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S. Korea, Vietnam aim to expand trade volume to US$ 100 bil. by 2020 Updated: 2019-11-27 07:48:15 KST


Located on the eastern tip of the Indochina peninsula and home to an estimated 97 million people, Vietnam is widely seen as "one of the most dynamic emerging countries in the world."
Thanks to the Doi Moi economic reform, the Vietnamese economy has grown by an average of 6.6 percent a year for the past 30 years and its GDP hit 245-billion U.S. dollars last year.
The country's economy is the 6th largest in the ASEAN regional bloc, and the 46th in the world.

For South Korea, Vietnam makes an attractive partner.
The trade volume between the two topped 68-billion U.S. dollars last year, 130 times larger than it was when they established diplomatic ties in 1992.
Seoul and Hanoi mostly trade semiconductors, flat panel displays and sensors, wireless communication devices and clothing with each other.
South Korea's President Moon Jae-in says Vietnam stands at the very center of his New Southern Policy and that the two countries will expand trade even further.

March 23, 2018
"President Quang has said Vietnam aims to build itself into a modern industrial country by 2020. I also emphasized that close and mutually beneficial cooperation between our countries will greatly contribute to achieving our mutual goal of reaching 100 billion dollars in two-way trade by 2020."

South Korea has become Vietnam's largest foreign investor and second-biggest trading partner.
Vietnam is also the largest focus for Seoul in development cooperation and one of the most popular tourist destinations for Koreans.
Seoul and Hanoi are looking to boost cooperation in achieving 4th Industrial Revolution, fostering urban development,
and allowing more Vietnamese workers into Korea.
Oh Jung-hee, Arirang News.
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