Korea-Vietnam economic ties

Korea-Vietnam economic relations

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 reinforcedĀ 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.

Leave a Reply

Your email address will not be published. Required fields are marked *