Vietnam and South Korea have set their sights on an ambitious goal: boosting the bilateral trade turnover between the two countries to an impressive $150 billion by 2030. This target reflects not only the growing economic ties between Hanoi and Seoul but also a shared vision to deepen cooperation across multiple sectors and foster regional economic stability.

The goal of a $150 billion trade turnover by 2030 represents a substantial increase from recent trade statistics. In 2024, bilateral trade between Vietnam and South Korea reached approximately $81.5 billion, up about 7.3 percent compared to 2023, demonstrating resilient growth despite global economic headwinds.

Strategic Foundations of the Target

Leaders from both nations emphasized that the foundation for achieving this ambitious target goes beyond simple trade figures. It involves fostering deeper political trust, expanding commercial links, and encouraging mutually beneficial investment. Enhancing bilateral relations has been achieved through strengthening institutional mechanisms such as the Vietnam–Korea Free Trade Agreement (VKFTA), and joint committees that continually assess and advance economic cooperation.

South Korea has consistently been one of Vietnam’s major economic partners, both in trade and investment. Korean businesses, including large multinational corporations, have significantly contributed to Vietnam’s manufacturing and export capacity — particularly in sectors like electronics, semiconductors, and industrial production.

Key Cooperation Areas 

To reach this $150 billion trade turnover target, both countries have pledged to:

• Expand market access by creating clearer and more predictable trade conditions, easing logistics and distribution bottlenecks, and encouraging trade fairs and business delegations.
• Facilitate investment flows from Korea into Vietnam, especially in technology-intensive industries such as semiconductor manufacturing, high-tech electronics, and industrial complexes that reinforce global value chains.
• Strengthen bilateral mechanisms, including working groups like “Korea Plus in Vietnam” and “Vietnam Plus in Korea,” to address trade obstacles and promote dialogue between business communities.

Furthermore, the political leadership has agreed to maintain regular high-level exchanges and dialogues that reinforce not only economic ties but also cooperation in areas like defense, energy, and infrastructure, all of which provide a conducive environment for trade and investment growth.

Achieving a bilateral trade turnover of $150 billion would have a profound impact on both economies. For Vietnam, it represents expanded market opportunities, deeper integration into global supply chains, and increased foreign direct investment (FDI). For South Korea, Vietnam continues to be a vital partner in production and export markets, reinforcing its strategic foothold in Southeast Asia.

Moreover, in a world where economic shifts and geopolitical tensions can impact trade flows, maintaining and growing robust partnerships — like that between Vietnam and South Korea — offers mutual stability and shared growth prospects for the decade ahead.