South Korea, Vietnam to Build Strategic Resource Supply Chain

President Lee Jae-myung's state visit to Vietnam underscores a strategic deepening of ties between Seoul and Hanoi, particularly in the critical area of supply chain resilience. Speaking at a Korea-Vietnam business forum in Hanoi, President Lee emphasized the mutual benefit of establishing strong safeguards in strategic resource sectors such as crude oil and rare earths. This initiative aims to create an economic ecosystem that can withstand global economic fluctuations, a crucial objective for South Korea, which heavily relies on international trade and resource imports.

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If the two countries build strong safeguards in key strategic resource areas such as crude oil and rare earths, they can build a robust supply chain ecosystem that will not be shaken by any economic storm.

The discussions extended beyond raw materials to encompass a wide range of energy cooperation. President Lee highlighted the vast potential for collaboration in nuclear power, renewable energy, and long-distance power grid construction. This aligns with Vietnam's own energy transition goals and South Korea's advanced technological capabilities in these fields. The Vietnamese leadership, including General Secretary and President Tô Lâm, has expressed strong support for Korean companies' involvement in Vietnam's energy sector, including potential nuclear power plant projects.

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There is limitless potential for cooperation between the two countries across the entire energy sector, including nuclear power, renewable energy, and the construction of long-distance power grids.

The presence of top South Korean business leaders, including Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and LG Group Chairman Koo Kwang-mo, alongside President Lee, signals the significant economic importance of this partnership. The flurry of 73 Memoranda of Understanding (MOUs) and contracts signed across diverse sectors—from advanced technology and consumer goods to infrastructure and finance—demonstrates the tangible outcomes of this diplomatic engagement. This visit is not merely about bilateral trade; it represents a concerted effort to build a more secure and diversified economic future for both nations, leveraging their complementary strengths in a rapidly changing global landscape.

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We have agreed to cooperate closely to strengthen energy security and stabilize supply chains.