Vietnam is a center of global supply chain restructuring, which is potential for South Korea’s companies, said President Yoon Suk Yeol.

South Korean President Yoon Suk Yeol at a meeting with businesses. Photo: Yonhap

“I called on leading companies to take the lead in challenges to move forward,” Yonhap quoted President Yoon Suk Yeol at a meeting with South Korean companies in Hanoi during his official visit to Vietnam on June 22-24.

The South Korean President is accompanied by a group of more than 200 representatives who are chairmen of chaebols, including Executive Chairman of Samsung Electronics Lee Jae-yong, Chairman of SK Group Chey Tae-won, and Executive Chairman of Hyundai Motor Euisun Chung.

He said the business environment is facing challenges caused by global economic downturn, supply chain disruptions, energy and climate crises. “I believe the answer to overcoming these crises can be found here in Vietnam, which is the center of the global supply chain realignment and an emerging consumer market,” Yonhap reported.

Yoon stated that Vietnam is pushing large-scale projects to develop its industries and quicken the digital transition while establishing an innovation ecosystem with the goal of becoming a developed country by 2045.

He believed that new opportunities have opened up for South Korea, which, more than any other nation, has a tight connection link to Vietnam. “I ask you [businesses] to take the lead in accepting the challenge. The results you produce will become a new engine for our economy,” he emphasized.

The South Korean President also pledged to support domestic firms in their overseas investment.

Vietnam's President Vo Van Thuong and South Korea's President Yoon Suk Yeol at the welcoming ceremony in Hanoi on June 23. Photo: Tienphong

Yoon delivered the message in the visit which is remarkable in Vietnam-South Korea relations on the 30th anniversary of the establishment of diplomatic ties this year. His visit made headlines in both countries.

Vietnam is now home to dozens of South Korean chaebols, including Samsung, Hyundai, SK, Lotte, CGV, Daewoo, among others.