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| Two-way trade turnover between Korea and Vietnam in 2023 will reach nearly 80 billion USD. (Source: VNE) |
Two-way trade turnover between South Korea and Vietnam in 2023 reached nearly 80 billion USD, although South Korea's exports to Vietnam decreased by more than 12% and imports from Vietnam to South Korea decreased by nearly 3%. Vietnam has surpassed Japan for two consecutive years - holding the position of the third largest trading partner of the kimchi land, after China and the US.
Since 1992 - the time the two countries established diplomatic relations, up to now, Korea-Vietnam trade has grown exponentially - from 500 million USD to nearly 80 billion USD.
“Vietnam has attractive investment factors such as strategic location, abundant young workforce, continuously improved investment environment, with signed FTA agreements. In the past, Korean enterprises have mainly considered Vietnam as a large-scale production base for labor-intensive manufacturing industries, but now and in the future, it is expected that enterprises will increase investment cooperation and in high value-added fields. Vietnam is an emerging market that is attracting great attention from countries around the world, Korean investment in Vietnam will continue to increase,” said Mr. Bae Yong Geun, former Vice President of the Korean Chamber of Commerce and Industry in Vietnam.
In fact, the fact that Korean investors have been paying attention and investing capital in high-tech industries, energy projects, finance - banking, business mergers and acquisitions and quality service activities in Vietnam has also been recognized by relevant ministries and sectors and gradually developed strategies for the issue.
“The recent trend of Korean business investment is digital, electronics, clean energy, green economy, digital transformation, and innovation. These are the fields in which Korea is at the top. The leaders of the Party and State of Vietnam also stated that we must have a breakthrough in developing the green economy, digital economy, and innovation. The Ministry of Planning and Investment has been, is, and will always accompany investors to support and promote the strong flow of Korean capital, and make it even stronger,” affirmed Mr. Do Nhat Hoang, Director of the Foreign Investment Department, Ministry of Planning and Investment.
Vietnam's investment attraction is increasingly strong, not only with Korean partners. However, in an effort to delve deeper into the high-tech industry, the investment trend of the Korean business community is clearly very consistent with Vietnam's FDI attraction orientation. This is considered a favorable opportunity for not only the Ministry of Planning and Investment but also many other ministries, branches and localities to soon research, have appropriate plans, and further promote cooperative relationships with quality enterprises in the land of kimchi, contributing more to Vietnam's economic growth in the new year of Giap Thin 2024.
(according to VOV)
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