Vuong Dinh Hue, Chairman of the Vietnamese National Assembly (NA), the top legislative body, left Hanoi today to visit Seoul and New Delhi from December 12 to December 19 ahead of the 30th anniversary of the Vietnam-South Korea bilateral ties and the 50th anniversary of the Vietnam-India relations in 2022.

Chairman of Vietnam's National Assembly Vuong Dinh Hue leaves Hanoi for Seoul and New Delhi. Photo: VNA

This is the first South Korea visit paid by a high-ranking Vietnamese official after the inauguration of Vietnam’s new term leadership in mid-2021. The visit is “of significance” as Seoul expected to elevate the ties with Vietnam to a Comprehensive Strategic Partnership in 2022.   

The visit on December 12-15 is significant for the bilateral economic ties in which the East Asian 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.

South Korea is a promising market of Vietnam with increasing demand for fresh and dry fruits. Currently, five kinds of fruits from Vietnam have been available there: coconut juice, pineapple, dragon fruit, mango, and banana.

The Covid-19 pandemic has affected the bilateral trade that forces the Vietnamese government and NA to issue proper policies to support domestic businesses and traders that will help promote trade with South Korea, especially thanks to the Vietnam-Korea Free Trade Agreement (VKFTA).

During the visit, the health sector will be also included in the discussions. Vietnam hoped South Korea would cooperate in developing and transferring the production technology of Covid-19 vaccines. In May 2021, South Korea reached deals with US-based Moderna and Novavax to produce Covid-19 vaccines in the country.

In the visit to India from December 16 to December 19, Hue is expected to boost the multisectoral relations.

The two countries are speeding up the implementation of the Comprehensive Strategic Partnership for 2021-2023.

The multisectoral relations are marked in politics, national defense-security, and economics.

Regarding trade, India is one of the 10 biggest trade partners of Vietnam. In 2020, the two-way trade reached $10.68 billion and hit $11 billion in the first ten months of this year.

In the pandemic fight over the past time, India has intensified its Covid relief to Vietnam and will extend support in Covid-19 vaccines and drugs.