Promoting Vietnam - South Korea cooperation to integrate businesses into global supply chains

Drawing on Incheon's experience to shape the future of economic zones in Hung Yen Province

On July 14, 2026, in Incheon, an investment and trade promotion delegation from Vietnam's Ministry of Industry and Trade met with South Korean counterparts at the Incheon Free Economic Zone (IFEZ). Discussions focused on sharing experience in planning, managing and developing modern economic zones capable of attracting strategic investors, particularly in high-tech industries, innovation and future-oriented cooperation between the two sides.

The Vietnamese delegation receives a presentation on the development history, master planning and operating model of the Incheon Free Economic Zone (IFEZ). Photo: Vietnam Trade Promotion Agency.

The delegation was welcomed by Jun Hyenju, Director of the Investment Cooperation Division at IFEZ, together with representatives from relevant departments. The Vietnamese side included leaders of the Vietnam Trade Promotion Agency (VIETRADE), officials from Hung Yen Province, representatives of local authorities, industrial parks and Vietnamese enterprises.

The Vietnamese delegation at the headquarters of the Incheon Free Economic Zone (IFEZ), where the two sides discussed integrated planning, investment attraction and the development of a high-tech innovation ecosystem. Photo: Vietnam Trade Promotion Agency.

During the meeting, IFEZ representatives introduced their integrated development model, which combines industrial production, urban development, logistics, services, technology and a highly skilled workforce. The model was presented as a valuable reference for Vietnamese localities seeking to develop modern, green and internationally competitive economic zones.

Representing Vietnam's Ministry of Industry and Trade, Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, said IFEZ's experience offers practical lessons for Vietnam, particularly in developing integrated infrastructure, attracting international investors and creating balanced linkages between industry, urban development and services. He expressed VIETRADE's desire to strengthen exchanges of expertise, facilitate investor connections and gradually identify specific areas of cooperation between IFEZ and Hung Yen Province.

Introducing Hung Yen's development vision, Le Quang Hoa, Vice Chairman of the Hung Yen Provincial People's Committee, highlighted the province's strategic location within northern Vietnam's key economic region, its strong industrial foundation and its increasingly well-developed regional transport infrastructure.

Hung Yen's economic zone, covering approximately 305.83 square kilometres, is planned to become a new engine of growth, prioritising high technology, electronics, semiconductors, robotics, advanced materials, logistics, energy, data centres, research and development (R&D), and innovation. South Korea currently has around 210 foreign direct investment (FDI) projects in the province with total registered capital of approximately USD 2.9 billion.

Vu Kim Cu, Head of the Management Board of Hung Yen Economic Zone and Industrial Parks, studies the planning model at IFEZ. Photo: Vietnam Trade Promotion Agency.

Based on the similarities in development orientation, representatives of Hung Yen proposed that IFEZ share its experience in economic zone planning and governance, strategic investment attraction mechanisms, innovation ecosystem development, smart infrastructure and business support services. The two sides also discussed the possibility of organising study visits, business networking programmes and future knowledge-sharing initiatives.

Concluding the meeting, the Vietnam Trade Promotion Agency reaffirmed its readiness to coordinate with IFEZ and Hung Yen Province as a focal point for information exchange and partnership development, facilitating cooperation among government agencies, investors, industrial parks and enterprises with the goal of translating the discussions into practical cooperation programmes.

Later the same day in Seoul, the Vietnamese delegation held talks with the Korea Federation of SMEs (KBIZ) to discuss future cooperation in investment promotion, trade and supporting industries.

The Vietnamese delegation visits IFEZ to learn about its spatial planning and integrated industrial - urban - service development model. Photo: Vietnam Trade Promotion Agency.

Go Global programme strengthens Vietnam - South Korea economic cooperation

The delegation was received by Kim Hee-joong, Executive Director and Head of the Economic Policy Division of KBIZ, together with representatives from the federation's specialised departments. The Vietnamese side included representatives of the Vietnam Trade Promotion Agency (VIETRADE), leaders of Hung Yen Province, the Korea Desk, as well as officials from local authorities, industrial parks and Vietnamese enterprises.

