Vietnam maintains position as RoK’s third largest trading partner
Vietnam continued solidifying its position as the Republic of Korea (RoK)’s third-largest trading partner in 2024, trailing only China and the US, marking the third consecutive year of the significant trade relationship.
Vietnam is the third-largest trading partner of the Republic of Korea in 2024. (Photo: VNA)
Seoul (VNA) –🦂 Vietnam continued solidifying its position as the Republic of Korea (RoK)’s third-largest trading partner in 2024, trailing only China and the US, marking the third consecutive year of the significant trade relationship.
According to statistics released on January 6 by the RoK’s Ministry of Trade, Industry and Energy and Korea International Trade Association (KITA), the country’s export hit a record high of 683.8 billion USD, with shipment to Vietnam rising 9.1% year-on-year to 58.3 billion USD while import growing 9.6% to 28.4 billion USD.
Two-way trade between the two countries rose 9.2% to 86.7 billion USD last year, positioning Vietnam behind China (272.9 billion USD) and the US (199.9 billion USD).
The RoK enjoyed a trade surplus of 29.9 billion USD with Vietnam in 2024, an increase of 2.3 billion USD from the previous year, marking the second-largest amount after that of 55.7 billion recorded with the US.
Korean agencies’ analysis showed that the surge in trade with Vietnam was driven by a robust recovery in semiconductor export which suffered a stagnation in 2023. The RoK’s semiconductor shipment enjoyed a remarkable growth of 43.9%, reaching 129.2 billion USD in 2024.
Semiconductors were the country's largest export item to Vietnam, with shipment reaching 16.5 billion USD in January - November of 2024, a year-on-year rise of 46.3%. Besides, wireless communication equipment export went up 16.9% to 2.3 billion USD, while synthetic resin exports grew 18% to 2.1 billion USD.
Trade between the two countries has flourished since they established their diplomatic ties in 1992, with trade volume expanding more than 150-fold from an initial 500 million USD after more than 30 years. The trade structure has evolved from labour-intensive products like textiles to high-value-added items such as semiconductors and wireless communication devices.
Notably, the implementation of the Vietnam – Korea free trade agreement in 2014 has more than doubled their trade volume from 30 billion USD to 80 billion USD.
In the tourism sector, the RoK emerged as the leading source of international visitors to Vietnam, with 4.1 million tourists accounting for 25% of Vietnam's total foreign arrivals, significantly outpacing mainland China's 3.35 million visitors, and the US’s 700,000 travellers.
KITA Senior Researcher Hong Ji-sang highlighted ASEAN’s growing importance as an alternative to the RoK’s heavy reliance on trade with China and the US, stating Vietnam stands out as a crucial ASEAN partner and the two countries are developing their cooperation in a new period based on mutual trust./.
The General Department of Vietnam Customs and the Republic of Korea (RoK) Customs Service have signed a mutual recognition agreement (MRA) on authorised economic operator (AEO).
The Asia Tourism Development Institute (ATI) and the Korea Tourism Management Association organised a conference in Hanoi on November 30 to promote tourism, trade, and education cooperation between Vietnam and the Republic of Korea (RoK).
The Namdong National Industrial Complex in the Republic of Korea (RoK)’s Incheon city on November 4 announced the establishment of a 15-company market research group to support local small and medium-sized cosmetics firms to break into Vietnam, one of the most dynamic markets in ASEAN.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
