On the afternoon of the 12th, TaeMoon No, Acting President of Samsung Electronics DX Division, held a private meeting with Chung Chin Nguyen, Chairman of CMC, at Lotte Hotel in Sogong-dong, Seoul. Photo by Seongah Shim
It was confirmed on August 12 that Tae Moon Roh, Acting President of Samsung Electronics DX Division, held a private meeting with Nguyen Trung Chinh, Chairman of CMC, a major Vietnamese information technology (IT) services company. The two met separately after the Korea-Vietnam Business Forum held at Lotte Hotel in Sogong-dong, Seoul, and discussed ways to collaborate. CMC is one of the leading IT service providers in Vietnam and serves as a strategic partner in which Samsung SDS holds a stake. This partnership acts as a local cooperation channel for software, artificial intelligence, and smart factories. In July last year, Lee Jae Yong, Chairman of Samsung Electronics, met with Chairman Nguyen Trung Chinh to discuss joint development of AI chip design. The recent meeting between Acting President Roh and Chairman Chinh can be seen as a continuation of those discussions.
Samsung Electronics operates large-scale smartphone and home appliance production complexes in Bac Ninh and Thai Nguyen in northern Vietnam. The company has a high proportion of exports through its Vietnamese subsidiaries. The Vietnamese government is implementing a national strategy for the semiconductor industry and is pursuing a plan to train 50,000 related engineers by 2030. Because workforce development and production infrastructure are closely linked, there is a structure in which communication channels between companies and the government are constantly active.
No Tae Moon, Acting President of Samsung Electronics DX Division, attending the Vietnam Government-Korea Business Meeting held at Lotte Hotel, Sogong-dong, Seoul on the afternoon of the 12th. Photo by Seongpil Jo
President Roh also attended the business meeting held at the same venue. This meeting was organized to mark the state visit of the General Secretary of the Communist Party of Vietnam to Korea for the first time in 11 years. Seventeen business leaders-including President Roh, Jeong Cheol Dong, CEO of LG Display, Kim Sang Hyun, Vice Chairman of Lotte, Kim Sung Kim, President of Hyundai Motor, Lee Joo Tae, CEO of POSCO Holdings, Heo Yoon Hong, CEO of GS E&C, Lim Jin Dal, CEO of HS Hyosung, and Kim Sung Joon, CEO of HD Hyundai Heavy Industries-gathered together. The participants reportedly discussed detailed cooperation measures to expand investment and create new business opportunities.
By company, HD Hyundai Heavy Industries emphasized its commitment to its business in Vietnam and requested an extension of the land lease for its local subsidiary, HD Hyundai Vietnam Shipbuilding, from the current 50 years to 70 years. This is interpreted as a move to stably pursue long-term investments and facility expansion plans. CEO Kim stated, "Vietnam is both a key partner and a pillar of HD Hyundai's core business, shipbuilding. Through continued investment in HD Hyundai Vietnam Shipbuilding, which is recognized as a model case of overseas expansion, we will further strengthen our mutually cooperative relationship." On this day, HD Hyundai Heavy Industries signed a "Comprehensive Shipbuilding Cooperation MOU" with Vietnam Maritime Corporation (VIMC) to promote the development of Vietnam's shipbuilding industry and cooperate in expanding and modernizing VIMC's fleet.
POSCO Group reportedly received requests for cooperation across its operations in Vietnam, including liquefied natural gas (LNG), steel, and rare earth businesses. In particular, POSCO International, a group affiliate, has proposed the development of two 1,500MW-class LNG power plants (totaling $4.39 billion) in northern Vietnam. If realized, this would become the group's largest overseas project to date. Prior to the meeting, Lee Gye In, President of POSCO International, held a separate meeting with Minister Nguyen Hong Dien to discuss the possibility of new investments. Seventeen Korean companies, including Hyundai Motor and LG, attended the business meeting hosted by General Secretary Vo Lam of the Communist Party of Vietnam in the afternoon to explore opportunities for expanding investment and business.
In addition, HS Hyosung reportedly requested support for permits to ensure the stable operation and expansion of its local tire cord, airbag, and carbon fiber production facilities in Vietnam. Hyosung also asked the Vietnamese government for infrastructure provision and regulatory relaxation in relation to its ongoing new investment plans. GS E&C requested cooperation on expanding infrastructure such as roads and electricity and simplifying administrative procedures to facilitate its new town development projects.
At around 3 p.m. on the 12th, SK Group Chairman Chey Tae Won participated in the Vietnam government-Korea business meeting held at Lotte Hotel in Sogong-dong, Seoul. Photo by Shim Sunga
From SK Group, Chairman Chey Tae Won attended the meeting, but it was reported that he participated in his capacity as Chairman of the Korea Chamber of Commerce and Industry. Separately from this meeting, SK proposed strengthening cooperation in the energy sector to the Vietnamese side, mentioning the expansion of large-scale power demand and the goal of increasing the adoption of renewable energy. Currently, SK is engaged in energy businesses in Vietnam, including exploration, development, and production through its subsidiary SK Earthon, and operation of offshore wind farms through SK E&S. SK reportedly requested support for building power generation and renewable energy infrastructure.
During the meeting, General Secretary Vo Lam stated, "Please actively invest in Vietnam. I arranged this meeting because I wanted to hear about the difficulties faced by Korean companies investing in Vietnam and Vietnamese companies investing in Korea, and I wanted to listen to your specific challenges." He continued, "We will continue to develop toward the future, and by 2045, I hope Vietnam will become a country like Korea is today. We will work to simplify investment procedures and improve the investment environment. I hope Vietnam will become an international financial hub, and we will create an environment to attract more Korean investment companies."
[Correction and Apology]
This article was originally published at 17:34 on August 12 under the title "Samsung Electronics President Tae Moon Roh Holds Private Meeting with Vietnamese General Secretary," but it was corrected at 13:32 on August 13 after it was confirmed that the individual in question was Nguyen Trung Chinh, Chairman of Vietnamese IT company CMC.
The initial report was written based on on-site coverage and first-hand verification, but the facts were re-examined following external feedback. After comparing newly obtained frontal photos and going through confirmation procedures with Samsung, it was finally confirmed to be Chairman Nguyen Trung Chinh. We sincerely apologize for any confusion caused to our readers due to insufficient initial verification.
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