Bilateral trade between Vietnam and South Korea has witnessed remarkable growth in recent years. According to statistics from the General Department of Vietnam Customs, during the period of 2020-2023, two-way trade turnover between Vietnam and South Korea continuously surged, averaging over $76 billion per year.
In the first six months of this year, Vietnam’s import and export turnover with South Korea is estimated at $38.8 billion, up 9.3% over the same period last year. Of which, Vietnam’s exports to South Korea reached $12.2 billion, up 9.9%, and imports hit $26.6 billion, up 9.1%.
 South Korean businesses contribute over 30% to Vietnam’s total export turnover. |
According to the General Department of Vietnam Customs, the export structure of the two countries is complementary, with minimal direct competition. Vietnam mainly exports products that South Korean businesses manufacture (such as telephones and components, computers, electronic products and components, machinery, and equipment) and commodities in which Vietnam has a competitive advantage, including agricultural and aquatic products, processed food, textiles, footwear, and wooden furniture.
Conversely, South Korea is the second-largest supplier, after China, of components, accessories, machinery, and equipment, as well as raw materials that serve as essential inputs for Vietnam’s manufacturing industries, particularly those geared towards exports.
Notably, South Korean businesses contribute approximately 30% to Vietnam’s total export turnover. Samsung alone accounts for about one-fifth of Vietnam’s export turnover, with figures amounting to tens of billions of dollars annually.
Major South Korean economic groups are actively operating in Vietnam and play a crucial role in enhancing the country’s production and export capacity. They have facilitated Vietnam’s deeper and broader integration into the global value chain, especially in the fields of electronics, automobiles, mechanics, metallurgy, chemicals, textiles, and leather footwear.
Since Samsung and LG’s investments in Vietnam, the country’s electronics industry has experienced significant growth. Presently, this industry accounts for nearly 20% of the total industrial value.
This growth is attributed to the robust trade relations between the two countries. South Korea is among the few nations that have signed numerous bilateral and multilateral free trade agreements (FTAs) with Vietnam. They are both part of FTAs such as the ASEAN-Korea Free Trade Agreement (AKFTA), the Vietnam-Korea Free Trade Agreement (VKFTA), and the Regional Comprehensive Economic Partnership (RCEP).
 Samsung accounts for about one-fifth of Vietnam’s export turnover (Photo: Enterprise Finance) |
In terms of investment, data from the Ministry of Planning and Investment reveals that as of April, South Korea was Vietnam’s largest investor, with registered capital totaling nearly $87 billion across almost 10,000 investment projects. This accounts for 18.25% of total registered foreign direct investment (FDI) and 25.1% of the total number of investment projects in Vietnam.
Vietnam is also a top priority partner in South Korea’s official development assistance (ODA), receiving over $500 million annually for priority areas such as urban transportation infrastructure, healthcare, education and training, environment, clean energy, and information technology.
Regarding labor cooperation, more than 127,000 Vietnamese laborers have worked in South Korea under the country’s foreign labor employment permit system. There are over 250,000 Vietnamese citizens living and working in South Korea, while South Korea has a community of over 150,000 people in Vietnam.
Xuan Phong
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