2022 is the 30th anniversary of diplomatic relations between Vietnam and the RoK.
Reinforced trust
Vietnam established diplomatic relations with the RoK on December 22, 1992. With extensive diplomatic relations and economic cooperation over the past 30 years, the RoK is one of the most important partners of Vietnam. In August 2001, the two countries issued a Joint Statement on "comprehensive partnership for the 21st century". In October 2009, the relationship between the two countries was upgraded to "strategic cooperation partnership".
In terms of politics-diplomacy and security-defence, the two countries regularly exchange high-ranking delegations of the Party, State, Government and National Assembly. Even during the COVID-19 pandemic, Vietnam and the RoK still regularly maintain high-level contacts through online visits and exchanges, thereby steadily continuing dialogue and cooperation mechanisms in most fields. In the near future, the two countries plan to form new and more comprehensive frameworks.
Culture and tourism cooperation and people-to-people exchanges took place actively, contributing to enhancing mutual understanding, creating a solid foundation for deepening cooperation between the two countries. The "Korean Wave" with cultural programs, art, movies and cuisine is increasingly popular in Vietnam, and Vietnamese culture and cuisine is increasingly known and loved in the RoK.
With the two countries’ many similarities in history and culture, Vietnam is an attractive destination for Korean tourists with more than 4.3 million visitors to Vietnam, and more than 500,000 Vietnamese arrivals to Korea in 2019. Every month, there are about 2,000 flights connecting localities between the two countries.
Without the COVID-19 pandemic, Vietnam would have welcomed more than 6 million Korean tourists in 2020. More than 200,000 nationals of each country are living, studying and working in the other country. There are more than 65,000 Vietnamese-Korean multicultural families who are friendship bridges, closely linking people-to-people relations.
Recently, although the COVID-19 pandemic has caused many difficulties, the cooperation between the two countries has continued to maintain development momentum. It is during difficult times that the spirit of mutual support and strategic cooperation partnership is increasingly evident.
In particular, the RoK was one of the first countries to support Vietnam in the prevention of the COVID-19 pandemic, including medical equipment and vaccines. Vietnam has created all favorable conditions for tens of thousands of Korean experts and managers to enter, ensuring the maintenance of economic activities in Vietnam, avoiding disruption of the supply chain for Korean investors in Vietnam. The two sides are currently trying to turn the COVID-19 pandemic into an opportunity to cooperate in new fields, especially health and digital.
Cooperation pillar
Economic cooperation has always been a bright spot and an important pillar in the cooperation relationship between the two countries. The two sides have established and joined many bilateral and multilateral cooperation mechanisms. The Vietnam-RoK Free Trade Agreement (VKFTA) which took effect in December 2015 has created a basis for economic cooperation, trade and investment to develop much stronger and more effectively.
The RoK is currently the largest FDI investor in Vietnam with more than 9,100 projects with a total registered capital of USD72.3 billion, is the second largest partner in trade with two-way trade turnover in 2020 reaching USD65 billion; and is Vietnam's second largest bilateral official development aid (ODA) provider, having committed to provide USD1.5 billion in the 2016-2020 period.
In the context of the complicated development of the COVID-19 pandemic, solving difficulties and attracting investment of foreign enterprises in general and of Korean enterprises in particular is Vietnam's top priority.
Vietnam has created all favorable conditions to support experts and managers of countries, including the RoK, to maintain economic activities in Vietnam, such as giving priority to vaccination for workers working in Korean industrial zones and factories, ensuring pandemic prevention, avoiding disruption of the supply chain of Korean enterprises, providing tax support, and quickly resolving arising problems or difficulties. Senior Vietnamese leaders also directly participated in the support.
In addition to bilateral cooperation mechanisms, within the framework of the Regional Comprehensive Economic Partnership (RCEP), Vietnam and the RoK are two important partners and have soon completed ratification procedures for the agreement to be carried out in early 2022. This is an important basis for Vietnam and the RoK to step up bilateral cooperation activities, continue to strengthen their mutual positions as leading trade and investment partners, as well as deepening the strategic partnership between the two countries.
With tariff preferences, including the elimination of at least 92% of import tax lines between Vietnam and the RoK by 2040, harmonization of commitments, standards and reduction of export procedures, the agreement will create favorable conditions for the business communities of the two countries to promote investment and business cooperation activities.
The RoK is also considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which Vietnam has joined./.