Key Takeaways
- • Historic delegation milestone: Hahn & Company became the first private equity firm to join a South Korean presidential economic delegation, with Vice President Lee Dong-chun participating in President Lee Jae-myung's state visit to Vietnam on April 24, 2026.
- • Namyang Dairy Products MOU: Hahn & Company portfolio company Namyang Dairy Products signed a 70 billion won (three-year) cooperation agreement with Vietnamese distributor Phu Thai Holdings at the Korea–Vietnam Business Forum, focusing on infant formula and food business expansion.
- • PE operational model validation: The inclusion signals a strategic shift toward private equity firms directly engaging in portfolio company management post-acquisition, with Namyang demonstrating profitability recovery following Hahn's January 2024 acquisition.
- • Bilateral trade expansion targets: Vietnam and South Korea committed to lifting bilateral trade to $150 billion by 2030, with both nations emphasizing supply chain integration and market access facilitation for Korean firms in Vietnam.
- • Namyang financial turnaround: The dairy company achieved operating profitability in Q3 2024 and posted positive operating and net income results for the full year 2025 under Hahn & Company's ownership and management.
Summary
Hahn & Company achieved a historic milestone by becoming the first private equity firm included in a South Korean presidential economic delegation. Lee Dong-chun, a vice president at the PE manager and outside nonexecutive director at Namyang Dairy Products, participated in President Lee Jae-myung's state visit to Vietnam on April 24, 2026. According to investment banking industry sources, this represents the first time a figure from the private equity sector has joined an official economic delegation of this nature, marking a notable shift in how PE firms are perceived by government economic policy structures.
The delegation's focus aligned with active portfolio company engagement. At the Korea–Vietnam Business Forum held prior to the presidential visit, Namyang Dairy Products—acquired by Hahn & Company in January 2024—signed a memorandum of understanding with Vietnamese distributor Phu Thai Holdings. The agreement, valued at 70 billion won over three years, encompasses cooperation in food businesses including infant formula and broader market expansion initiatives. The signing ceremony included high-level officials: Kim Seung-eon, CEO of Namyang Dairy Products; Pham Dinh Doan, chairman of Phu Thai Holdings; Kim Jung-kwan, South Korea's Minister of Trade, Industry and Energy; and Nguyen Van Thang, Vietnam's Finance Minister.
Namyang's inclusion in the delegation reflects operational success under PE ownership. Following Hahn's acquisition in January 2024, the company achieved operating profitability in the third quarter of 2024 and posted positive results across both operating income and net income on an annual basis in 2025. Market observers attribute Hahn's delegation participation to the growing trend of private equity firms directly engaging in active management of portfolio companies, rather than maintaining passive investment positions. The expanded role of PE in official trade delegations signals institutional recognition of the sector's operational capabilities and economic impact.
On the bilateral front, Vietnamese and South Korean leaders reaffirmed their commitment to deepening economic ties. General Secretary and State President To Lam and President Lee Jae-myung agreed to elevate their Comprehensive Strategic Partnership and set an ambitious target of $150 billion in bilateral trade by 2030. Both nations committed to facilitating supply chain integration, with Vietnam pledging to assist its firms in joining Korean production networks while South Korea emphasized market access expansion for Vietnamese goods.
The delegation's focus aligned with active portfolio company engagement. At the Korea–Vietnam Business Forum held prior to the presidential visit, Namyang Dairy Products—acquired by Hahn & Company in January 2024—signed a memorandum of understanding with Vietnamese distributor Phu Thai Holdings. The agreement, valued at 70 billion won over three years, encompasses cooperation in food businesses including infant formula and broader market expansion initiatives. The signing ceremony included high-level officials: Kim Seung-eon, CEO of Namyang Dairy Products; Pham Dinh Doan, chairman of Phu Thai Holdings; Kim Jung-kwan, South Korea's Minister of Trade, Industry and Energy; and Nguyen Van Thang, Vietnam's Finance Minister.
Namyang's inclusion in the delegation reflects operational success under PE ownership. Following Hahn's acquisition in January 2024, the company achieved operating profitability in the third quarter of 2024 and posted positive results across both operating income and net income on an annual basis in 2025. Market observers attribute Hahn's delegation participation to the growing trend of private equity firms directly engaging in active management of portfolio companies, rather than maintaining passive investment positions. The expanded role of PE in official trade delegations signals institutional recognition of the sector's operational capabilities and economic impact.
On the bilateral front, Vietnamese and South Korean leaders reaffirmed their commitment to deepening economic ties. General Secretary and State President To Lam and President Lee Jae-myung agreed to elevate their Comprehensive Strategic Partnership and set an ambitious target of $150 billion in bilateral trade by 2030. Both nations committed to facilitating supply chain integration, with Vietnam pledging to assist its firms in joining Korean production networks while South Korea emphasized market access expansion for Vietnamese goods.
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