The relations and cooperation between Vietnam and South Korea have enjoyed a strong boost for the past years and would continue to be strengthened in priority fields.

State President Nguyen Xuan Phuc during the phone talk. Photo: VNA

The view was shared during a phone talk between Vietnam’s State President Nguyen Xuan Phuc and South Korea’s President-elect Yoon Suk-yeol today [March 23].

On behalf of the  State and the Vietnamese people, Phuc congratulated Yoon on his election victory.

Phuc highlighted achievements gained in bilateral relations over the past 30 years since diplomatic establishment in 1992.

At present, both countries have become strategic partners with a high level of political trust, Phuc said, while thanking the South Korean Government for its support of medical equipment and Covid-19 vaccines for Vietnam.

On this occasion, Phuc invited the South Korean President-elect to visit Vietnam.

For his part, Yoon said the bilateral relations are at their best, and stressed the significance of the partnership with Vietnam.

Yoon expressed his commitment to continue encouraging  South Korean companies to invest and expand business operations in Vietnam, especially in priority fields; creating favorable conditions for Vietnamese people to enter South Korea; and facilitating tourism and people-to-people exchange.

The South Korean President-elect highly regarded Vietnam’s position in ASEAN and thanked the country’s contribution to peace, stability, and cooperation in the Korean Peninsula. He accepted Phuc’s invitation to visit Vietnam and invited his  Vietnamese counterpart to visit South Korea in 2022.

At the meeting, both leaders agreed to maintain high ranking exchanges to better adapt to the new situation; support greater cooperation in security, defense, and industrial defense; and would jointly organize events to celebrate the 30^th anniversary of Vietnam-South Korea relations (1992-2022); taking steps to upgrade the relations to “comprehensive strategic partnership” and achieve bilateral trade turnover of $100 billion by 2023, eventually hitting  $150 billion by 2030; effective implementing Vietnam-South Korea Free Trade Agreement (VKFTA) and RCEP; assisting Vietnam’s coordinating role in the ASEAN-South Korea cooperation for the 2021-2024 term.

South Korea remained the second-largest investor in Vietnam in 2021 with registered capital of $7.4 billion, up 85% year-on-year. The country is also the second-largest donor for development in Vietnam with a commitment of $1.5 billion in the 2016-2020 period.

In terms of trade, South Korea was Vietnam’s third-largest trading partner with a turnover of $78.11 billion.