Two-way trade between the two countries rose 9.2 per cent to $86.7 billion last year, positioning Vietnam behind China ($272.9 billion) and the US ($199.9 billion).
Việt Nam continued solidifying its position as the Republic of Korea (RoK)’s third-largest trading partner in 2024, trailing only China and the US, marking the third consecutive year of the significant trade relationship.
According to statistics released on January 6 by the RoK’s Ministry of Trade, Industry and Energy and Korea International Trade Association (KITA), the country’s export hit a record high of US$683.8 billion, with shipment to Việt Nam rising 9.1 per cent year-on-year to $58.3 billion while import growing 9.6 per cent to $28.4 billion.
Two-way trade between the two countries rose 9.2 per cent to $86.7 billion last year, positioning Việt Nam behind China ($272.9 billion) and the US ($199.9 billion).
The RoK enjoyed a trade surplus of nearly $30 billion with Việt Nam in 2024, an increase of $2.3 billion from the previous year, marking the second-largest amount after that of $55.7 billion recorded with the US.
Korean agencies’ analysis showed that the surge in trade with Việt Nam was driven by a robust recovery in semiconductor export which suffered a stagnation in 2023. The RoK’s semiconductor shipment enjoyed a remarkable growth of 43.9 per cent, reaching $129.2 billion in 2024.
Semiconductors were the country’s largest export item to Việt Nam, with shipment reaching $16.5 billion in January – November of 2024, a year-on-year rise of 46.3 per cent. Besides, wireless communication equipment export went up 16.9 per cent to $2.3 billion, while synthetic resin exports grew 18 per cent to $2.1 billion.
Trade between the two countries has flourished since they established their diplomatic ties in 1992, with trade volume expanding more than 150-fold from an initial $500 million after more than 30 years. The trade structure has evolved from labour-intensive products like textiles to high-value-added items such as semiconductors and wireless communication devices.
Notably, the implementation of the Việt Nam – Korea Free Trade Agreement in 2014 has more than doubled their trade volume from $30 billion to $80 billion.
In the tourism sector, the RoK emerged as the leading source of international visitors to Việt Nam, with 4.1 million tourists accounting for 25 per cent of Việt Nam’s total foreign arrivals, significantly outpacing mainland China’s 3.35 million visitors, and the US’s 700,000 travellers.
KITA Senior Researcher Hong Ji-sang highlighted ASEAN’s growing importance as an alternative to the RoK’s heavy reliance on trade with China and the US, stating Việt Nam stands out as a crucial ASEAN partner and the two countries are developing their cooperation in a new period based on mutual trust.
