Dong-a Ilbo newspaper stated that since taking office in May 2022, this is the first time President Yoon Suk Yeol has travelled abroad with such a large economic delegation. President Yoon Suk Yeol chose Vietnam, one of the three major trade partners, for his first visit to an ASEAN country, taking this as a milestone to strengthen policies and raise the level of economic cooperation, supply chain, security, and culture cooperation.
According to naver.com, the economic delegation accompanying the RoK President includes 24 large corporations, 28 medium enterprises, 138 small and medium-sized enterprises, 12 economic organisations and associations, and three public companies. This is the largest economic delegation to gather since President Yoon Suk Yeol took power in May 2022.
The Chairman of Samsung Electronics Lee Jae-yong, Chairman of SK Group cum Chairman of the Korean Chamber of Commerce and Industry Tae-won Chey, Chairman of Hyundai Motor Group Chung Eui Sun, and Chairman of LG Group Koo Kwang-mo also joined the delegation to Vietnam.
The Yonhap news agency, KBS Television, and major newspapers such as JoongAng Ilbo, the Korea Economic Daily, and Chosun Ilbo all emphasised the power of the economic delegation accompanying the RoK President during his visit to Vietnam. The RoK press focused on highlighting Vietnam’s role and position as the most important production base of the RoK as well as RoK’s leading commercial market in Southeast Asia.
Meanwhile, Professor Choe Wongi, Head of the Centre for ASEAN-Indian Studies at the Korea National Diplomatic Academy (KNDA) said that the visit is of great significance because Vietnam is the first Southeast Asian country that President Yoon Suk Yeol has visited after taking office. This visit shows the important position of Vietnam to the RoK and can create a catalyst for the development of bilateral relations in the future.
According to Professor Choe Wongi, from a strategic perspective, the RoK and Vietnam have a very high level of strategic conversions and many shared interests in the fields of economy, security, and society. About 9,000 Korean factories are operating in Vietnam and nearly 200,000 Koreans are living in Vietnam, a similar number to that of Vietnamese living in the RoK, so the level of socio-cultural cohesion is very high, he noted.
For the RoK, Vietnam is an important partner in trade exchange, accounting for about half of the RoK’s trade turnover with Southeast Asia.
Professor Choe Wongi said that Vietnam has been very successful in economic development, but to achieve even higher economic growth, Vietnam needs to upgrade its industrial base, especially in high-value-added industries such as high-tech industries and industries serving the 4th industrial revolution. In this regard, the RoK can help Vietnam’s economy take off and shift to a higher stage of economic industrialisation.
