President Yoon Suk Yeol, on a state visit to Vietnam, emphasized “restoring trade dynamics” and “deepening horizontal cooperative relationships” between the two countries while attending the Korea-Vietnam Business Forum in Hanoi on Friday.

At the business forum attended by approximately 600 entrepreneurs and government officials from both countries, a total of 111 memoranda of understanding were signed. Among them, 54 were trade agreements encompassing the areas of defense, consumer goods, health care and food. Additionally, 28 agreements were established for supply chain and future cooperation, focusing on key minerals and greenhouse gas reduction.

"Although the physical distance between Seoul and Hanoi exceeds 3,000 kilometers, the two countries have emerged as vital partners across various sectors, encompassing trade, investment, people-to-people exchanges and culture," Yoon stated in his opening remarks at the forum. He expressed gratitude to business leaders of both nations for their endeavors in establishing an exemplary cooperative relationship.

Yoon said that the restoration of trade dynamics between the two countries is the “most pressing task” at hand, given its decline caused by the global economic downturn.

"It is imperative to deepen cooperative relations in diverse domains, including consumer goods, manufacturing plants and services. Establishing horizontal cooperative relations that align with the comprehensive strategic partnership is essential," he said.

He underscored the importance of collaborative efforts to safeguard and uphold the free trade system as both countries have derived substantial benefits from it.

The forum was attended by leaders from prominent Korean corporations, such as Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group chief Chung Euisun and LG Group leader Koo Kwang-mo and Daewoo Engineering & Construction Chairman Jung Won-ju.

Earlier in the day, Yoon held a luncheon meeting with Korean entrepreneurs who are engaged in business operations within Vietnam.

Approximately 9,000 Korean companies have established a presence in Vietnam, resulting in the creation of over 700,000 local jobs. These companies have played a pivotal role in fostering bilateral economic cooperation, the presidential office said.

The closed-door meeting was attended by heads of Korean firms' local branches, including Samsung Electronics, LG Display, Hyundai Motor, Daewoo E&C, Hyosung, Hanwha Aerospace, Lotte, CJ and Shinhan Bank.

Yoon listened to the challenges faced by the companies, such as power supply disruptions and the issue of securing highly skilled workers, and engaged in discussions to explore potential solutions, the office said in written statement.

He also expressed his commitment to Korean companies, ensuring they will “not face these difficulties alone” within a challenging business environment.