RoK President Yoon Suk Yeol and his wife at Noi Bai international airport in Hanoi, June 22, 2023. (Photo: An Dang/VNA)

Relations between Vietnam and the RoK have developed exceptionally well in all fields, including politics, security, economy, education, technology, culture, and labor.

Special bilateral relations

The friendly relationship between Vietnam and the RoK originated many centuries ago. The two countries officially established diplomatic relations in 1992. On the basis of political trust, cultural similarities, geographical proximity, economic complementarity, and shared strategic interests, the Vietnam-RoK relationship has developed substantively and recorded many achievements.

The two countries are important partners in many sectors. Cooperation in economy, trade, and investment is a pillar and a driving force for bilateral relations. The RoK ranks first in terms of direct investment in Vietnam, second inofficial development assistance (ODA), labor, and tourism, and third in commercial cooperation.

Vietnam is the RoK’s biggest economic partner in ASEAN. The RoK’s investment in Vietnam accounts for one third of its investment in ASEAN. Bilateral trade turnover makes up one half of the RoK’s trade with ASEAN. 

Vietnamese Ambassador to the RoK Nguyen Vu Tung said that President Yoon Suk Yeol choosing Vietnam as the first Southeast Asian country to visit, just 6 months after the two countries raised bilateral relations to a comprehensive strategic partnership, shows the special nature of their relations. The visit vividly demonstrates the RoK and President Yoon’s special regard for the RoK-Vietnam relationship, which is built on mutual trust and interests. 

RoK Ambassador to Vietnam Oh Young Ju (Photo: baoquocte.vn)

RoK Ambassador to Vietnam Oh Young Ju said: "Vietnam-RoK relations have strongly developed in various sectors such as economy, diplomacy, and people-to-people exchange. We hope that in the future the two countries will continue to elevate comprehensive cooperation in all fields. The President’s visit conveys an important message that Vietnam and the RoK are determined to create benefits for their people, focusing on exchanges between young people.”

Future cooperation orientations

Trade and investment are highlights of President Yoon’s agenda. Accompanying him is a delegation of more than 200 Korean business leaders, including leaders of Samsung, SK, Hyundai, and Daewoo. Ambassador Oh said this is the largest number of businesses to accompany President Yoon in recent overseas trips.

Vietnamese Deputy Minister of Foreign Affairs Nguyen Minh Vu said: “In the current economic downturn, trade and investment ties between Vietnam and the RoK can’t avoid some adverse effects. However, during these difficult and challenging times the two countries’ businesses are actively seeking new cooperation opportunities.”

During this visit, the leaders of Vietnam and the RoK will issue an Action Program to implement the comprehensive strategic partnership to further deepen bilateral ties. They will discuss measures to restore trade and investment and anticipate a wave of economic recovery in the second half of this year, especially in finance, infrastructure construction, labor, and tourism. Cooperation agreements scheduled to be signed will involve labor, large-scale infrastructure projects, energy, climate change, technology transfer, construction, and supply chains of strategic materials and minerals.

The success of Vietnam-RoK relations is based on political trust, dynamism, flexibility, sustainability in economic cooperation, and frequent people exchanges.