PM Pham Minh Chinh’s recent visit grabs Korean headlines

Major media outlets of the Republic of Korea (RoK) continued to highlight the results of the recent RoK visit by Vietnamese Prime Minister Pham Minh Chinh at the invitation of Prime Minister Han Duck-soo.

Vietnamese Prime Minister Pham Minh Chinh and RoK Prime Minister Han Duck-soo witness the exchange of cooperation documents between the two countries' ministries, agencies and localities during Chinh's visit to RoK from June 30 to July 3

Donga Ilbo published an article, recalling Chinh’s speech at the Asian Research Centre of the Seoul National University, in which he affirmed Vietnam is willing to cooperate more closely with the RoK, and further develop the bilateral comprehensive strategic partnership established in 2022.

The newswire quoted Seoul National University President Yoo Hong-lim as saying that over the past 10 years, about 600 Vietnamese students have studied at the University. Yoo said that the University plans to continue to maintain and expand cooperation into research fields with Vietnam in the near future.

Meanwhile, Hankuk Kyongjae published an article, stating that Vietnam is trying to attract Korean investment in the semiconductor industry. Chinh, during his visit from June 30 to July 3, met with Samsung Electronics Chairman Lee Jae-yong, examining a possible plan to attract semiconductor investment. The Vietnamese leader made a field trip to Samsung’s semiconductor cluster in Pyeongtaek province.

Hankuk Kyongjae quoted Chinh saying Vietnam welcomes and encourages investment in semiconductors and artificial intelligence (AI). He also emphasized that Vietnam will make efforts to foster high-quality talent, improve systems and develop infrastructure to best support companies investing in the semiconductor industry.

According to the newswire, all eyes are on whether this move will actually lead to the development of the semiconductor industry in Vietnam. If semiconductor investment becomes a reality, the northern province of Bac Giang near Hanoi is considered as one of the favourable locations for Korean companies to enter the market.

As Samsung Electronics produces nearly 50% of the world’s total smartphones in Vietnam, it’s highly likely that the country will be a venue for the company’s semiconductor investment.

Samsung Electronics has so far poured approximately US$22.4 billion into projects in Vietnam. With more than 90,000 workers working locally, Samsung Vietnam’s export turnover reached about US$55.7 billion last year. The firm currently produces not only smartphones but also network equipment, TVs, screen displays and batteries in Ho Chi Minh City, Bac Ninh and Thai Nguyen.

Hankuk Kyongjae quoted Samsung Chairman Lee Jae-yong as saying that the company is planning to invest in screen displays, and Vietnam will become the largest screen manufacturing base in the world in the next three years.

VOV