Aims for bilateral trade between Vietnam and Korea to reach US$ 150 billion by 2030

At the Vietnam-Korea Cooperation Forum VIKO30, Deputy Foreign Minister Pham Quang Hieu said that after 30 years since establishing diplomatic relations in 1992, Vietnam and Korea have achieved many significant achievements in most fields.

Currently, Korea ranks first in foreign direct investment (FDI), second in development cooperation (ODA), labor and tourism, and third in commercial partnership in Vietnam. Korean investment not only focuses on a few densely populated provinces and cities but also spreads to many different regions.

Besides investment, trade cooperation between the two countries has also been brought to a new height. From a two-way import and export turnover of US$ 500 million in 1992, by 2021, it has reached US$ 78 billion and is forecasted to reach US$ 100 billion in 2023.

Deputy Minister Pham Quang Hieu believes that the two sides will continue to improve the quality of economic, trade, and investment cooperation and strive to achieve a bilateral trade turnover of US$ 150 billion by 2030.

Mr. Nguyen Phu Binh, Chairman of Association for Liaison with Overseas Vietnamese (ALOV), former Deputy Minister of Foreign Affairs, affirmed that for many years, Korea has always been the number one investor in Vietnam, contributing essential and adequate to the socio-economic development of Vietnam.

Vietnam-Korea cooperation has become even more apparent during the pandemic. Despite the Covid-19 outbreak, which caused many supply chains to be broken, trade turnover between the two countries still grew steadily, sometimes up to more than 24% over the same period.

In the ASEAN region, the bilateral trade turnover between Vietnam and the Republic of Korea is equal to the total bilateral trade of Korea with the other nine countries. Regarding production investment, Korean enterprises contribute about 25% of Vietnam's total export turnover.

According to Mr. Kwon, the future trend of Korean investment in Vietnam will change. Korea will pay more attention to the goals of green and sustainable economic development in Vietnam.

VIKO30 Forum was held from 22 to 24 July in Ho Chi Minh City and Hanoi to connect the overseas Vietnamese community and introduce potentials, prospects, and policies on startups, commerce, etc., investment, and business in Vietnam.