Prof. Choe Won-gi (right), head of the Centre for ASEAN - India Studies at the Korea National Diplomatic Academy, grants an interview to a Vietnam News Agency correspondent. Photo: VNA

An expert of the Republic of Korea (RoK) has expressed his optimism about the future of the RoK - Vietnam relations, and said the ongoing State visit by his country’s President Yoon Suk Yeol could probably provide a catalyst for the future progress of bilateral relations.

Talking to the Vietnam News Agency, Prof. Choe Won-gi, head of the Centre for ASEAN - India Studies at the Korea National Diplomatic Academy (KNDA), said that the June 22-24 visit is very important because Vietnam is the first Southeast Asian country that President Yoon has visited after he took office in 2022, which implies that Vietnam is very important for the RoK.

Last year, when diplomatic relations turned 30, Vietnam and the RoK agreed to upgrade the bilateral ties to a comprehensive strategic partnership, the highest level of bilateral relations that Vietnam has, he noted, perceiving that for the last 30 years since the diplomatic relation establishment, bilateral cooperation has been very successful, and Vietnam has become one of the most important economic partners of the RoK.

The economic cooperation has been very successful, on the basis of which he said it is necessary to prepare for the future and upgrade the relations. “For now, what is most important is to substantiate the comprehensive strategic partnership, so we have to move from just an economic partnership to a more comprehensive partnership.”

Looking from the strategic perspective, the RoK and Vietnam have a very high level of strategic conversions, a lot of shared interests in the fields of economy and security, and even socio-economic areas. For example, about 9,000 Korean factories are operating in Vietnam and almost 200,000 Korean people and a similar number of Vietnamese are living in each others’ countries, so the level of social and cultural bond is very high, Choe went on.

“I'm very optimistic about the future of our bilateral relations and the visit of President Yoon to Vietnam this time could probably provide a catalyst for the future progress of our bilateral relations,” the professor said.

He held that the bilateral relationship is very successful, both the RoK and Vietnam should prepare for the next stage of cooperation of the comprehensive strategic partnership in order to overcome the limitations of the just economic cooperation. They should expand the areas of cooperation from economics, trade, and investment to diplomacy, defense, and industrial cooperation.

Overall, it is necessary to make a very concrete roadmap to implement the comprehensive strategic partnership agreement so that the countries have substantive progress in terms of deepening and expanding cooperation not only in economic areas but diplomatic areas, security areas, and strategic areas as well, according to Choe.

Vietnam is now a key member of ASEAN. As the RoK is planning to upgrade the RoK - ASEAN relations to another comprehensive strategic partnership and Vietnam is the coordinator of the RoK - ASEAN relations, the two sides have many important overlapping interests.

The two countries need to work on that, he said, adding he is very optimistic about the future prospect of Vietnam's development, and the diplomatic profile of Vietnam not only in ASEAN but also on the global stage has increased quite a lot which is very good news for the RoK.

President of the Korea Trade-Investment Promotion Agency, Yu Jeong Yeol.

President of the Korea Trade-Investment Promotion Agency (KOTRA) Yu Jeong Yeol had an article published on the Economic Daily on June 19, which described Vietnam as a crucial economic partner that the RoK must definitely cooperate with.

The author suggested upgrading the trade structure with Vietnam and strengthening partnerships in the supply chain. The RoK and Vietnam are expanding complementary trade, focusing on intermediate goods and components.

Involvement in projects related to energy and environmental sustainability should also be acknowledged. Vietnam is the first country with which the RoK has signed an agreement on climate change. Furthermore, as government-led projects involving the development of smart cities and smart farms are activated, bilateral cooperation opportunities are expected to expand.

In the field of digital transformation, the article said the demand for cooperation in information and communication technology (ICT) is also growing. Vietnam aims to make a leap forward in future industries such as health care, educational technology, and big data through innovative technologies like 5G and artificial intelligence (AI). Korean small and medium-sized enterprises and startups have recognized these needs and actively entered the Vietnamese market.

The article concluded the global economy in the post-pandemic era is rapidly changing, and countries around the world are facing numerous challenges. In this transitional phase, the RoK and Vietnam need to strengthen their relationship as strategic and comprehensive partners, while also developing a stronger economic bond.

President Yoon’s visit has also grabbed the headlines of the Korean media.

About President Yoon’s attendance at a business forum with the participation of about 500 Korean and Vietnamese companies, Donga Ilbo newspaper said since taking office in May 2022, this is the first time President Yoon has made an overseas trip with such a large economic delegation.

The RoK leader chooses Vietnam, one of its major trading partners, as the first ASEAN destination to pay a visit to and also takes this as a milestone in consolidating policies and fostering the levels of partnerships in the economy, supply chains, security, and culture.

The Yonhap News Agency reports the Vietnam visit of the RoK leader. Snapshot

The Yonhap News Agency, national broadcaster KBS, and such big newspapers as Joongang Ilbo and Chosun Ilbo emphasized the large economic delegation accompanying President Yoon during the trip. They underlined the importance of Vietnam as the most important manufacturing base of the RoK and also a large trading partner of the RoK in Southeast Asia.

Meanwhile, naver.com also said this is the biggest economic delegation since the Government of President Yoon was sworn in May 2022. Its members include the Executive Chairman of Samsung Electronics Lee Jae-Yong, Chairman of the SK Group Choi Tae-won who is currently Chairman of the Korea Chamber of Commerce and Industry, Chairman of Hyundai Motor Chung Eui-sun, and the Chairman of the LG Group Koo Kwang-mo. Leaders of enterprises from other sectors are also expected to take part in broad discussions with Vietnamese partners.

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