A new chapter in Vietnam – RoK relations

This is the first high-level visit to the RoK by a Vietnamese leader after the two countries upgraded their relationship to a comprehensive strategic partnership in December 2022.

The two sides have since increased exchanges to foster cooperation, and Chinh’s visit will give them the chance to review and chart a new course for future development, said Ho in an interview granted to Vietnam News Agency ahead of Chinh’s visit.

In addition, he said, the success of the visit would deliver Vietnam’s message of promoting cooperation and improving connectivity between Northeast Asia and Southeast Asia for peace, prosperity and sustainable development of the entire Asia-Pacific region.

Many expectations have been aroused for this visit, including a new level of trust to be built, new trade opportunities to be created, and more exchanges to be arranged, said the diplomat.

According to the ambassador, both sides are putting the finishing touches to preparations for the visit, with a score of events and activities on the horizon. High on the agenda will be increasing cooperation in field such as politics - security, economics - trade, people-to-people exchange, labour, culture, and tourism.

But above all, priorities of this visit will be steps to further strengthen trust between the two countries, open up new business opportunities and further deepen the connection between the two peoples, stressed the ambassador.

Ho recalled that since the establishment of the new partnership framework, the two sides have organized six high-level visits, seven ministerial-level visits and more than 80 visits of their localities, helping to promote mutual understanding and increase the trust between the two countries.

Economic cooperation is the major pillar in bilateral relations. Two-way trade turnover has grown significantly from just US$500 million 1992 to US$87 billion in 2022, and the two countries are eyeing the US$100 billion target in a short period of time. The RoK is currently the largest foreign investor in Vietnam, pouring a total of over US$87 billion into nearly 10,000 projects.

Labour and tourism cooperation has been restored after the COVID-19 disease was brought under control. Statistics show that nearly 11,000 Vietnamese citizens were sent to work in the RoK in 2023 and the figure is expected to rise to 13,000 in 2024.

Meanwhile, approximately 4 million Korean people travelled to Vietnam last year, and the figure is projected to climb to 4.5 million this year.

In addition, more than 230,000 Vietnamese nationals are residing, working and studying in the RoK, of whom over 80,000 have got married to Koreans. They have made a practical contribution to local socio-economic development as well as friendship between the two countries.

These figures show that both Vietnam and the RoK are each other’s important partners and that the trust the two countries’ people and business communities have in each other is growing considerably, said the ambassador.