Vietnam-Republic of Korea relations have been flourishing since the establishment of diplomatic ties in 1992 and the Strategic Cooperative Partnership in 2009.

Developments in bilateral relations

Director of the Diplomatic Academy of Vietnam (DAV), Doctor Dang Dinh Quy, said relations between Vietnam and the Republic of Korea are based on 3 criteria: joint interests, effective cooperative mechanisms, and mutual trust, particularly in politics. ““Vietnam and the Republic of Korea share economic interests in all areas. The two nations have established many cooperative mechanisms at different levels. Relations between the two governments, legislatures, friendship and business organizations, and localities have created cooperative frameworks to address arising issues. The strategic partnership must be built on trust, an important basis for all kinds of relationships. Exchanges in recent years are solid evidence of the high level of trust between Vietnam and the Republic of Korea.”

In 22 years two-way trade has increased 4,500%, investment 45,000% and people-to-people exchanges 8,000%. Vietnam has become the Republic of Korea’s biggest ODA recipient. The Republic of Korea was Vietnam’s largest foreign investor as of June this year. Approximately 200,000 Vietnamese and Korean citizens are working and living in the other country and 50,000 Vietnam-Korea couples have married, tightening the bonds between the two countries. Doctor Quy said: “These figures reflect the importance of each country’s position in the other’s foreign policy. This connectivity helped to build up their strategic partnership.”

Vietnam-RoK heading toward a common vision, common prosperity

Latest international developments have set new requirements for each country. One of the key tasks of the Republic of Korea is to enhance trade and economic cooperation in implementing its 3-year economic reform plan from 2014-2017 to create a second “Miracle on the Han River”. Vietnam has made an effort to accelerate industrialization, modernization, and international integration while deepening relations with all countries, particularly strategic partners for Vietnam’s security like the Republic of Korea. Vietnam and the Republic of Korea will continue to take advantage of the new period to exploit their potential. The two countries have expanded their strategic partnership for mutual benefit to security and national defense, contributing to regional peace and stability. Former Deputy Prime Minister Vu Khoan said: “In the past Vietnam and the Republic of Korea cooperated in bilateral issues. Now the two countries work together in Asia-Pacific and international activities. Increasing mutual interests have pulled the two countries closer.”

 Party leader Nguyen Phu Trong’s visit to the Republic of Korea will enhance the bilateral strategic cooperative partnership and once again confirm that Vietnam and the Republic of Korea have become sincere friends heading toward peace, stability, and prosperity.