Korea-Vietnam Trade to Expand to $150 Billion by 2030... "Discussion on Public-Private Cooperation Measures"

3rd Korea-Vietnam Plus Joint Working Group Meeting
Vietnam Becomes Korea's Third Largest Trading Partner
Trade and Investment to Be Expanded on the 10th Anniversary of the Korea-Vietnam FTA

The governments of Korea and Vietnam discussed cooperation measures to expand the trade volume between the two countries to $150 billion (approximately 217 trillion KRW) by 2030.

On the 7th, the Ministry of Trade, Industry and Energy announced that it held the 3rd Korea-Vietnam Plus Joint Working Group meeting via video conference at Lotte Hotel in Seoul, with Kim Jong-cheol, Director General of the Trade Cooperation Bureau, and Do Quoc Hung, Director General of the Asia-Africa Market Department of the Vietnamese Ministry of Industry and Trade, attending as the chief representatives of both countries.

In 2022, the leaders of Korea and Vietnam jointly declared the goal of achieving a Korea-Vietnam trade volume of $150 billion by 2030. In 2024, the combined export and import trade volume between the two countries is expected to reach $86.7 billion. The Joint Working Group, established as a cooperation platform where both governments, commercial counselors, and trade support organizations participate to discuss ways to expand trade and investment to achieve the $150 billion trade volume, held its first meeting in September 2023.

At the meeting, both sides reviewed the current status of trade and investment between the two countries, exchanged views on major issues such as the inauguration of the new U.S. administration and global supply surpluses, and broadly discussed nuclear power cooperation and resolving difficulties faced by companies from both countries.

Director General Kim said, "Amid increasing global uncertainties following the inauguration of the new U.S. administration, expanding future-oriented economic cooperation with Vietnam, Korea’s third-largest trading partner, is more important than ever," and emphasized, "As we mark the 10th anniversary of the Korea-Vietnam Free Trade Agreement (FTA), let us work together to expand trade and investment."

Director General Do Quoc Hung also stated, "Korea is Vietnam’s largest investor, and Vietnam hopes to grow together with Korea," adding, "We will pay attention to and address the difficulties Korean companies are experiencing in Vietnam."

The Ministry of Trade, Industry and Energy plans to continue supporting Korean companies to conduct stable business activities in Vietnam by utilizing various government channels such as the Korea-Vietnam Industrial Joint Committee and the FTA Joint Committee.