Hanoi: The leaders of South Korea and Vietnam are poised to engage in discussions aimed at expanding investment in advanced technology. Vietnamese President To Lam is preparing to welcome South Korean President Lee Jae-myung to Hanoi, marking their second meeting in less than a year. This meeting underscores Vietnam's pursuit of support from South Korea, its largest investor, to advance its high-tech goals.

According to Thai News Agency, President Lee, who recently met with President To Lam in August, arrived in Hanoi with a large business delegation following a visit to India. The two leaders are scheduled for two days of discussions, which are expected to result in the signing of at least 12 intergovernmental cooperation agreements. Additionally, they are anticipated to reaffirm their objective of boosting bilateral trade to US$150 billion by 2030, building on last year's trade increase of 9.6 percent to approximately US$89.5 billion.

The South Korean leader informed representatives of the Korean community in Vietnam that his government plans to expand cooperation in key strategic areas such as nuclear power plants, infrastructure, scientific and technological innovation, and global issues like supply chain security, sustainable growth, and climate change adaptation.

Currently, South Korea holds the position of Vietnam's largest investor in terms of accumulated capital, with Samsung being the largest foreign investor, having invested over US$20 billion, primarily in electronics manufacturing plants. Furthermore, discussions between Samsung and Vietnamese authorities have been ongoing for years regarding the establishment of additional semiconductor assembly and testing plants, akin to those established by multinational corporations like Intel and Amcor. Nonetheless, the Vietnamese government's efforts to attract investment in advanced chip manufacturing plants remain a challenge that requires attention to yield tangible results.