South Korea's trade with Vietnam has seen a remarkable upward trend in recent years. In 2007, Vietnam officially joined the World Trade Organization (WTO), marking a key milestone in its economic integration with the global market. That same year, South Korea and ASEAN signed a bilateral trade agreement, which aimed to strengthen economic ties between South Korea and Vietnam, creating new opportunities for trade and investment. The following year, 2008, became a pivotal point in the development of bilateral relations.
According to data from Vietnam Customs, the value of trade between Vietnam and South Korea rose steadily over the years. From 2005 to 2007, the figures were $4.2 billion, $4.7 billion, and $6.6 billion respectively. By 2008, this had jumped to $9.9 billion, and even in 2009, during a global economic downturn, it reached $9 billion. South Korea remained a major trade partner for Vietnam, and by 2009, Vietnam had a trade surplus of $4.8 billion with South Korea.
In the first half of 2010, Vietnam imported $4.2 billion worth of goods from South Korea, reflecting a 41.5% increase compared to the same period in 2009. Among these imports, textiles accounted for $525.5 million, a 21% rise year-on-year, making up 12.5% of South Korea’s total exports to Vietnam. Steel imports reached $427 million, showing a significant 56.9% growth, while machinery and equipment imports totaled $417.57 million, an increase of 12.5%.
Several products saw dramatic growth in imports from South Korea. Milk powder and dairy products surged by 198.3% to $4.7 million, representing 0.1% of total imports. Electronic goods, computers, and spare parts also experienced a sharp increase, reaching $2.7 billion and $9.6 million respectively, with a 184% growth rate, accounting for about 6.7% of total imports. Common metal products increased by 149.3%, reaching $19.97 million, while petrochemical products rose by 143.6% to $33 million. Imports of common metals grew by 127% to $177 million.
By April 2010, South Korea had become Vietnam’s largest investor, with 2,495 investment projects totaling $2.19 billion in registered capital, according to the Ministry of Planning and Investment of Vietnam.
Following the implementation of the Japan-Vietnam Economic Partnership Agreement (VJEPA) in October 2009, Vietnam began discussions with South Korea on a similar trade deal. In March 2010, South Korean Foreign Minister Kim Jong-hoon led a delegation to Vietnam, engaging in talks with Vietnamese officials, including Minister of Industry and Trade Vu Huy Hoang. The discussions focused on signing a bilateral trade agreement and strengthening economic cooperation. Both sides committed to improving trade relations, addressing Vietnam’s growing trade deficit with South Korea, and setting up working groups to explore further collaboration. This marked a renewed effort to deepen economic ties between the two nations.
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