President Lee Jae Myung met Prime Minister Le Minh Hung in Hanoi on Thursday. He is on a four day state visit to Vietnam. Specifically, Lee emphasized Vietnam’s role as a driving engine of regional economic growth. Hanoi is pursuing upper middle income status by 2030. Additionally, Vietnam also aims to join high income advanced economies by 2045.
President Lee noted that South Korea’s own rise came from three key pillars. For instance, energy self reliance through nuclear power drove Korean development. Logistics innovation through expressways and railways also played a major role. Furthermore, transparent financial settlement systems completed the three part foundation.
Seoul is eyeing several major Vietnamese infrastructure projects currently. For example, the Dong Nam New City Development Zone 1 project is worth 740 million dollars. The Gia Binh new airport operations consulting project carries a 70 million dollar value. Moreover, South Korea also seeks to build the Ninh Thuan No. 2 nuclear power plant.
Prime Minister Hung expressed hope that Korea would cooperate in achieving Vietnam’s national goals. Vietnam is creating three strategic breakthroughs in policy, human resources, and infrastructure. Fostering the private sector as the most important economic engine remains a priority. Consequently, Hung underscored that Lee’s state visit would provide new momentum for Korea Vietnam strategic cooperation.
Hung asked Lee to convey an invitation to Prime Minister Kim Min seok. In response, Lee promised to deliver the message immediately upon returning to Seoul. Lee then held talks with National Assembly Chairman Tran Thanh Man. He asked for continued support in improving the business environment for Korean companies.
A large scale business forum in Hanoi followed these political meetings. Approximately 500 participants gathered including business heavyweights from both countries. Specifically, attendees included Samsung Electronics Chair Lee Jae yong and SK Group Chair Chey Tae won. LG Group Chair Koo Kwang mo and Lotte Group Chair Shin Dong bin also attended. Additionally, Posco Holdings, HD Hyundai, GS Group, CJ Group, and Hyosung Group chairs participated as well.
