The Republic of Korea (RoK)’s export turnover to Vietnam in 2023 was 53.49 billion USD, with imports of 25.94 billion USD and a trade surplus of 27.55 billion USD.

Although all three indexes fell in comparison to 2022, total trade transactions between Vietnam and the RoK last year were 79.43 billion USD, allowing Vietnam to outstrip Japan (76.68 billion USD) for the second consecutive year in 2023 and become the RoK's third-largest trading partner behind China and the United States.

KITA attributed last year's decrease in commerce and exports to Vietnam to a decrease in semiconductor shipments. In 2023, the RoK's semiconductor shipments to Vietnam dropped 21.6% yearly to 12.73 billion USD.

Illustrative photo: Vietnam remained the Republic of Korea (RoK)’s third-largest trade partner for the second straight year in 2023.

According to the report, four additional export categories fell last year, including flat panels and sensors, petroleum products, wireless communications equipment, and synthetic polymers.

The RoK's trade with Vietnam has grown dramatically since the two nations established diplomatic relations in 1992 when bilateral trade was just 500 million USD. Bilateral trade volume increased significantly after the RoK and Vietnam signed a free trade agreement in 2014.

Vietnam was the RoK's eighth-largest trading partner that year but moved to fourth place the following year. Vietnam surpassed Japan in 2022, becoming the RoK's third-largest trading partner for the first time.

Last year, Vietnam and the RoK agreed to boost bilateral trade to 150 billion USD by 2030. Vietnam and the RoK's private sectors have signed 111 memorandums of understanding, and cooperation is expected to extend into new industrial industries such as supply chain or clean energy, in addition to traditional manufacturing.

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