Ministry of Trade, Industry and Energy Checks Impact on Vietnamese Ventures Ahead of Trump 2nd Administration Launch

Head of Trade Negotiations Office Holds 'Meeting with Vietnamese Market Entry Companies' Following Mexico

The government reviewed the impact on Korean companies operating in Vietnam and discussed countermeasures in preparation for changes in the United States' new administration's trade policy toward Vietnam.

The Ministry of Trade, Industry and Energy announced that Jeong In-gyo, the head of the Trade Negotiations Office, presided over the "Vietnam-Entered Companies Meeting" at the Lotte Hotel in Seoul on the 25th.

This meeting was organized to discuss joint public-private response measures targeting regions where Korean companies are actively operating and where trade volume with the U.S. is significant. Following the meeting held on the 22nd regarding Mexico, this time the meeting focused on Vietnam, Korea's third-largest trading partner and home to approximately 9,000 Korean companies.

Korea is the largest investor in Vietnam, with Korean companies actively engaged in various sectors such as electrical and electronics, semiconductors, and textiles. However, the Ministry of Trade, Industry and Energy anticipates that if policy changes occur?such as the imposition of universal tariffs by the new U.S. administration, measures against rerouting exports through China, and actions targeting countries with trade surpluses with the U.S.?Korean companies operating in Vietnam will be significantly affected.

Head Jeong stated, "The government will actively work to minimize management uncertainties for our companies operating in Vietnam by activating cooperative channels established with Vietnam, such as the upcoming 'Korea-Vietnam Industrial and Free Trade Agreement (FTA) Joint Committee' scheduled for next month."

Based on the discussions at this meeting, the Ministry plans to closely analyze changes in the global trade environment and seek policy support measures to enable the Korean industry to respond swiftly. Furthermore, it will continue to maintain close communication with the industry through global trade strategy meetings and other forums.