S. Korean President Lee highlights supply chain cooperation with Vietnam during Hanoi business forum

By Kim Eun-jung HANOI, April 23 (Yonhap) -- President Lee Jae Myung on Thursday underscored the importance of cooperation with Vietnam to build resilient supply chains for key raw materials, such as rare earths and urea solution, amid global uncertainties. Lee made the remarks at a business forum in Hanoi attended by business leaders from both countries, as part of his state visit accompanied by a large business delegation. "In a time of heightened uncertainty in the global economy, economic cooperation between South Korea and Vietnam, ideal partners, is more important than ever," Lee said. "Strengthening supply chains in the energy sector, including rare earths and urea solution, which are critical for advanced industries, is also a very important task." Rare earths are essential for semiconductors, batteries and electronics, while urea solution is a key fluid used in diesel vehicles to reduce emissions. Lee also stressed the need to expand energy infrastructure in Vietnam to support its manufacturing sector, calling on Korean companies to broaden cooperation in the field. "Vietnam needs to establish highly efficient power distribution networks, including liquefied natural gas power plants and nuclear power plants, to support a stable industrial environment," he said. Vietnamese Prime Minister Le Minh Hung echoed the sentiment, pledging to promote practical cooperation between companies from the two countries. Hung called on Korean firms to expand investment in high-value sectors, such as semiconductors, artificial intelligence and clean energy, while also enhancing technology transfer to support Vietnam's industrial ecosystem. The event brought together chiefs of South Korea's major conglomerates, including Samsung Electronics Chairman Lee Jae-yong, SK Group Executive Chair Chey Tae-won, LG Group Chairman Koo Kwang-mo and Lotte Group Chairman Shin Dong-bin. On the sidelines of the forum, 74 memorandums of understanding (MOUs) were signed on cooperation in various fields, including artificial intelligence (AI), energy, infrastructure and technologies, according to the Korea Chamber of Commerce and Industry, the event's organizer. SK Innovation and SK Telecom signed MOUs with Vietnam's National Innovation Center on the development of AI data center in the country's province of Nghe An. Daewoo Engineering & Construction also signed an MOU with Vietnam's SaigonTel for the joint construction of a data center project. Nuclear power plant builder Doosan Enerbility signed an agreement with Vietnam's PetroVietnam Technical Services Corporation and PetroVietnam Construction Joint Stock Corporation to cooperate on new nuclear power projects in Vietnam.