Korean newspaper highly appreciates Vietnam's position

In an article published on May 22, the English-language daily The Korea Times quoted the Korean Ministry of Trade, Industry and Energy and the Federation of Korean Industries (FKI) as saying that Vietnam was South Korea's third-largest trading partner in 2022, creating the largest trade surplus for the Northeast Asian country.

The 2022 surplus figure is given as 34.26 billion USD (45 trillion won), three times higher than 2012 ($10.22 billion), the time before the two countries signed a 3-year free trade agreement.

Most notably, South Korea's trade surplus with Vietnam is even higher than its trade surplus with the United States, at $25.4 billion.

Total trade volume between South Korea and Vietnam increased from 500 million USD in 1992, when the two countries first established diplomatic relations, to 80.7 billion USD in 2021, a 161-fold increase.

South Korea's global export and import volumes increased 8.4 times and 7.5 times respectively, but these figures for Vietnam were 142 times and 240 times.

"Vietnam has established its position as an important trade partner of Korea," The Korea Times quoted FKI's assessment.

The Korea Times also highlighted Vietnam's growing role as a global manufacturing hub and its emergence as a producer of high-value products, such as organic light-emitting diodes (OLEDs) and semiconductors, instead of relying solely on labor-intensive goods and services.

Vietnam’s main exports to South Korea are wireless communication equipment, clothing and computers. In return, South Korea exports to Vietnam semiconductors, sensors, petroleum products and synthetic resins.

Currently, South Korea is the largest foreign investor in Vietnam, with a total investment value of 78.5 billion USD in 2021.

Samsung Electronics is the largest foreign investor in Vietnam, with an additional investment of $2 billion last year, bringing the group's total investment in Vietnam to $20 billion.

A panel discussion introducing Vietnam organized by South Korea's English-language daily, The Korea Times, in the form of a Global Business Club in Seoul, May 22 - - Photo: Korea Times/Choi Won-suk

Also on May 22, at the Korea Press Center in downtown Seoul, The Korea Times held a panel discussion highlighting potential opportunities in Vietnam, “Korea’s third-largest trading partner amid growing global uncertainties.”

Reporting on this discussion session, a reporter from The Korean Times said that the event "showed the great interest of the Korean side in Vietnam", with the participation of nearly 100 delegates, including many managers from leading Korean companies, Asian scholars and Vietnamese students from the two countries, "who are expected to be the bridge between Vietnam and Korea in the near future".

Speaking at the opening ceremony, Mr. Oh Young-jin, President and Editor-in-Chief of The Korea Times, introduced Vietnam's spectacular economic growth and its potential to strengthen relations with Korea.

According to Mr. Oh Young-jin, many experts consider Vietnam as a country with the most sustainable growth model, with a market "no less important than China".

At the event, Vietnamese Ambassador to Korea Nguyen Vu Tung delivered a speech emphasizing that economic cooperation is the foundation for Vietnam-Korea relations, bringing great benefits to both sides and having important significance for Vietnam's economic development.

The Vietnamese Ambassador affirmed: Economic cooperation is the most important aspect of Vietnam-Korea relations and has expanded rapidly in recent times, bringing practical and visible benefits to both sides. This will continue to be the foundation for the Comprehensive Strategic Partnership between the two countries.

Ambassador Nguyen Vu Tung emphasized that trade and investment from Korea are very important to Vietnam's economic development. "Expanding economic cooperation with Korea paves the way for Vietnam to deepen its international economic integration, promote growth and thereby transform the country from an underdeveloped country to a lower middle-income country today."

He affirmed that Vietnam has many opportunities for Korean businesses, such as a rapidly growing market of 100 million people, a young and hard-working workforce, and a growing middle class with great shopping needs. Vietnam is located in one of the most economically dynamic regions in the world and is participating in 15 bilateral free trade agreements.

The audience listened to the speech of Vietnamese Ambassador to Korea Nguyen Vu Tung - Photo: Korea Times/Choi Won-suk

During the Q&A session moderated by former Korean Ambassador to Vietnam Lee Hyuk, who served as Secretary General of the ASEAN-Korea Center, many delegates expressed interest in smart agriculture and its impact on Vietnam, where approximately 70% of the population is engaged in agriculture.

Ambassador Nguyen Vu Tung acknowledged that smart agriculture will bring new opportunities for cooperation between the two countries because smart agricultural technologies and techniques can promote the agricultural sector in Vietnam and products from this cooperation have the potential to be exported back to Korea, thereby boosting trade volume between the two countries.

"Moreover, Vietnam and Korea can work together to improve smart agriculture and increase food exports to other countries, opening up greater aspects for our partnership," the Vietnamese Ambassador analyzed.

The Korea Times is the oldest of the three English-language dailies published in South Korea; founded on November 1, 1950, it is owned by the Hankook Ilbo newspaper group, the largest Korean-language daily. The Korea Times is considered the "gateway to Korea" for English-speaking tourists and foreign diplomats. The newspaper covers a wide range of topics including politics, society, business, finance, culture, and sports.

Source: The Korea Times