Workers on a mobile phone accessories manufacturing line of a RoK-invested company in northern Thái Nguyên Province. — VNA/VNS Photo

HÀ NỘI — The Republic of Korea’s Speaker of the National Assembly (NA) Kim Jin-pyo will visit Việt Nam from January 12 to 18, at the invitation of his Vietnamese counterpart Vương Đình Huệ.

This is his first official visit to the Southeast Asian country since taking office in July last year, and the first of a South Korean senior State leader since the two countries upgraded their relations to a comprehensive strategic partnership in December.

Việt Nam and the Republic of Korea (RoK) officially established diplomatic relations on December 22, 1992.

Since then, on the foundation of political trust, cultural similarities and geographical proximity, cooperation for economic growth and shared strategic interests, the two countries have made significant and practical achievements in their bilateral ties.

Speaking of the development in Việt Nam - RoK relations in December, Vietnamese President Nguyễn Xuân Phúc said: “The new heights of the two countries’ comprehensive strategic partnership is a source of encouragement, trust and powerful motivation for the progressively successful cooperation between their businesses. That is also the success of the comprehensive strategic partnership.”

South Korean high-level officials also said that RoK always sees Việt Nam as a key partner in its foreign policies in Southeast Asia and Indo-Pacific strategy.

Against this background, Việt Nam and RoK have become each other’s leading partners in multiple aspects, in which economics, trade and investment are both major pillars and a driving force in their cooperation.

RoK currently ranks first in terms of direct investments into Việt Nam, second regarding official development assistance (ODA), labour and tourism, and third in trade cooperation.

Việt Nam is also the largest economic partner of RoK in ASEAN, accounting for 30 per cent of investment and 50 per cent of total trade turnover between the East Asian country and the region.

The two countries’ leaders have agreed to promote stable growth of bilateral trade, with the aim to have two-way trade turnover reaching US$100 billion in 2023, and $150 billion in 2030.

People-to-people and cultural exchanges are also of great significance to Việt Nam - RoK relations, with approximately 200,000 citizens of one country residing in the other.

There are also around 80,000 South Korean-Vietnamese families and 70 locality-to-locality partnerships.

In recent years, bilateral ties continue to grow despite the challenges of the COVID-19 pandemic.

RoK was one of the first countries to provide vaccine and medical equipment support to help Việt Nam effectively control and prevent the disease.

Việt Nam has also created favourable conditions for South Korean businesses to continue their production and operation, ensuring the supply chain amid the current obstacles in the global economy.

Legislative bodies’ cooperation

The ties between the Vietnamese and RoK legislative bodies have been strengthened and developed based on the 2013 cooperation agreement, contributing to the relations between the countries.

High-level exchanges and online conferences have been held on a regular basis, which focus on regional and international issues of mutual concern, as well as experiences in parliamentary operations including legislation, supervision, and voter meeting.

During Vietnamese NA Chairman Vương Đình Huệ’s official visit to RoK in December 2021 - the first high-level delegation exchange between the two countries after two years of COVID-19, NA leaders from both sides agreed to further develop their relations, aiming to become a model of parliamentary cooperation and effectively implement their 2013 agreement.

The two legislative bodies continue to work closely together and offer support on international and regional parliamentary forums such as the Inter-Parliamentary Union (IPU), Asia Pacific Parliamentary Forum (APPF), Asia-Europe Parliamentary Partnership Meeting (ASEP), Meeting of Speakers of Eurasian Countries' Parliaments (MSEAP) and ASEAN Inter-Parliamentary Assembly (AIPA).

With a strong foundation and high ambitions for the two countries’ cooperation, RoK NA Speaker Kim Jin-pyo’s visit in January is expected to further strengthen the effective and practical relations between the legislative bodies, which will greatly contribute to Việt Nam - RoK relations. — VNS