South Korean President Lee Jae Myung will arrive in Vietnam tomorrow for a four-day state visit aimed at strengthening economic relations in the midst of the current “global uncertainty,” the two nations have announced.

Lee will fly to Vietnam from India, where he is currently on a two-day visit, National Security Advisor Wi Sung-lac said in a statement issued by the Blue House on April 16. He is the first South Korean leader to visit India in eight years.

After arriving tomorrow evening, the Blue House said, Lee will meet on April 22 with President To Lam, who also serves as general secretary of the Communist Party of Vietnam. As per the Blue House, “the two leaders are expected to hold in-depth discussions on practical measures to strengthen strategic and mutually beneficial cooperation amidst global uncertainty.” Lee will also hold meetings with newly appointed Prime Minister Le Minh Hung and National Assembly Chairman Tran Thanh Man.

The trip follows Lam’s visit to South Korea in August of last year, the first foreign leader to visit South Korea after Lee’s election the previous June. Lee described the visit as the beginning of a “new chapter” in bilateral relations, and expressed hopes that it could “further consolidat[e] the political trust between the two countries.” During their meeting, Lam and Lee announced their intention to expand bilateral trade to $150 billion by 2030, a target that was reaffirmed by the Blue House last week.

This week’s visit come at a time of momentum in the relationship between Hanoi and Seoul, with the two nations having established a Comprehensive Strategic Partnership in 2022. Just as Lam was the first foreign leader to visit Lee, the fact that Lee is the first foreign leader to visit Vietnam since the confirmation of the country’s new leadership since the CPV’s 14th National Congress in January, is notable.

For this reason, Vu Ho, Vietnam’s Ambassador to South Korea, is “seen as carrying both political and symbolic importance, reflecting the country’s high regard for Viet Nam and the growing level of trust and strategic prioritization in bilateral ties.”

The agenda of the visit appears to be primarily economic. This is unsurprising, given that South Korea is the largest investor in Vietnam in terms of accumulated capital. There are around 10,000 Korean enterprises based in Vietnam, and as Reuters notes, this amounted to $92 billion at the end of 2024, an amount equivalent to around one-fifth of Vietnam’s GDP. Output from Samsung ​factories alone accounts for more than one-tenth of the country’s exports.

​According to the Korean news agency Yonhap, Lee’s delegation will include the heads of South Korea’s four largest conglomerates, including Samsung Electronics Chairman Jay Y. ​Lee, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung, and LG Group Chairman Koo Kwang-mo.

During Lee’s meeting with Prime Minister Hung, it is “expected that he will discuss ways to strengthen strategic economic cooperation between the two countries, enter the Vietnamese market, and resolve difficulties faced by Korean companies with Prime Minister Le Minh Hung.” Korean investment pledges fell by around a quarter last year, according to Reuters, due to concerns about trade uncertainties and worries about regulatory changes, including Hanoi’s plan to reform (i.e. reduce) its investment incentives for the high-tech sector.

As per the statement, Wi said that “we will also strengthen communication to build economic security partnerships, including those related to energy and supply chain stability and cooperation on critical minerals.”