Vietnam’s President Nguyen Xuan Phuc has sent a congratulatory message to South Korea’s President-elect Yoon Suk-yeol, expressing hope to tighten the relations.

Yoon Suk-yeol elected South Korea's 20th president. Photo: Yonhap

In the congratulatory note sent on the day the election ended on Mar 10, President Phuc said Vietnam is willing to work with South Korea to make the relations more effective bilaterally and multilaterally.

Yoon Suk-yeol, 60, of the main opposition People Power Party (PPP), was elected the 20th president of the Republic of Korea in a tight race securing 48.6% of the vote or 16.39 million votes against the ruling Democratic Party’s Lee Jae-myung, 47.83%.

Yoon Suk-yeol will be sworn in on May 10 to begin his five-year term. 

This year will mark the 30th anniversary of the establishment of Vietnam-South Korea relations. The relationship is expected to be elevated to Comprehensive Strategic Partnership in 2022.

The country is currently Vietnam’s biggest investor and the third-largest trade partner, after China and the US.

South Korea has so far poured approximately US$72 billion into more than 9,100 projects across Vietnam. South Korean investors are working mainly in manufacturing and production like Samsung, LG, Hyundai Motors.

Meanwhile, the two-way trade hit $66 billion in 2020, accounting for 12.85% of Vietnam’s total trade. The bilateral trade is expected to reach $100 billion in 2023.