As President Lee Jae-myung departed on the 19th for state visits to India and Vietnam, the heads of Korea's four major corporations also left en masse to accompany the trip as part of the business delegation.
According to the business community, Samsung Electronics Chairman Lee Jae-yong arrived at the Seoul Gimpo Business Aviation Center in Gangseo District at about 1:42 p.m. that day. Lee entered the departure hall without answering reporters' questions about his resolve as a member of the business delegation. Hyundai Motor Group Chairman Chung Eui-sun arrived that afternoon, and LG Group Chairman Koo Kwang-mo entered the Gimpo Business Aviation Center that morning. SK Group Chairman Chey Tae-won plans to join the schedule in Vietnam.
India and Vietnam are key countries in the "Global South" and major bases where Korea's four major corporations are actively conducting business. Samsung Electronics has a smartphone manufacturing plant in Noida, India. In Chennai, it produces TVs and home appliances. It also operates research and development (R&D) centers in Bengaluru and Delhi. In Vietnam, Samsung Electronics operates six manufacturing plants and one R&D center. Recently, to expand production capacity, it invested $1.2 billion (about 1.8 trillion won) in its Vietnamese production subsidiary.
Hyundai Motor has designated the Indian market as a core strategic region. It has increased its market share by promoting customized recreational vehicles (RVs) targeting Indian consumers. Notably, in the first quarter of this year, it recorded its highest sales since entering India. Hyundai Motor Group operates plants in Chennai, Anantapur, and Pune in India. Its annual production capacity totals 1.5 million units. Hyundai Motor has been steadily expanding its local operations, including listing its Indian unit last year.
LG Electronics has been targeting the local market, including by listing its Indian unit last year. LG Electronics, LG Display, and LG Innotek, among other electronics affiliates, are operating production bases centered on the Hai Phong cluster in Vietnam, making Vietnam a global production hub. SK is expanding energy infrastructure investments in Vietnam, including liquefied natural gas (LNG) terminals and gas-fired power generation projects.
Cho Hyun-joon, chairman of Hyosung, who is accompanying both the India and Vietnam itineraries, was said to have departed last week in advance and is carrying out local schedules.