South Korea-Vietnam: Strengthening Ties with Lucrative Business Deals

South Korean and Vietnamese companies are poised to sign several business deals on Thursday, coinciding with a high-profile visit by South Korean President Lee Jae Myung to Hanoi. The agreements are a follow-up to the recent signing of 12 cooperation pacts, including one involving Korean investment in a new nuclear plant in southern Vietnam.

President Lee remarked on the strengthened bilateral cooperation, particularly in sectors like semiconductors, secondary batteries, and biotechnology. Thursday's announcements include a significant contract to supply rolling stock for Ho Chi Minh City's urban rail system, marking notable progress in this field.

According to insiders, Hyundai Rotem secured a $332 million order for a comprehensive rail project in the city. Over 70 agreements span finance, consumer goods, technology, infrastructure, and energy sectors. The delegation accompanying President Lee includes representatives of major Korean firms operating in Vietnam, such as Samsung, SK, and LG.

(With inputs from agencies.)