South Korean President Yoon Seok-yeol’s recent state visits to France and Vietnam have successfully strengthened the business ecosystem of Korea, fostering economic cooperation, and attracting significant investments from international companies. President Yoon’s diplomatic mission focused on promoting bilateral trade, exploring investment opportunities, and fostering collaboration between South Korean enterprises and their global counterparts.
During his visit to France, President Yoon held a bilateral summit with President Emmanuel Macron in Paris on June 20 and 21. The discussions between the two leaders centered on strengthening economic partnerships, promoting trade, and fostering innovation. President Yoon was accompanied by a delegation of high-profile Korean business representatives, emphasizing the importance of economic cooperation in South Korea’s foreign policy agenda.
Furthermore, President Yoon’s visit to France coincided with a meeting of the Bureau International Expositions (BIE), the organization responsible for organizing Expo 2030. South Korea is actively bidding to host the Expo in 2030 and used this opportunity to promote its candidacy. The visit aimed to garner support from international partners and demonstrate South Korea’s capabilities in hosting a successful and impactful exposition.
Also during President Yoon Seok-yeol’s state visit to France six cutting-edge European companies revealed plans to invest a combined total of USD 940 million in Korea. The remarkable announcement took place during a European investors roundtable attended by President Yoon on June 21 at a Paris hotel, underscoring the growing confidence in Korea’s business environment and its potential for economic growth. The investments made by these companies are expected to have a significant impact on various sectors of Korea’s economy.
After concluding his visit to France, President Yoon proceeded to Vietnam at the invitation of President Vo Van Thuong. During his three-day visit, which commenced on June 22, President Yoon engaged in crucial discussions to enhance bilateral trade and economic cooperation between South Korea and Vietnam. Recognizing the significance of small and medium-sized enterprises (SMEs) in both nations, efforts were made to address challenges faced by Korean SMEs operating in Vietnam and explore avenues for collaboration.
The Korea Federation of Small and Medium Business, along with the Ministry of SMEs and Startups, played an active role in strengthening ties between the SME sectors of both countries. Chairman Kim Ki-moon of the Federation of Small and Medium Enterprises held a meeting with Vietnam’s Minister of Planning and Investment (MPI), Nguyen Trijung, to discuss improving the business environment for SMEs. The discussions revolved around post-COVID-19 corporate policies, improvements to the investment environment, tax administration flexibility, and support for import declarations. These measures aimed to create a favorable environment for Korean SMEs operating in Vietnam and facilitate their growth.
Additionally, Minister of SMEs and Startups Lee Young met with Minister Nguyen Chi Chung in Hanoi to discuss supporting the advancement of Korean and Vietnamese startups and talent. The two ministers explored collaboration plans to attract Vietnamese innovative talent to Korea and foster Korea as a startup business hub. They also discussed the strategic role of the K-Startup Center (KSC) Hanoi, set to open in the second half of the year, as an entry base for promising Korean startups in Vietnam. The exchange of policies between the governments of both countries in official development assistance (ODA) and e-commerce for small and medium-sized enterprises was also highlighted.
President Yoon’s state visit to Vietnam was accompanied by a 205-member business delegation, highlighting the importance of economic cooperation and the potential for mutually beneficial partnerships between South Korean and Vietnamese companies.
President Yoon’s visit to France and Vietnam underscored South Korea’s commitment to expanding its economic influence and promoting mutually beneficial partnerships on the international stage. By strengthening ties with France and Vietnam, South Korea aims to create an enabling environment for its businesses to thrive and foster sustainable growth in the global market.
