30-6-2024 (HANOI) In a significant move to bolster the comprehensive strategic partnership between Vietnam and South Korea, Prime Minister Pham Minh Chinh and his wife set off this morning for an official visit to the Republic of Korea from June 30 to July 3. The visit comes at the invitation of Korean Prime Minister Han Duck-soo and his wife, marking a milestone in the two nations’ diplomatic relations.
This official visit holds particular significance as it is the first by a Vietnamese senior leader to South Korea since the two countries elevated their diplomatic ties to a Comprehensive Strategic Partnership in 2022. Moreover, it is Prime Minister Pham Minh Chinh’s inaugural visit to South Korea since assuming the position of head of government.
Accompanying the Prime Minister on this historic journey are several key cabinet members, including the Ministers of Foreign Affairs, Planning and Investment, Industry and Trade, Finance, Agriculture and Rural Development, Labor, Invalids and Social Affairs, Science and Technology, Natural Resources and Environment, Culture, Sports and Tourism, the Minister and Head of the Government Office, the Deputy Minister of National Defense, and the Vietnamese Ambassador to South Korea, Vu Ho.
Upon arrival, an official welcoming ceremony is scheduled for this afternoon, after which Prime Minister Pham Minh Chinh will meet with Korean friends, visit the Vietnamese Embassy, and engage with the vibrant Vietnamese community residing in South Korea.
The bilateral relationship between Vietnam and South Korea has flourished since the establishment of diplomatic relations on December 22, 1992. The two nations initially elevated their ties to a Strategic Cooperative Partnership in October 2009, and further strengthened their bond by upgrading to a Comprehensive Strategic Partnership in December 2022.
South Korea maintains a prominent position as Vietnam’s leading direct investor, second-largest provider of development cooperation (ODA), and third-largest trade partner. Additionally, it ranks second in terms of tourism exchanges between the two countries.
In 2023, bilateral trade turnover is projected to reach an impressive $76.1 billion. During the first four months of this year alone, the total import-export turnover between the two nations stood at $25.5 billion, reflecting a 4% increase over the same period in 2023.
South Korea’s investment footprint in Vietnam is substantial, with the country being the largest investor as of April, boasting 9,957 projects and a total registered capital exceeding $87 billion.
Vietnam holds the status of a top priority partner for South Korea’s Official Development Assistance (ODA) program. In recent years, South Korea’s annual aid to Vietnam has reached over $500 million, with 90% comprising ODA loans and the remaining 10% being non-refundable aid.
The tourism sector has also witnessed remarkable growth, with 3.6 million South Korean tourists visiting Vietnam in 2023. Conversely, over 500,000 Vietnamese tourists traveled to South Korea during the same period. In the first four months of this year, South Korea emerged as the largest tourist market for Vietnam, accounting for 1.6 million arrivals, which constitutes 25.8% of the total international visitors to the country.
The people-to-people ties between the two nations are equally robust, with over 250,000 Vietnamese people living and working in South Korea, while a community of more than 150,000 South Koreans calls Vietnam home.
