President Nguyen Xuan Phuc and a high-ranking delegation of Vietnam left Hanoi on December 4 morning for a state visit to the Republic of Korea (RoK).
The visit from December 4-6 is made at the invitation of RoK President Yoon Suk Yeol.
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| President Nguyen Xuan Phuc leaves Hanoi on December 4 morning for a state visit to the Republic of Korea__Photo: VNA |
President Phuc is the first foreign senior leader to pay a state visit to the RoK since President Yoon took office, showing the RoK’s appreciation of its ties with Vietnam when the Vietnamese President will be welcomed with the highest rites.
The visit takes place at a time when the two countries are celebrating the 30th anniversary of diplomatic ties, are entering a pivotal period to carry out their own development strategies, especially following the COVID-19 pandemic. It is expected to usher in new chapter in bilateral ties.
Vietnam and the RoK established their diplomatic relations on December 22, 1992 but they had engaged in cooperative activities earlier. In August 2001, the two nations issued a joint statement on the comprehensive partnership in the 21st century on the occasion of Vietnamese President Tran Duc Luong's visit to the RoK. In October 2009, the bilateral ties were upgraded to a strategic cooperative partnership during the Vietnam visit by President Lee Myung-bak.
On political, national defense-security cooperation, the exchange of delegations and bilateral meetings have been maintained in both online and in-person formats.
As of September 2022, the RoK remained the biggest foreign investor in Vietnam with USD 80.52 billion, accounting for 18.6 percent of the total investment in the country.
With USD 1.2 billion in preferential loans from the Economic Development Cooperation Fund (EDCF) for 2012-2015 and USD 1.5 billion for 2016-2020, the RoK was the second biggest provider of official development assistance (ODA) for Vietnam. The RoK was also the third biggest trade partner of Vietnam with two-way trade of USD 66.65 billion in 2019, USD 65 billion in 2020 and USD 78 billion in 2021.
On the back of the Vietnam-Korea Free Trade Agreement (VKFTA) and the Regional Comprehensive Economic Partnership (RCEP), the two countries are looking toward USD 100 billion in bilateral trade next year and USD 150 billion by 2030, by creating favorable conditions for Vietnam’s exports of agro-aquatic products and seasonal fruits.
The two countries are also working closely on regional and global issues of shared concern, including the East Sea issue and Korean Peninsula, stepping up coordination at multilateral forums and organizations as well as bilateral and multilateral free trade deals of which both nations are members.
Vietnam is the second biggest source of guest workers to the RoK, behind China, while the RoK was the second largest recipient of Vietnamese guest workers, behind Taiwan (China). At present, about 48,000 Vietnamese laborers are working in the RoK.
In recent years, the RoK has emerged as the second biggest source of tourists to Vietnam, behind China, reaching 4.2 million in 2019, up 23.1 percent from the previous year. The number of Vietnamese visitors to the RoK reached 550,000, up 21.9 percent year on year.
So far, most of Vietnamese cities, provinces and localities have inked cooperation deals with Korean localities, organizations and businesses. Korean investors are now present in 59 localities, mostly in Bac Ninh, Hanoi, Dong Nai, Hai Phong, Thai Nguyen, and Ho Chi Minh City.- (VNA/VLLF)
