Vietnam-RoK Relations: Consolidated Understanding and Trust

2022 is the 30th anniversary of the establishment of diplomatic relations between Vietnam and RoK. Photo: QT

Consolidated trust

Vietnam established diplomatic relations with the RoK on December 22, 1992. With extensive diplomatic relations and economic cooperation over the past 30 years, the RoK is one of the most important partners of Vietnam.

In August 2001, the two countries issued a Joint Statement on "Comprehensive Partnership for the 21st Century"; In October 2009, the relationship between the two countries was upgraded to "Strategic Cooperation Partnership".

In 2022, when the two countries celebrate the 30th anniversary of establishing diplomatic relations (1992-2022), it can be said that the Vietnam-RoK relationship is at its best time.

In politics-diplomacy, security-defense, the two countries regularly exchange high-ranking delegations. Even during the Covid-19 pandemic, Vietnam and the RoK still regularly maintain high-level contacts through online visits and exchanges, operating dialogue and cooperation in most fields. The two countries intend to form new and more comprehensive frameworks.

The most important result of the above-mentioned diplomatic activities is that the understanding and trust between Vietnam and the RoK is consolidated. The relationship between the two countries already has a solid political foundation. The highlight is the friendly and warm affection between the two peoples, which has become an asset of the bilateral relationship.

Cooperation in culture, tourism and people-to-people exchanges contribute to enhancing mutual understanding, creating a solid foundation for deepening cooperation between the two countries. The "Korean Wave" with cultural programs, art, movies, and cuisine is increasingly popular in Vietnam. Vietnamese culture and cuisine is also known and loved in the RoK.

With many similarities in history and culture, Vietnam is an attractive destination for Korean tourists with more than 4.3 million visitors to Vietnam and more than 500 thousand Vietnamese arrivals to Korea in 2019. Every month, there are about 2,000 flights connecting localities between the two countries.

Video: Nhan Dan TV

Economic cooperation

Economic cooperation has always been a bright spot and an important pillar in the relationship between the two countries. The two sides have established, joined many bilateral and multilateral cooperation mechanisms.

The Vietnam-Korea Free Trade Agreement (VKFTA) which took effect in December 2015, has created a basis for strengthening economic cooperation, trade, and investment.

The RoK is currently the largest FDI investor in Vietnam with more than 9,100 projects, with a total registered capital of US$72.3 billion, is the second-largest partner in trade with two-way trade turnover in 2020 reaching US$65 billion. It is Vietnam's second-largest bilateral official development assistance (ODA).

With the Covid-19 pandemic, solving difficulties and attracting investment from foreign enterprises and Korean enterprises particularly is Vietnam's top priority.

Vietnam has created all favorable conditions to support experts and managers of countries, including Korea, to maintain economic activities in Vietnam. These include giving vaccination priority for workers working in industrial parks and factories in Korea, ensuring pandemic prevention, and avoiding disruption to the supply chain of Korean enterprises.

In addition to bilateral cooperation mechanisms, within the framework of the Regional Comprehensive Economic Partnership (RCEP), Vietnam and the RoK are two important partners and have soon completed the ratification procedures for the Agreement to come into effect from the beginning of 2022.

This is an important basis for Vietnam and the RoK to boost bilateral cooperation activities, continue to consolidate their position as each other's leading trade and investment partners, and deepen the strategic partnership between the two countries.

Korean President Moon Jae-in (right) and President Nguyen Xuan Phuc at the Vietnam - Korea summit in Seoul, November 27, 2019. Photo: VNS

Great potential and opportunity

It can be affirmed that the potential and opportunities for cooperation between the two countries are still very large. Opportunities arise from the political determination and vision of the leaders of the two countries, the new position and power, and new areas of economic, political, and diplomatic cooperation.

In addition, the similarity in history and culture of the two countries, combined with the institutional framework, trust, and people-to-people diplomacy help the relationship between Vietnam-RoK has more opportunities for development.

The relationship between the two countries will continue to develop in economy, politics and people-to-people exchanges, demonstrating the strategic and comprehensive nature that the two sides aspire to.

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