Moit leaders meets with Korean Minister of Trade, Industry and Energy

During the meeting, both Ministers affirmed that bilateral economic and trade relations are at a flourishing stage, reflecting the strength of the comprehensive strategic partnership between the two countries. The Republic of Korea remains Vietnam’s largest investor and its third-largest trading partner.

Recognizing the encouraging outcomes and strong potential for cooperation, the two Ministers discussed and exchanged various measures to accelerate progress toward the goal of achieving a bilateral trade value of USD 150 billion by 2030, as set by the top leaders of both nations.

Speaking about economic and trade cooperation, Minister Nguyen Hong Dien noted that bilateral trade between Vietnam and the Republic of Korea has maintained a solid growth trajectory. In 2024, total trade reached over USD 81.5 billion, an increase of 7.5%.

In the first nine months of 2025, bilateral trade recorded a positive growth rate, reaching USD 65.8 billion, up 8.7% year-on-year. Of this, Vietnam’s exports to the Republic of Korea amounted to USD 21.4 billion (up 12.4%), while imports totaled USD 44.4 billion (up 7%), resulting in a trade deficit of USD 23.1 billion, an increase of 2.4%.

To realize the trade target of USD 150 billion by 2030, Minister Nguyen Hong Dien emphasized that both sides need to foster faster and stronger trade growth. On that note, he proposed that Minister Kim Jung-Kwan instruct relevant Korean agencies to continue implementing the agreed Action Plan effectively so as to achieve the trade target as soon as possible.

Moit leader also suggested that the two countries focus on promoting trade and investment activities; expanding market access for Vietnam’s agricultural and aquatic products; supporting Vietnamese goods to enter major Korean distribution channels such as Lotte Mart, E-Mart, and CJ Home Shopping; and encouraging investment cooperation and technology transfer in processing and manufacturing industries, materials industries, new energy, and clean energy sectors.

In terms of industrial cooperation, Minister Nguyen Hong Dien expressed his appreciation to the Korean Ministry of Trade, Industry and Energy for facilitating the Korean Government’s approval and announcement of a non-refundable aid package worth USD 1.3 million for the Vietnam–Korea Technology Advice and Solutions from Korea (VITASK) Project.

He reaffirmed that the Ministry of Industry and Trade of Vietnam is actively working with Korean partners to implement the VITASK Project, which aims to enhance the competitiveness of Vietnamese enterprises and develop potential local suppliers for Korean FDI companies in the electrical and electronics sectors.

Regarding the implementation of the Vietnam - Korea Free Trade Agreement (VKFTA), Minister Nguyen Hong Dien noted that 2025 marks the 10th anniversary of the Agreement’s entry into force. Over the past decade, bilateral trade has more than doubled, from USD 36.5 billion in 2015 to nearly USD 90 billion projected for 2025. The Republic of Korea has maintained its position as Vietnam’s largest foreign investor, with more than 10,000 projects and total registered capital exceeding USD 95 billion as of September 2025, accounting for nearly 20% of Vietnam’s total FDI.

To enable businesses from both countries to maximize the benefits of the VKFTA, Minister Nguyen Hong Dien proposed that Minister Kim Jung-Kwan and relevant Korean ministries jointly review and evaluate the agreement’s implementation in order to fully harness its potential and expedite progress toward the USD 150 billion trade target.

Agreeing with the proposals put forward by Minister Nguyen Hong Dien, Minister Kim Jung-Kwan affirmed that the Korean side will work closely with relevant ministries and agencies, and direct the departments under the Ministry of Trade, Industry and Energy to address existing challenges and obstacles, thereby contributing to the shared goal of raising bilateral trade to USD 150 billion in the near future.