Six brief hours of martial law have shaken South Korea, leading to widespread political, economic, and social turmoil.

South Korea: A Brief but Shocking Martial Law

On the night of December 3, South Korean President Yoon Suk-Yeol suddenly declared emergency martial law, shocking both domestic and international audiences. The stated reason was to counter “anti-government forces,” but the law was lifted by Parliament after only six hours, with 190 legislators voting in favor. This was the first time martial law had been imposed since 1980.

Strong Reactions from Society and Politics

• Labor Unions Call for General Strike: The Korean Confederation of Trade Unions (KCTU), with 1.2 million members, called for a nationwide strike to protest the President’s decision.
• Opposition Party Threatens Impeachment: The Chung Democratic Party (CDP) demanded the President’s immediate resignation and declared they would initiate impeachment proceedings if he did not step down voluntarily.
• President Yoon’s Statement: On the morning of December 4, the President stated that he respects Parliament’s decision and ordered the withdrawal of all military forces at 4:22 a.m.

Severe Economic Impact

KOSPI dropped nearly 2% at opening, dragging down Asian stock markets into the red.
The Korean Won weakened significantly, forcing the government to deploy a 10 trillion KRW stabilization fund to support the market.
International reactions were also not positive. The White House said it had not been informed of the martial law, while the U.S. Embassy in South Korea canceled regular consular services and advised citizens to avoid protest areas.

France: President Macron Faces Potential Overthrow

French President Emmanuel Macron is facing a no-confidence vote in Parliament over budget disputes, as a result of cooperation between the far-right party led by Marine Le Pen and the left-wing faction.

• Macron Calls for Stability: The President urged lawmakers to reject the vote to maintain political stability, emphasizing his commitment to serving until 2027.
• Reason for the Dispute: Prime Minister Elisabeth Borne used a constitutional mechanism to pass a controversial budget, prompting the opposition to call for a no-confidence vote.

Middle East: Escalating Conflict Between Israel and Iran

Tensions in the Middle East continue to escalate:

• Iran Reinforces in Syria: Iran announced its readiness to send additional forces to support Assad’s government, despite the risk of direct military confrontation with Israel.
• Israel Intensifies Airstrikes: Israel warned it would expand attacks if the ceasefire in Lebanon is violated. Airstrikes continued targeting Hezbollah’s strategic positions in Syria and Lebanon.
• UN Resolution: The General Assembly passed a resolution calling for a peaceful solution for Palestine and demanding Israel withdraw from the Golan Heights. However, the resolution was strongly opposed by the U.S., Israel, and their allies.

Vietnam and South Korea: Boosting SME Cooperation

As part of the Comprehensive Strategic Partnership between Vietnam and South Korea, efforts are being made to attract investment from South Korean SMEs, which is essential to expanding bilateral cooperation beyond major corporations.

Long Thanh Airport Progress: No More Delays

Vietnam’s Prime Minister has ordered the acceleration of the Long Thanh Airport project, ensuring all construction is completed by December 31, 2025, and operational by February 28, 2026.

Global Economy: Unpredictable Fluctuations

• China’s Service PMI Dips Slightly: November’s PMI reached 51.5 points, down 0.5 points from the previous month, but business activity remains in expansion territory.
• Gold Prices Rise: Global gold prices reached $2,643 per ounce, up 0.28%, supported by a weaker USD despite rising U.S. Treasury yields.
• Bitcoin Trades at $95,670: Bitcoin fell 0.4% over the past 24 hours, with a trading volume of $66.7 billion.

Conclusion

December 4, 2024, witnessed significant political and economic changes globally. From the martial law crisis in South Korea and the pressure of the no-confidence vote in France to escalating tensions in the Middle East, these events have had a strong impact on financial markets and investor sentiment. Amid this situation, Vietnam is striving to boost cooperation with South Korea and ensure the timely progress of key projects like the Long Thanh Airport.