The rate of enterprises taking advantage of incentives from FTAs is the highest
According to leader of Department of Foreign Market Development, Ministry of Industry and Trade, economy, trade and investment continue to be one of the important pillars in the bilateral cooperation relationship between Vietnam and Korea.
Korea is currently the largest investor in Vietnam and the third largest trading partner of Vietnam. Vietnam is the top priority partner to which Korea provides development assistance.
In recent years, trade between the two countries has benefited greatly from bilateral and multilateral Free Trade Agreements (FTAs) that both sides participate in, such as: ASEAN - Korea Free Trade Agreement (AKFTA); Regional Comprehensive Economic Partnership (RCEP), especially the Vietnam - Korea Free Trade Agreement (VKFTA)...
In 2024, the import and export turnover of Vietnam - Korea will reach 81.5 billion USD, an increase of 7.3% compared to 2023. Of which, Vietnam exported 25.6 billion USD to Korea, an increase of 9.1% and imported 55.9 billion USD from Korea, an increase of 6.5% compared to the same period in 2023. Vietnam's trade deficit with Korea is 30.3 billion USD.
In the first 6 months of 2025, bilateral trade reached 42.1 billion USD, up 7.5% over the same period in 2024. Of which, Vietnam exported 13.7 billion USD to Korea, up 12% and imported 28.4 billion USD from Korea, up 5.5% over the same period in 2024. Vietnam had a trade deficit of 14.6 billion USD from Korea.
According to experts, the potential for trade development between Vietnam and Korea is huge. In addition to the bilateral FTA, Vietnamese enterprises also have more options when conducting import-export activities with Korea, thanks to the RCEP Agreement. Information from Import-Export Department, Ministry of Industry and Trade also shows that in recent years, Korea has continuously been one of the leading markets for importing goods from Vietnam with the highest rate of FTA preferential use.
In 2023, volume of goods exported to Korea with preferential C/O usage rate reached 12.2 billion USD, accounting for 52.1% of total export turnover to this market.
This result is proof that businesses have a certain awareness of using preferential C/O as an effective tool in business plans when exporting goods to markets where Vietnam has committed to enjoy tariff incentives. The use of incentives from FTAs, especially the RCEP Agreement, is achieved because businesses have a firm grasp of the rules of origin for goods exported to the Korean market.
Industrial cooperation highlights
Along with trade cooperation, industrial and energy cooperation is also focused on and promoted by senior leaders of Vietnam and Korea. Two sides regularly organize meetings and sessions, creating opportunities for exchanges and investment promotion for businesses of the two countries.
Regarding Industry and Trade sector, at the 14th Meeting of Vietnam - Korea Joint Committee on Trade, Industry and Energy Cooperation and the 8th Meeting of the Joint Committee on the Implementation of the VKFTA Agreement held in April 2025, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Korean Minister of Trade, Industry and Energy Ahn Dukgeun agreed on many solutions to promote bilateral cooperation, including in the industrial sector.
Accordingly, regarding solutions to promote cooperation in the industrial sector, Minister Nguyen Hong Dien and Minister Ahn Duk- geun agreed to assign technical levels of the two sides to closely coordinate and effectively implement the Vietnam - Korea Essential Mineral Supply Chain Technology Cooperation Center project on the basis of the Memorandum of Understanding signed by the two sides in June 2023.
At the same time, agree on promoting activities: Cooperation in the field of raw materials and components in the medium and long term through the operation of the Vietnam Technology Consulting and Solutions Center Phase 2 (VITASK 2); promoting cooperation in training human resources in general as well as human resources in the shipbuilding industry for Vietnam to connect career opportunities in the context of Korea's labor shortage in this industry.
On the other hand, strengthening investment and cooperation connections, resolving difficulties in the automobile, tobacco, and machinery industries... Korea also agreed to continue supporting Vietnam in building the Law on Industrial Development.
"Vietnam and Korea have become each other's leading important partners in many fields; in which economic, trade and investment cooperation is both a pillar and a main driving force to promote the increasingly developing bilateral cooperation relationship" - Minister Nguyen Hong Dien affirmed.
Not only that, industrial cooperation between Vietnam and Korea is also carried out through investment activities of Korean enterprises in Vietnam. Previously, Korean investment projects in Vietnam were mainly small and medium-sized, but now there are many large-scale projects of leading Korean corporations.
As of May 2025, South Korea is the largest investor in Vietnam with a total registered capital of 94 billion USD, with 10,203 projects, accounting for 23.5% of the total number of projects and 18.1% of the total registered foreign direct investment capital in Vietnam.
Recently, Department of Industry and Trade of Thai Nguyen organized a working conference between enterprises of Gyeongsangbuk-do province (South Korea) and enterprises of Thai Nguyen province. During the meeting, representatives of the Department of Industry and Trade of Thai Nguyen believed that with the strengths in technology, design, and product quality, enterprises of Gyeongsangbuk-do province will open up opportunities for effective and long-term cooperation in the Thai Nguyen market. From there, there is the possibility of spreading to neighboring provinces as well as expanding to the Vietnamese market through professional and modern distribution channels.
In relations with Vietnam, South Korea pays special attention to cooperation and investment in the energy sector. Korean enterprises are playing an important role in promoting the development of Vietnam's energy industry, participating in almost all energy fields such as: Cooperation in oil and gas exploration and exploitation, cooperation in electricity development; cooperation in the field of clean energy and nuclear power development...
"Korea hopes that the Vietnamese Government will create favorable conditions for Korean enterprises to participate in investing in Vietnam's LNG power projects as well as strengthen bilateral cooperation in clean energy and nuclear power in Vietnam" - Minister Ahn Duk-geun proposed.
Welcoming the proposals from Korea, Minister Nguyen Hong Dien said that Vietnam welcomes the expansion of investment by Korean companies in LNG projects in Vietnam on the principle of ensuring investment efficiency and harmonizing interests, complying with legal regulations and being equal with other investors.
At the same time, highly appreciated the progress of testing ammonia co-firing technology in Korea and suggested that the Korean side closely coordinate with Vietnamese partners to research and deploy this technology in Vietnam.

Source: Vitic/ congthuong.vn