Overview of the meeting between the Vietnamese delegation and the Korea Federation of SMEs (KBIZ). Photo: Vietnam Trade Promotion Agency.

Speaking at the meeting, Nguyen Ba Hai, Deputy Director of the Trade and Investment Promotion Support Centre under the Vietnam Trade Promotion Agency, highly appreciated KBIZ's role in supporting the growth and international competitiveness of South Korea's small and medium-sized enterprises (SMEs).

He emphasised that SMEs are the backbone of supporting industries, playing a critical role in strengthening supply chain linkages, fostering innovation and expanding business cooperation between Vietnam and South Korea. Against this backdrop, VIETRADE expressed its desire to deepen cooperation with KBIZ by leveraging its extensive membership network to connect South Korean companies seeking investment destinations, production expansion opportunities, supply chain diversification or business partners in Vietnam.

Representing Hung Yen Province, Le Quang Hoa, Vice Chairman of the Provincial People's Committee, reiterated the province's advantages in terms of strategic location, industrial base and investment environment. South Korea currently ranks among Hung Yen's leading foreign investors, with around 210 FDI projects valued at approximately USD 2.9 billion. The province is prioritising investment in high technology, semiconductors, electronics, precision engineering, supporting industries, digital infrastructure, green energy, logistics and smart urban development.

Le Quang Hoa, Vice Chairman of the Hung Yen Provincial People's Committee, discusses investment, trade and supply chain cooperation with KBIZ. Photo: Vietnam Trade Promotion Agency.

During the discussions, KBIZ representatives noted that SMEs account for approximately 89% of all businesses in South Korea, employ around 80% of the country's workforce and generate exports worth roughly USD 118 billion annually.

KBIZ currently represents a network of around 3,000 enterprises operating in sectors including automotive components, industrial materials, semiconductors and manufacturing. The federation is actively implementing initiatives to enhance the global competitiveness of its member companies.

In addition, KBIZ is promoting a range of programmes covering cosmetics, artificial intelligence (AI), e-commerce, home shopping and other business support services designed to help SMEs expand into overseas markets. Representatives of the federation also noted that KBIZ has organised numerous business networking events in Vietnam, including three major cooperation seminars and a series of large-scale programmes attended by hundreds of South Korean enterprises, underscoring Vietnam's importance as one of KBIZ's key strategic partners.

Kim Hee-joong, Executive Director of KBIZ, delivers remarks at the meeting. Photo: Vietnam Trade Promotion Agency.

The two sides agreed to further strengthen cooperation through five priority areas. These include organising investment promotion conferences focusing on industrial cooperation; jointly studying the development of value chain maps for selected industries such as automotive parts, industrial materials, automobiles and semiconductors.

They also proposed organising fact-finding visits to localities and industrial parks, expanding cooperation in trade and import-export promotion, and jointly exploring activities under the Go Global Programme to help enterprises expand into international markets and integrate more deeply into global supply chains.

Representatives of Hung Yen Province present commemorative gifts to KBIZ representatives. Photo: Vietnam Trade Promotion Agency.

VIETRADE reaffirmed its commitment to working closely with KBIZ and Hung Yen Province to translate these discussions into concrete cooperation initiatives, strengthen business connectivity and further promote bilateral investment and trade. The outcomes of the meetings with both IFEZ and KBIZ are expected to pave the way for future investment missions, trade promotion activities and supply chain cooperation programmes between enterprises of the two countries.

According to the delegation's schedule in South Korea, members also attended the 80th anniversary celebration of the Korea International Trade Association (KITA).

The Vietnamese delegation attends the 80th anniversary celebration of the Korea International Trade Association (KITA). Photo: Vietnam Trade Promotion Agency.

Also on July 14, during the working visit to South Korea, Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade, together with other Vietnamese delegates, attended the 80th anniversary ceremony of the Korea International Trade Association (KITA).

Held at the COEX Convention and Exhibition Center in Seoul, the event brought together more than 1,000 participants, including senior officials of the South Korean government, members of the diplomatic corps and representatives of the business community. The ceremony highlighted KITA's pivotal role in advancing the Republic of Korea's trade and economic growth over the past eight decades.