Vietnam and the Republic of Korea established ambassadorial relations on December 22, 1992. The two countries upgraded their relations to a comprehensive partnership in August, 2001, and a strategic cooperative partnership in October, 2009, which was a firm political foundation for the Vietnam-RoK relations to flourish in all sectors.

Close political cooperation

Since 1992 Vietnam and the RoK have exchanged scores of high-level delegations of the Party, State, and National Assembly. Leaders of the two countries have regularly met on the sidelines of international events. Ministries and localities of Vietnam and the RoK have expanded cooperation, for example, between Hanoi, Ho Chi Minh city, Hai Phong, and Da Nang and Seoul, Busan, Incheon, and Daegu. The two countries have maintained and promoted several dialogue mechanisms, such as the foreign ministerial level strategic dialogue on diplomacy, security, and national defense; the deputy defense ministery level policy dialogue, the Inter-ministerial Committee for nuclear power, energy, and industry cooperation, and the Inter-governmental Committee for economic, scientific, and technological cooperation.

The legislative relationship between Vietnam and the RoK has developed well in recent years, contributing to the two countries’ relations in general. The National Assemblies of the two countries have worked closely together and supported each other at regional and international forums, such as the Inter-parliamentary Union (IPU), the ASEAN Inter-parliamentary Organization (AIPO), and the Asia-Pacific Parliamentary Forum (APPF). During an official visit to the RoK in July, 2013, NA Chairman Nguyen Sinh Hung said the Vietnam National Assembly is willing to work with the RoK National Assembly on monitoring the implementation of agreements and conventions between the two governments to obtain practical and effective results for both sides. The two countries’ National Assembly leaders signed a cooperative agreement on sharing legislative experience.

Deputy Foreign Minister Dang Minh Khoi says: “Both sides have agreed to boost practical cooperation based on mutual trust with regard to politics, security, and national defense.”

Big economic partners

Vietnam and the RoK have seen rapid growth in trade, investment, official development assistance, tourism, and labor cooperation. The RoK will strive to become one of Vietnam’s leading economic partners. Vietnam will also become an important partner of the RoK.

By November 2014 the RoK had more than 4,000 investment projects in Vietnam with registered capital totaling 36 billion USD. Korean investors are involved in 18 of 21 economic sectors in Vietnam mainly in processing, manufacturing, real estate, construction, warehousing, and art and entertainment.

During Prime Minister Nguyen Tan Dung’s visit to the RoK last year, the two countries signed a free trade agreement in the hope for 70 billion USD in trade revenue by 2020 and strengthened strategic cooperative partnership. Minister of Industry and Trade Vu Huy Hoang says: “The RoK has an open market for commodities for which Vietnam has advantages and profits such as garments and textiles, leather and footwear, fisheries, and certain kinds of processed products. We can attract Korean investors in high-tech sectors including electronics and energy.

Cooperation prospect

During his visit to Vietnam, Speaker of the RoK National Assembly Chung Ui-Hwa will meet with National Assembly Chairman Nguyen Sinh Hung, Party leader Nguyen Phu Trong, and President Truong Tan Sang to discuss cooperation orientations. He will also meet with Korean people living in Vietnam and visit the HCM City University of Social Sciences and Humanity and several Korean companies.