Leaders of leading Korean corporations

"This will be the largest business delegation accompanying President Yoon Suk Yeol," said Choi Sang-mok, the president's senior economic secretary.

According to KBS, this is President Yoon Suk Yeol's first bilateral visit to an ASEAN member state.

According to Reuters, President Yoon Suk Yeol has made business deals and "sales diplomacy" a core element of his overseas trips since taking office in May 5. Korea JoongAng Daily pointed out that in the business delegation accompanying the President this time were Samsung Electronics Executive Chairman Lee Jae Yong, SK Chairman Chey Tae Won, Hyundai Motor Group Executive Chairman Euisun Chung, LG Group Chairman Koo Kwang Mo, Hanwha Group Vice Chairman Kim Dong Kwan and Lotte Group Chairman Shin Dong Bin.

South Korean media noted that President Yoon Suk Yeol's visit reflects the growing economic and strategic relationship between South Korea and Vietnam. The selection of Vietnam as the first destination in ASEAN shows South Korea's intention to strengthen its engagement with Vietnam and other ASEAN nations under its broader Indo-Pacific strategic framework.

Expanding economic and trade cooperation with ASEAN, and Vietnam in particular, is essential for South Korea, which possesses the world's second-largest estimated reserves of rare earth minerals. Vietnam seeks South Korean investments in the fields of mineral resource development and clean energy. The presence of a large economic delegation, including representatives from leading Korean corporations and major economic organizations, highlights the importance that Korea places on its relationship with Vietnam.

Vietnam's irreplaceable position

Vietnam is South Korea's third-largest export market after China and the United States. The two countries aim to reach a trade turnover of $150 billion by 2030. According to Business Korea, experts said that Vietnam is an irreplaceable factory.

According to many sources from businesses, major South Korean energy corporations GS Energy and Hanwha Energy plan to accelerate liquefied natural gas (LNG) projects in Vietnam on the occasion of President Yoon Suk Yeol's visit.

The newspaper noted that energy demand in Vietnam — a country of 99.5 million people — is rising sharply and blackouts have occurred due to a lack of energy supplies. In May this year, the Government of Vietnam approved the National Power Development Plan for the period 5-2021, vision to 2023 (Power Plan VIII) which emphasizes the need to increase electricity production. This creates momentum for GS Energy and Hanwha Energy's LNG projects in Vietnam, because it is in line with Vietnam's plan to expand power supply.

GS Energy establishes a strategic partnership with Vietnam's Vina Capital on a project. Under this partnership, GS Energy will build and operate 2 1.5 gigawatt LNG-powered power plants in Long An, equivalent to the power output of 3 nuclear plants. The total investment for this project amounted to 3.5 trillion won ($2.74 billion). Huh Yong so, CEO of GS Energy, will travel to Vietnam during President Yoon Suk Yeol's trip to finalize the project announced in 2021.