The bilateral trade turnover between Vietnam and the Republic of Korea (RoK) reached US$86.7 billion, marking a 9.2% increase compared to 2023. The RoK exports to Vietnam amounted to US$58.3 billion, up 9.1%, while imports from Vietnam rose 9.6% to US$28.4 billion.
Notably, Vietnam's trade growth rate with the East Asian nation, at 9.3%, significantly outpaced other major partners such as the US (6.9%), China (1.9%), and Japan (1.1%). The RoK recorded a trade surplus of US$29.9 billion with Vietnam, up by US$2.3 billion from the previous year.
This impressive growth was largely driven by a robust recovery in the semiconductor sector. The RoK semiconductor exports to Vietnam over the past 11 months of 2024 totaled US$16.5 billion, a surge of 46.3%. Other key export items, including wireless communication devices and synthetic resins, also saw remarkable growth.
Trade relations between Vietnam and the RoK have advanced significantly since the establishment of diplomatic ties in 1992, with trade volume increasing more than 150-fold. Following the signing of the free trade agreement (FTA) in 2014, bilateral trade turnover more than doubled.
Th RoK is currently Vietnam's second-largest importer and third-largest exporter. In tourism, the East Asian country leads with 4.1 million visitors to Vietnam, accounting for one-fourth of total international arrivals.
Hong Ji Sang, head of trend analysis at KITA, noted that ASEAN is becoming a key strategy for his nation’s trade diversification efforts, with Vietnam playing a pivotal role.
