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Korean companies eye new business opportunities in Vietnam

Daewoo E&C joins presidential economic delegation to ramp up full-fledged effort to support Busan Expo bid

June 23, 2023 - 18:06 By Jo He-rim
South Korean President Yoon Suk Yeol greets business leaders at a banquet for his economic delegation in Hanoi, Vietnam, on Thursday. (Yonhap)

Accompanying South Korean President Yoon Suk Yeol on his state visit to Vietnam as part of the presidential delegation, South Korean companies were seen ramping up their business ties in the Southeast Asian country.

In a banquet inviting his largest economic delegation on Thursday, Yoon urged the business leaders to take the lead to explore new business opportunities with Vietnam, which is South Korea's third-largest trading partner.

"New opportunities are being created for South Korea, which has stronger ties with Vietnam than other countries," Yoon said in his opening speech at the banquet.

"The business environment is harsh amid the global economy slowing down, the supply chain disturbed and with energy and climate crisis. To overcome the difficulties, (Korean companies) should be able to find (opportunities) in Vietnam which is at the center of renewing global supply chain, and has a rising consumer market."

Industry leaders including the top four conglomerate chiefs -- Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo -- attended the event on the first day of the three-day state visit.

A Daewoo Construction and Engineering roadside display welcomes the South Korean president to Vietnam, and also promotes Busan's bid to host the 2030 World Expo in Hanoi, Vietnam. (Daewoo E&C)

Daewoo Construction and Engineering Chairman Jung Won-ju, who doubles as chairman of Herald Corp., also attended the business roundtable meeting, participating as a member of the presidential delegation.

With Daewoo E&C working on the Starlake City project in Hanoi, Jung met with a number of key officials of the Vietnamese government and discussed collaboration opportunities. Starlake City is one of the largest urban redevelopment projects Daewoo has undertaken, involving luxury residential, commercial and administrative centers around the West Lake in the country's capital.

Daewoo E&C was the first Korean company to tap into Vietnam, and the Southeast Asian country is one of the key target markets for Daewoo, along with Libya, Iraq and Nigeria.

The construction firm also installed a roadside display welcoming the president's visit to Vietnam, and also to promote Busan's bid to host the 2030 World Expo.