Vietnam rises as powerhouse in Southeast Asia

The Korea Times

The Korea Times

National

Sat, September 23, 2023 | 13:43

Foreign Affairs

Vietnam rises as powerhouse in Southeast Asia

Posted : 2023-05-22 15:20

Updated : 2023-07-02 18:07

By Kwon Mee-yoo

As international relations evolve and global economies transform, Korea is forging increasingly deeper ties with Vietnam, which last year became Korea's third-largest trading partner.

Vietnam, officially known as the Socialist Republic of Vietnam, has emerged as one of Asia's most dynamic economies in recent years, showcasing exceptional growth and stability, even in the face of global uncertainties.

Located on the eastern edge of the Indochinese Peninsula. Vietnam is home to a diverse population of over 100 million people as of April 2023, making it the 15th most populous country in the world.

'Economic cooperation is cornerstone of Korea-Vietnam ties'

2023-05-22 17:16 | Foreign Affairs

Vietnam is a young country with more than half of its population under the age of 30. This provides businesses with access to a young, educated and tech-savvy labor force. The country has also made significant strides in education, leading to a workforce that is not only large but increasingly skilled.

Since the establishment of diplomatic relations on Dec. 22, 1992, the relationship between Korea and Vietnam has grown steadily, marked by robust trade, dynamic people-to-people exchanges and high-level diplomatic visits.

Bilateral trade in 2022 reached a record $87.6 billion, with Korea exporting $60.9 billion and importing $26.7 billion (35.1 trillion won) from Vietnam. This impressive volume showcases the deep economic interdependence of the two nations.

People-to-people exchanges are also increasing, indicated by the growing number of Korean visitors to Vietnam (769,167 in 2022) and Vietnamese visitors to Korea (239,269 in 2022). Vietnamese students, numbering over 70,000, constitute the largest group of international students in Korea, highlighting the deepening cultural connections.

The frequent high-level diplomatic interactions between the two countries underscore their dedication to enhancing bilateral relations. In December 2022, a milestone was reached when Vietnamese President Nguyen Xuan Phuc visited Korea, leading to an upgrade of the relationship to a "comprehensive and strategic partnership." During this visit, Phuc and President Yoon Suk Yeol committed to deepening collaboration in key areas such as strategy, security, industry and supply chains.

High-level exchanges continued in 2023 as National Assembly Speaker Kim Jin-pyo paid a visit to Vietnam in January, which was reciprocated by visits of Vietnam's vice chairman of the National Assembly, minister of national defense and minister of public security in March and April.

Deputy prime ministers in charge of the economy from both countries also met in Hanoi to discuss ways to enhance economic, trade and investment cooperation, indicating a positive outlook for more such high-level exchanges in the future.

Vietnamese Ambassador to Korea Nguyen Vu Tung noted that this upgrade will bolster Korea-Vietnam ties in traditional and innovative areas as Vietnam continues integration into the regional and global economy, through sustainable growth, advancements in science and technology and fostering global partnerships.

Ambassador Tung is a seasoned diplomat, serving Vietnam's Ministry of Foreign Affairs since 1990. His early career involved research at the Institute for International Relations and leadership roles at the Diplomatic Academy of Vietnam. In 2010, he ventured abroad to serve as the Minister and Deputy Chief of Mission at the Embassy of Vietnam in the United States. Upon his return, he assumed leadership positions at several strategic and policy institutes, including as president of the Diplomatic Academy of Vietnam. Since August 2020, Tung has been serving as the Ambassador of Vietnam to Korea.

meeyoo@koreatimes.co.kr