In recent years, bilateral trade between Vietnam and South Korea has seen remarkable development. Data from the General Department of Customs shows that during the period from 2020 to 2023, the two-way trade turnover between Vietnam and South Korea has continuously increased, averaging over USD 76 billion annually.

In the first 6 months of this year, the import-export turnover between Vietnam and South Korea reached 38.8 billion USD, up 9.3% over the same period last year. Specifically, Vietnam's exports to South Korea reached 12.2 billion USD, up 9.9%, and imports reached 26.6 billion USD, up 9.1%.

According to the General Department of Customs, the export structure of the two sides is clearly complementary, with little direct competition. Vietnam mainly exports products manufactured by Korean enterprises (phones and components, computers, electronic products and components, machinery, equipment, and spare parts) and products that Vietnam has strengths in, such as agricultural and fishery products, processed foods, textiles, footwear, and wooden products.

On the other hand, South Korea is the second largest supplier (after China) for components, accessories, machinery, equipment, and raw materials used as inputs for manufacturing industries, especially Vietnam's export-oriented manufacturing industries.

Notably, Korean enterprises currently contribute about 30% of Vietnam's total export turnover. Among them, Samsung accounts for about 1/5 of Vietnam's export turnover value, with tens of billions of USD per ear.

Big Korean economic groups are operating strongly in Vietnam and playing an important role in improving production and export capacity, helping Vietnam gradually integrate more deeply into the global value chain, especially in sectors such as electronics, automobiles, mechanics, metallurgy, chemicals, textiles, footwear, etc.

Especially since Samsung and LG invested in Vietnam, Vietnam's electronics industry has experienced strong growth. Currently, this industry accounts for nearly 20% of the total industrial value.

This growth is due to the close trade relations between the two countries. South Korea is currently one of the few countries that has signed many bilateral and multilateral free trade agreements (FTAs) with Vietnam. Both countries have participated in FTAs such as the ASEAN - Korea Free Trade Agreement (AKFTA), the Vietnam - Korea Free Trade Agreement (VKFTA), and the Regional Comprehensive Economic Partnership (RCEP).

Samsung accounts for about 1/5 of Vietnam's export turnover.

Regarding investment activities, data from the Ministry of Planning and Investment shows that as of April, South Korea is the largest investor in Vietnam, with registered capital of approximately 87 billion USD and nearly 10,000 investment projects, accounting for 18.25% of the total registered foreign direct investment (FDI) capital and 25.1% of the total number of investment projects in Vietnam.

Vietnam is also a top priority partner in South Korea's official development assistance (about 20% of total aid), receiving more than 500 million USD annually for priority areas such as urban transport infrastructure, healthcare, education - training, environment, clean energy, information technology, etc.

Regarding labor cooperation, up to now, more than 127,000 Vietnamese workers have come to work in South Korea under the Employment Permit System program. The Vietnamese community living and working in South Korea has more than 250,000 people, while South Korea has a community of over 150,000 people in Vietnam.