(VOVWORLD) - President Nguyen Xuan Phuc began a State visit to the Republic of Korea on Sunday at the invitation of President of Yoon Suk Yeol. In 30 years of diplomatic relations and 13 years of a strategic partnership, the relationship between Vietnam and the RoK has grown steadily becoming a model for good relations between two countries.
 President Nguyen Xuan Phuc and the Vietnamese delegation are welcomed at the airport in Seoul (Photo: Vu Dung/VOV) |
President Phuc is President Yoon’s first State-level guest since he began his 20th term as President of the Republic of Korea in May 2022, which demonstrates the RoK’s respect for cooperation with Vietnam. President Yoon also welcomed President Phuc with the highest-ranking ceremony.
Bright spots in Vietnam-RoK cooperation
Since they established diplomatic relations on December 22, 1992, Vietnam and the RoK have been aware of the strategic importance of their relationship. The dynamic and stable development of each country has created favorable conditions for them to expand and deepen their cooperation. The Vietnam-RoK strategic partnership is based on a trust which has allowed the two countries overcome difficulties and develop steadily in an unprecedentedly fast-changing world.
Their dynamic, sustainable economic ties are a highlight of their strategic relationship. The RoK is Vietnam’s third largest trading partner and second largest ODA supplier. The RoK leads investment in Vietnam with a registered capital of nearly 80 billion USD and more than 9,200 projects.
The RoK’s investment in Vietnam has continued to grow despite the COVID-19 pandemic. The 9,200 Korean FDI enterprises are involved in industry, construction, agriculture, tourism, services, and export.
 President Nguyen Xuan Phuc receives Kim Joon, President of the RoK-Vietnamese Friendship Association (Photo: Vu Dung/VOV) |
Mr. Hong Sun, Vice President of the Korean Business Association (Kocharm) in Vietnam, said: “Before COVID-19, Vietnam's investment environment was attractive to businesses in RoK and other countries. When the pandemic broke out, thanks to the leadership of the Vietnamese government, the situation remained stable. Investors, particularly Korean businesses, continued to invest and expand operations in Vietnam. We hope Vietnam and the RoK will continue to work together to write a successful cooperation story.”
New chapter in Vietnam-RoK relations
South Korean FDI enterprises have created jobs for over 700,000 Vietnamese workers. There are currently about 48,000 Vietnamese workers in the RoK. In order to protect the interests of their workers, the two countries last year signed a bilateral Social Insurance Agreement which is a milestone in bilateral in social security cooperation.
 President Nguyen Xuan Phuc receives the Eminent Persons Group headed by former RoK Ambassador to Vietnam Lee Hyuk (Photo: Vu Dung/VOV) |
Deputy Minister of Labor, Invalids and Social Affairs Nguyen Ba Hoan said: "Vietnam and the RoK have signed multiple labor cooperation agreements. The two labor ministries have established a medium and long-term partnership and continue to expand comprehensive cooperation activities in labor, employment, and social security. The two sides will continue to expand cooperative programs on infrastructure construction, financial and technical cooperation, and human resource training."
"We will expand labor cooperation to cover licensing mechanisms, seasonal workers, holiday workers, labor in specific fields and maintain activities to promote social security and realize Sustainable Development Goals," said Mr. Hoan.
Cultural and people-to-people exchanges have been additional highlights in bilateral cooperation. There are more than 1,000 direct flights between Vietnam and the RoK each month. The number of tourists visiting the other country is recovering strongly since the epidemic and so is the number of people residing in the other country.
There are more than 216,000 Vietnamese people in Korea and 180,000 Korean expatriates in Vietnam. Most of them are businessmen. This is a favorable condition for the two sides to organize friendly exchanges in order to enhance mutual understanding and trust.