The largest Korean business delegation is coming to Vietnam

Recently, the Office of the President of South Korea announced that a delegation of 205 businesses will accompany President Yoon Suk Yeol on his visit to Vietnam starting from June 22.

Hàn Quốc: Phái đoàn kinh tế quy mô lớn sẽ tháp tùng Tổng thống thăm Việt Nam

Vietnam and South Korea will upgrade their relationship to a comprehensive strategic partnership in December 2022. (Photo: Nguyen Hong)

"This is the largest business delegation since the launch of the Yoon Suk Yeol administration," said Choi Sang-mok, senior adviser for economic affairs at the Presidential Office.

The companies and businesses accompanying the delegation this time belong to many business fields including distribution, finance, law, healthcare , information technology, service and cultural fields.

The chairmen of the five largest Korean corporations such as Lee Jae-yong (Samsung Electronics), Chey Tae-won (SK), Chung Eui-sun (Hyundai Motor), Koo Kwang-mo (LG), and Shin Dong-bin (Lotte) also joined the delegation.

In addition, the Presidents of six major economic organizations including the Federation of Korean Industries (FKI), the Korea Chamber of Commerce and Industry (Korcham), the Korea International Trade Association (KITA), the Korean Enterprise Federation (KEF), the Korea Association of Small and Medium Enterprises (KBIZ), and the Federation of Medium-sized Enterprises of Korea (FOMEK) will also join this delegation.

According to Yonhap , the South Korean President will pay a state visit to Vietnam at the invitation of President Vo Van Thuong from June 22-24.

Vietnam and South Korea established diplomatic relations in December 1992 and became Strategic Cooperative Partners in October 2009. The two countries upgraded their relationship to Comprehensive Strategic Partnership in December 2022.

Korea is one of Vietnam's leading important partners, ranking first in investment, second in ODA, and third in trade.

As of April 2023, Korea had more than 9,500 valid investment projects in Vietnam, with nearly 82 billion USD in total registered capital. Korea supported 1.2 billion USD in preferential loans from the Economic Development Cooperation Fund (EDCF) for the period 2012-2015.

The two sides have extended the Vietnam-Korea Framework Credit Agreement for the 2016-2020 period with a scale of 1.5 billion USD. Total bilateral trade turnover in 2022 will reach 87 billion USD, an increase of 11.4% compared to 2021.

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