The Economic Times said that during Mr Lee’s trip to Vietnam, Cambodia and Thailand, the RoK delegation expressed their wish to strengthen cooperative ties with the region, which they see as having great potential.
The newspaper added that Vietnam has become a subject of interest for Korean economic groups because the country is emerging as a stable trade partner after both countries signed an agreement to raise their bilateral ties to those of a ‘strategic partnership’.
The RoK’s POSCO, which is the third largest steel group in Asia, is considering locations for construction of another large-scale steel plant in Vietnam. With an annual design capacity of 1.2 million tonnes, the plant will be the largest in Southeast Asia. Notably, POSCO had penetrated the Vietnamese market before the RoK and Vietnam officially established their diplomatic relations in 1992.
Kumho-Asiana, another RoK giant, is planning to increase its investment in an urban development project. It is also focused on the establishment of transport systems connecting Vietnamese cities with each other as well as linking Vietnam with regional countries.
Meanwhile, Lotte Group is building a 65-floor trade centre worth US$400 million in downtown Hanoi.
Bilateral trade between Vietnam and the ROK is growing fast, reaching some US$10 billion in 2008. Leaders of the two countries have set a target of doubling the figure in 2015.