Following China and the United States, Vietnam, Korea’s third-largest trading partner, has seen Korean corporate investment accelerate on the occasion of President Lee Jae-myung’s state visit. Companies accompanying the president signed as many as 73 memoranda of understanding (MOUs) and contracts at the Korea–Vietnam Business Forum on the 23rd (local time). The bilateral relationship is evolving beyond that of simple trading partners into a supply chain alliance.

● SK focuses on data centers, Hyosung on power grid advancement

On the 24th, SK announced that it had signed separate MOUs with the Nghe An provincial government and the Vietnam National Innovation Center (NIC) to build an AI ecosystem. Centered on SK Innovation and SK Telecom, the group plans to become a partner supporting the growth of Vietnam’s AI industry at the national level. SK’s blueprint is a “Korean-style AI full stack” that links AI data center construction and stable power supply with future AI model development and validation, as well as the proliferation of industry-specific AI services. If cooperation continues, this full stack is expected to become the first such system to be deployed overseas.

Hyosung Heavy Industries is simultaneously pursuing power grid advancement and the construction of a new plant. Hyosung announced that it had signed an MOU with Vietnam Electricity (EVN) for power grid advancement. Hyosung Heavy Industries’ AI-based power asset management solution will be pilot-applied to the local power grid. The company also entered into an MOU with the Vietnam Investment Promotion Center to build a new high-voltage motor plant. With an investment of about USD 50 million, Hyosung plans to establish a production base capable of generating annual sales of USD 100 million on the site of the Vinagi Electric Plant in Dong Nai Province. The facility will be equipped to manufacture 25,000 kW-class high-voltage motors used in nuclear power plants, with mass production targeted to begin in February next year. Hyosung Chairman Cho Hyun-joon, who accompanied the president on the trip, stressed, “This MOU is significant in that Hyosung is expanding its business base in Vietnam from textiles to the heavy industries sector.”

Doosan Enerbility is also moving to lay the groundwork for participation in new nuclear power plants in Vietnam, led by Chairman Park Ji-won. This is being pursued through an MOU signed with PTSC and PetroCons, affiliates of Vietnam’s major state-owned energy company PetroVietnam (PVN), for cooperation on new nuclear projects in Vietnam. PVN is promoting the Ninh Thuan nuclear power plant project, Vietnam’s first commercial nuclear power project. “Team Korea,” including Korea Electric Power Corporation (KEPCO) and Doosan Enerbility, is seeking to win contracts for two of the plant projects by proposing Korean-type nuclear reactors. Chairman Park of Doosan Enerbility said, “The public–private cooperation that has been expanded to enable participation in Vietnam’s new nuclear projects will lead to meaningful results in the future.”

Investment initiatives that encompass social contribution and talent development are also under way. Hyundai Motor Group, which operates HTMV, a local joint venture plant in Vietnam, is focusing on nurturing automotive technology talent through an MOU with the Korea International Cooperation Agency (KOICA) and Vietnam’s Ministry of Education and Training. A curriculum centered on practical skills for finished vehicle manufacturing, including mold design, forming, and welding, will be operated from the second half of this year (July–December) through 2031.

● Vietnam, a growing “top 3 trading partner”

The business community actively participated in the president’s visit to Vietnam because the country is regarded as Korea’s third-largest trading partner and a second production base. According to the Korea International Trade Association, Korea’s exports to Vietnam last year totaled USD 62.8 billion (approximately KRW 93 trillion) and imports amounted to USD 31.8 billion (approximately KRW 47 trillion), bringing total bilateral trade to USD 96.4 billion (approximately KRW 140 trillion). The two leaders, who met at the summit, agreed to work together to expand this trade volume to USD 150 billion (approximately KRW 222 trillion) by 2030.

Meanwhile, President Lee departed for home on the 24th after completing his state visit to Vietnam. In the morning, the president concluded his schedule by touring Thang Long Imperial Citadel, a representative historic site in Hanoi, together with General Secretary and President To Lam and their spouses. President Lee also presented General Secretary To Lam with a piece of traditional folk painting depicting a haetae (mythical lion-like creature) and a pine tree. Senior Presidential Secretary for Public Communication Lee Kyu-yeon explained, “The gift reflected his state governance philosophy of emphasizing anti-corruption and integrity.” Cheong Wa Dae also presented a framed speaker using caricature artworks of the general secretary and his spouse, reflecting To Lam’s preference for classical music.

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