The Ministry of Trade, Industry and Energy (MoTIE) and the Korea International Trade Association (KITA) reported that Vietnam remains South Korea's third-largest trade partner in 2024, following China and the United States.

According to statistics, the total bilateral trade turnover between Vietnam and South Korea reached 86.7 billion USD, marking a 9.2% increase from 2023. South Korea's exports to Vietnam amounted to 58.3 billion USD, up 9.1%, while imports from Vietnam stood at 28.4 billion USD, a rise of 9.6%.

The trade growth rate between Vietnam and South Korea reached 9.3%, outpacing other major trading partners such as the U.S. (6.9%), China (1.9%), and Japan (1.1%). The trade balance tilted in South Korea's favor, with a surplus of 29.9 billion USD, an increase of 2.3 billion USD compared to the previous year.

This result was primarily driven by a strong recovery in the semiconductor sector. In the first 11 months of 2024, South Korea's semiconductor exports to Vietnam totaled 16.5 billion USD, an impressive increase of 46.3%.

Additionally, other major exports, such as wireless communication equipment and synthetic plastics, also reported notable growth.

The trade relationship between Vietnam and South Korea has seen significant progress since the two countries established diplomatic ties in 1992, with trade volume growing more than 150-fold. Following the signing of the Free Trade Agreement (FTA) in 2014, trade turnover has more than doubled. South Korea is now Vietnam's second-largest importer and third-largest exporter.

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

Mr. Hong Ji Sang, head of trend analysis at KITA, pointed out that Southeast Asia is increasingly becoming a key area for diversifying South Korea's trade relations, with Vietnam playing a central role.