Tapping into the cooperation potential between Vietnam and the Republic of Korea

The strategic cooperative partnership between Vietnam and the Republic of Korea is in a good, substantial and profound development stage. Since the establishment of diplomatic relations in December 1992, the cooperation between Vietnam and the RoK has maintained a strong development momentum, bringing practical benefits to the two peoples while contributing to peace and cooperation in the regional and around the world.
A cultural exchange between Vietnam and the RoK in celebration of the 30th anniversary of the establishment of bilateral diplomatic relations.
A cultural exchange between Vietnam and the RoK in celebration of the 30th anniversary of the establishment of bilateral diplomatic relations.

Vietnam and the RoK have many similarities in history, culture and economic development. The results of the economic breakthrough, in the last years of the 20th century, thanks to the Doi Moi (Renewal) process in Vietnam and the period known as “the miracle of the Han River” in the RoK, made an important contribution to the social development in each country.

After 30 years, the Vietnam-RoK relationship has developed rapidly and effectively, including extensive cooperation in all fields, such as politics-diplomacy, security-defence, economy, culture, education, etc, at both the bilateral and multilateral levels.

In the context of complicated developments in regional and international geo-political situations, the two countries have maintained close cooperation through regular exchanges and contacts between senior leaders, as well as periodical cooperation mechanisms between ministries, branches and localities. Cooperation and exchanges on the Party and National Assembly channels and people-to-people exchanges have constantly been strengthened and expanded, which is the foundation for contributing to the positive development of Vietnam-RoK relations.

Economic cooperation is a bright spot in the relationship between the two countries when Vietnam and the RoK have become each other’s leading economic partners. The Vietnam-Korea Bilateral Free Trade Agreement (VKFTA) was signed in 2015 and both countries are now members of the Regional Comprehensive Economic Partnership (RCEP).

According to statistics up to September, 2022, the RoK has maintained the top position in terms of foreign direct investment (FDI) in Vietnam and ranks second among countries providing official development assistance (ODA) to Vietnam and third in terms of trade cooperation with Vietnam, with bilateral trade having reached 78 billion USD in 2021. The two countries have aimed to increase two-way trade to 100 billion USD in 2023 and 150 billion USD in 2030.

People-to-people exchange is the bridge to promote emotional attachment and stronger relations between Vietnam and the RoK. According to statistics of the Korea Immigration Service, the Vietnamese community has currently more than 216,000 people living and working in the RoK, while the Korean community in Vietnam also has more than 180,000 people.

As the 10th largest developed economy in the world, the RoK is the second largest labour market of Vietnam, with about 48,000 workers. Tourism demand between the two countries has remained high, with an average of more than 1,000 direct flights between Vietnam and the RoK per month.

To date, many provinces and cities of Vietnam have signed cooperation agreements with localities, organisations and businesses from the RoK. RoK investors are present in 59 localities in Vietnam and are encouraged to continue expanding their investment scale, exceeding the current 80 billion USD, especially in the fields of digital technology, electronics, renewable energy, infrastructure development, construction of specialised technology complexes, industrial parks, high-tech agriculture, etc.

Overcoming upheavals in the world and in the region, the Vietnam-RoK relationship has maintained constant development, becoming a typical example of good friendship and successful cooperation in the region.

NDO