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In 2024, the Vietnam is positioned as the third trading partner of the Republic of Korea, closely following the China and the UNITED STATES. This rapprochement illustrates not only the solidity of bilateral relations, but also the mutual opportunities that are emerging in a dynamic economic context. Trade between these two countries is experiencing notable growth, thus strengthening their commercial and strategic cooperation in various sectors, like the high-tech sectors and the manufacturing.
In 2024, the Vietnam became the third commercial partner of the Republic of Korea, just behind the China and the UNITED STATES. This strategic partnership marks a significant growth in trade between the two countries, driven by sectors such as semiconductors and communications technologies. This article explores the dynamics of this partnership, the key figures and the opportunities it offers for both nations.
A Partner in Growth
According to recent data from the South Korean Ministry of Trade, Industry and Energy, as well as the Korea International Trade Association (KITA), bilateral trade between Vietnam and the Republic of Korea reached 86.7 billion USD in 2024, marking an increase of 9.2% compared to the previous year. This increase in trade is a key indicator of the positive development of economic relations between the two countries.
Exports and Imports
South Korean exports to Vietnam recorded an impressive figure of 58.3 billion USD, which represents an increase of 9.1%. At the same time, imports from Vietnam reached 28.4 billion USD, with an increase of 9.6%. These figures reflect the intensification of trade and the diversification of products exchanged between the two countries.
A Beneficial Trade Surplus
For the Republic of Korea, the balance sheet is positive, posting a trade surplus of 29.9 billion USD with Vietnam. This improvement, an increase of 2.3 billion USD over the previous year, underlines the importance of Vietnam in the South Korean trade landscape and highlights the growing interdependence of the two economies.
Key Growth Sectors
Most of this growth can be attributed to the remarkable recovery in the semiconductor chip sector. In 2024, South Korea’s semiconductor exports to Vietnam reachedUSD 16.5 billion , marking an increase of46.3% . Other sectors such aswireless communication devices and synthetic plastics also saw significant increases, confirming continued trade momentum. A Vision for the Future
According to Hong Ji Sang, a specialist at KITA,
ASEANrepresents a strategic opportunity for the Republic of Korea, and Vietnam plays a central role in this dynamic. This marks the intention to diversify commercial relations and strengthen partnerships in the region. In this regard, South Korean companies are increasingly active in the Vietnamese market, developing investment projects in various sectors. A Strengthened Relationship Network
This growing relationship is propelled by initiatives to strengthen trade ties between the Republic of Korea and other countries in the region, particularly with ASEAN members. To learn more about the dynamics of relations between Asian countries, including Vietnam and Malaysia, please see this
The evolution of ties between Vietnam and Malaysia .Conclusion of Bilateral Trade
In sum, the relationship between the Republic of Korea and Vietnam is marked by a strong economic partnership that continues to develop in 2024. The growing investments and trade are an indication of the multiple opportunities this represents for the businesses and economies of both country. For a detailed overview of South Korea economic news through the end of June 2024, please see this
Economic Briefs on South Korea .FAQ on the Republic of Korea and its 3rd Trading Partner in 2024
Q:
What is the status of Vietnam as a trading partner of the Republic of Korea in 2024? A:
Vietnam is the third trading partner of the Republic of Korea in 2024, behind the China and the UNITED STATES .Q:
What are the figures for bilateral trade between Vietnam and the Republic of Korea? A:
Bilateral trade reached 86.7 billion USD , up by9.2% compared to 2023. Q:
What is the volume of South Korean exports to Vietnam? A:
South Korean exports to Vietnam reached 58.3 billion USD , with an increase of9.1% .Q:
What are the imports from Vietnam to the Republic of Korea? A:
Imports from Vietnam amount to 28.4 billion USD , which represents an increase of9.6% .Q:
What is the Republic of Korea’s trade surplus with Vietnam? A:
The Republic of Korea recorded a trade surplus of 29.9 billion USD with Vietnam, an increase of 2.3 billion USD compared to the previous year. Q:
What are the main reasons for the growth in trade with Vietnam? A:
This growth is mainly attributed to the strong recovery of the sector of semiconductor chips , whose exports to Vietnam increased by46.3% in 2024. Q:
What other key export products have seen growth? A:
Other products like wireless communication devices and the synthetic plastics also recorded significant growth. Q:
What role does Vietnam play in the Republic of Korea’s trade relations with ASEAN? A:
According to experts, Vietnam is a key player for the diversification of the Republic of Korea’s trade relations with ASEAN.