Int'l Cooperation

Last updated: Tuesday, March 19, 2019


VN, RoK Strategic Partnership Progresses Positively

Posted: Thursday, March 22, 2018

President of the Republic of Korea (RoK) Moon Jae-in and his spouse begin State visit to Viet Nam from March 22, 2018
President of the Republic of Korea (RoK) Moon Jae-in and his spouse begin State visit to Viet Nam from March 22, 2018

President of the Republic of Korea (RoK) Moon Jae-in and his spouse will pay a state visit to Viet Nam from March 22-24 at the invitation of Vietnamese State President Tran Dai Quang. 

This will be the first overseas trip of the RoK President to Viet Nam. 

Maintaining robust growth trend
The two countries elevated the bilateral ties to comprehensive partnership in 2001, then strategic partnership in 2009. 

Besides bilateral cooperation, Viet Nam and the RoK are important partners at regional and international forums. The Viet Nam-RoK strategic partnership has been maintained and developed in a robust and comprehensive manner. 

So far, the RoK was one of leading important partners of Viet Nam, topping the list of investment, ranking second in ODA provision (after Japan), tourism and trade (after China). The RoK gives a priority to ASEAN including Viet Nam only after the U.S., China, Russia, and Japan. 

Viet Nam is the fourth largest FDI destination of the RoK. Almost all big groups including Samsung, Hyundai, LG, POSCO, SK, Lotte, and Kumho-Asiana are present in Viet Nam.

The RoK also provided Viet Nam with US$ 1.2 billion in official development assistance for Viet Nam in 2012-2015, and a US$ 1.5 billion loan for the country during 2016-2020.

Two-way trade jumped from US$ 500 million in 1992 to US$ 61.5 billion in 2017, of which US$ 14.8 billion came from Viet Nam’s exports, up 30 per cent from the previous year, and US$ 46.7 billion from the Southeast Asian country’s imports, a year-on-year increase of 45.3 per cent. 

The two countries are working to raise the turnover to 100 billion USD by 2020.

Beefing up fields of cooperation
Besides robust developments in political and economic ties, other fields have been consolidated and promoted. 

Regarding labor cooperation, the RoK was the second importer of Viet Nam's workers. So far, nearly 50,000 Vietnamese guest workers are working in the RoK. 
The eastern Asia country ranks second in terms of the number of tourists to Viet Nam. Last year, Viet Nam welcomed more than 2 million Korean visitors, a surge of 56.4 per cent year-on-year. In January this year, 316,300 Korean tourists visited Viet Nam, a year-on-year jump of 84 per cent.

In August 1994, the two countries inked the Agreement in Culture. The Memorandum of Understanding in culture, art, sports, and tourism was signed in October, 2008. In 2006, the RoK established the RoK Cultural Center in Ha Noi. 

Viet Nam also signed an agreement on scientific and technological cooperation at the governmental level in 1995.

There are more than 112,200 Vietnamese people living in the Republic of Korea, while about 150,000 Koreans are living in Viet Nam.


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