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30 Years Relationship Development of Vietnam – Korea

Posted by Khoi Pham on December 20, 2022

Over the past three decades, Vietnam and Korea have built a strong and cohesive bilateral relationship which is as close as brothers.

During a two-day visit to South Korea in December, 2022, President Nguyen Xuan Phuc and South Korean President Yoon Suk-yeol celebrated 30 years of bilateral cooperation by uplifting bilateral relations to a new level of Comprehensive Strategic Partnership.

Accordingly, Vietnam and South Korea agreed on cooperation commitments in terms of trade turnover, investment of Korean enterprises in Vietnam, supporting workers of the two countries and ensuring security and peace.

30 Years Relationship Development of Vietnam - Korea

Vietnam – Korea agreed on new cooperation commitments during the recent visit

President Nguyen Xuan Phuc said that after 30 years of establishing cooperative relations since 1992 and 10 years of establishing a strategic partnership, trade and investment cooperation between the two countries has achieved remarkable achievements.Therefore, uplifting the tie to Comprehensive Strategic Partnership will open a new chapter in bilateral relations.

Korea is one of the leading partners of Vietnam:

  • Ranked first in terms of foreign investment
  • Ranked second in ODA (after Japan)
  • Ranked third on trade (after China and the US)
  • The second largest labor market in Vietnam (after Taiwan)

30 Years Relationship Development of Vietnam - Korea

Vietnam – Korea journey to a comprehensive strategic partnership after 30 years of development cooperation

The visit of President Nguyen Xuan Phuc took place at the invitation of the President of the Republic of Korea. This is the highest-level visit of a Vietnam leader to South Korea since the country has a new President. The President and high-ranking delegations were solemnly received by 21 salute gunshot in Seoul.

During the visit, the President also received Korean multinational enterprises that are implementing projects in Vietnam such as CJ Group, LG, Lotte, Daewoo E&C, Hyundai Motor…

In Ho Chi Minh City, District 7, Thao Dien, Thu Thiem (Thu Duc City) and the surrounding areas are the residences of crowded community and experts from Korea. These are also potential lands attracting Korean investment in real estate and commercial amenities such as Thu Thiem Zeit River (invested by GS E&C), Lotte Eco Smart City (invested by Lotte), Emart Sala

It is expected that in the future, a new milestone in Vietnam-Korea relations will be transformed into turning points in terms of economy, trade, tourism, etc… between the two countries.

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