Korea is one of Vietnam's major partners in both trade and investment. Since establishing diplomatic relations in 1992, the trade turnover of Vietnam - Korea has increased from 500 million USD to more than 26 billion USD in 2014. For many years, Korea has always been an important trading partner to Vietnam. According to data by the end of November 2021, two-way trade reached 70.38 billion USD, up 20% compared to 2020.
In 2021, Korea has become the second largest direct investor in Vietnam with total investment in the year reached $7.4 billion, up 85% compared to 2020.
Korea continues to be the second largest development aid donor to Vietnam with a commitment of $1.5 billion in the period. period 2016 - 2020. In addition, among the previously signed FTAs of Vietnam, AKFTA is the FTA that Vietnam takes advantage of the most (both in terms of export, import and investment).
Therefore, the signing of more bilateral FTAs with this country will help Vietnamese enterprises gain more benefits.