In-depth presentation of Korean investments, trade and economic ties with Vietnam. This video by Arirang News, took place as the economic cooperation between the 2 countries was reinforced during a summit in September 2013.
Economic relations between Korea and Vietnam
- Bilateral trade between South Korea and Vietnam, since the establishment of diplomatic relations in 1992, has risen more than 40 times to reach 21.6 billion USD in 2012
- Vietnam is Korea 6th largest trading partner
- Major imports from Vietnam to Korea include clothing, crude oil, shoes
- Major exports from Korea to Vietnam include semiconductors, petroleum products, steel products
- 36% of Korea’s trade suplus came from Vietnam in 2012
- 2,700 Korean companies are engaged in 3,250 projects in Vietnam for a total of about 25 billion USD in 2012
- Korea is the 4th largest investor in Vietnam, following Japan, Taiwan and Singapore
- September 2013 summit between Korea and Vietnam to speed up the free trade relations, economic, diplomatic and political relations
Economic advantages of Vietnam
- Large population of more than 92 million, with more than 50% of young people (<35 years old)
- Good geopolitical location in South East Asia
- Politically stable compared to other emerging nations, like Indonesia
- Differentiated in terms of labor force from South American nations, like Brazil
Korea’s aid to Vietnam
- More than 170 million USD in total aid from Korea to Vietnam by 2011
- Concentrated to suppor the vulnerable central region of Vietnam
- 20% of Korea’s economic development cooperation directed to Vietnam, with more than 1.4 billion USD attributed by 2011
Watch the video of Arirang News on Youtube.
