. Chairman Jay Y. Lee and Hyosung Group Vice Chairman Cho Hyun-sang, will meet with Vietnamese Prime Minister Pham Minh Chinh during his visit to Seoul in July.

According to the conglomerate circle on Monday, Chinh, who oversees Vietnam‘s economy as the country’s third-highest official after the Communist Party general secretary and the president, will meet with major Korean business leaders.

Chinh plans to visit Samsung Electronics‘ facilities, alongside his meeting with Lee, sources said.

Samsung operates six manufacturing subsidiaries, one sales subsidiary and one R&D center in Vietnam, where more than half of the company’s smartphones are produced.

Lee previously met with Chinh in December 2022 at the inauguration of Samsung‘s R&D center in Hanoi, the first comprehensive research institute established in Vietnam by a global company.

SK Group is also arranging a meeting with its top executives and Chinh. Its Chairman Chey Tae-won is currently on a business trip to the United States and he will return in early July.

SK Group has significant business ties with Vietnam, including a $30 million investment in Vietnam’s National Innovation Center and the construction of a biodegradable materials production facility in Haiphong by SK leaveo, a subsidiary of SKC Ltd.

SK E&S Co. operates a 281-megawatt solar and offshore wind power plant.

Other business leaders, including Lotte Group Chairman Shin Dong-bin and POSCO Holdings Inc. Chairman Chang In-hwa, are also reportedly coordinating meetings with Chinh.

During his trip, the Prime Minister is also scheduled to attend the Korea-Vietnam Business Forum in Seoul on July 1.

Attendees will include Hyosung Group’s Cho who is also the chair of the Korea-Vietnam Economic Cooperation Committee, and other leaders from major Korean corporations such as Samsung Electronics, SK, Hyundai Motor Group, LG Group, and POSCO Group.

The forum, organized by the Korea Chamber of Commerce and Industry (KCCI), will discuss topics including Korea-Vietnam financial cooperation in the era of digital transformation and bilateral cooperation to address global supply chain risks.

Marking the 30th anniversary of diplomatic relations in 2022, Korea and Vietnam elevated their relationship to a comprehensive strategic partnership, aiming to synergize Vietnamese talent with Korean technology.

Vietnam has been Korea‘s third largest trading partner for two consecutive years in 2022 and 2023, and Korea is the largest investor in Vietnam.