Vietnam – Korea Trade: Strategic Cooperation and Sustainable Growth
As of January 2025, Vietnam has become South Korea’s third-largest trading partner, following China and the United States. This milestone highlights the robust and sustainable development of bilateral trade relations between the two countries.
Bilateral Trade Volume Surpasses USD 86 Billion
In 2024, the total bilateral trade volume reached USD 86.7 billion (approximately KRW 126 trillion), reflecting a growth of over 9% compared to the previous year. This impressive figure demonstrates the expanding commercial and investment cooperation between the two economies.
Vietnam – A Key Export Market for South Korea
South Korea recorded a trade index of approximately USD 30 billion with Vietnam, ranking second only to the United States among its trading partners. Vietnam is not only a major consumption market but also plays a strategic role in the global supply chain of Korean enterprises.
Major Export Categories from Korea to Vietnam
Key export products include:
• Semiconductors: Core components in the electronics and technology industries
• K-beauty (Korean cosmetics): Highly favored beauty and skincare products in the Vietnamese market
• K-food (Korean food products): Including processed food, snacks, condiments, etc.
• Others: Electronics, chemicals, industrial machinery, textiles, petrochemicals...
Vietnam’s Strategic Role in Korea’s Trade Policy
Since the establishment of diplomatic relations in 1992, the scale of bilateral trade has increased 150-fold, highlighting the solid foundation and exceptional growth potential of this partnership. South Korea is currently one of the largest foreign investors in Vietnam, contributing significantly across sectors such as manufacturing, technology, infrastructure, and retail.
Key Highlights
- 3rd largest trading partner: Vietnam ranks just behind China and the US in total trade volume with South Korea.
- 2024 trade value: USD 86.7 billion, up over 9% year-on-year.
- Trade index: USD 30 billion between Korea and Vietnam, second only to the US.
- Main export items: Semiconductors, K-beauty, K-food, textiles, electronics, chemicals…
- Breakthrough growth: 150-fold increase since 1992.
- Strategic importance: Vietnam is a top investment destination and a major export market in Southeast Asia.
Recommendations and Additional Notes
Businesses are encouraged to leverage tariff incentives and bilateral trade agreements for expansion.
TGA offers professional consulting services in cross-border trade, legal entity establishment, market analysis, and Korea–Vietnam investment strategies.
Contact TGA’s trade advisory department for more detailed support.
📩 Email: info@tgavina.com
