Vietnam’s trade growth with South Korea reached 9.3%, significantly higher than with other major partners such as the US (6.9%), China (1.9%), and Japan (1.1%).

Citing the latest statistics from the Ministry of Trade, Industry, and Energy (MoTIE) and the Korea International Trade Association (KITA), a VNA correspondent in Seoul reported that Vietnam continued to maintain its position as South Korea’s third-largest trading partner in 2024, following only China and the US.

According to the data, the total bilateral trade between Vietnam and South Korea reached $86.7 billion, up 9.2% compared to 2023. Of which, South Korea’s exports to Vietnam reached $58.3 billion, up 9.1%, while imports from Vietnam reached $28.4 billion, up 9.6%.

Notably, Vietnam’s trade growth with South Korea reached 9.3%, significantly higher than with other major partners such as the US (6.9%), China (1.9%), and Japan (1.1%). The trade balance tilted in favor of South Korea with a surplus of $29.9 billion, up $2.3 billion compared to the previous year.

This impressive growth is largely attributed to the strong recovery in the semiconductor sector. South Korea’s semiconductor exports to Vietnam in the first 11 months of 2024 reached $16.5 billion, up 46.3%.

Other major export items such as wireless communication equipment and synthetic resins also recorded impressive growth.

Vietnam-South Korea trade relations have developed by leaps and bounds since the establishment of diplomatic relations in 1992, with trade turnover increasing more than 150 times. Especially after signing the FTA in 2014, trade turnover has more than doubled. South Korea is now Vietnam’s second-largest importer and third-largest exporter.

In the tourism sector, South Korea leads with 4.1 million visitors to Vietnam, accounting for a quarter of the total international visitors.

Hong Ji Sang, Head of Trend Analysis at KITA, noted that ASEAN is becoming a solution to diversify South Korea’s trade relations, in which Vietnam plays a key role./.