With the inaugural Korea-Mekong Summit between Korea and the five countries along the Mekong River – Cambodia, Laos, Myanmar, Thailand and Vietnam – and the ASEAN (Association of Southeast Asian Nations)-ROK (Republic of Korea) Commemorative Summit from Nov. 25-27 in Busan, Korea.net explores the results of President Moon Jae-in's visits to all 10 ASEAN member countries since his inauguration, Korea's exchanges with these nations and the potential for economic cooperation.

By Park Hye Ri and Lee Jihae
Photos = Cheong Wa Dae

Korea and Vietnam, based on their historical and cultural similarities, have developed bilateral relations of cooperation and mutual growth in fields such as economy, culture and tourism since forming diplomatic ties in 1992.

Korean investment in Vietnam is more than in any other member state of the Association of Southeast Asian Nations (ASEAN). Vietnam is also Korea's fourth-largest trade partner in the region and a crucial partner for the Korean government's New Southern Policy.

As of 2017, Vietnam had the world's highest working-age population at 65.46 million, or 69.8% of the nation's overall population, and this has attracted the attention of Korean and other global investors. The Southeast Asian country since 2011 has also maintained average economic growth of 6%.



President Moon in 2017 visited Danang, Vietnam, to attend the Asia-Pacific Economic Cooperation (APEC) summit and hold bilateral talks with the late Vietnamese President Tran Dai Quang. Both leaders agreed to further enhance the strategic cooperative partnership of their two nations.

Seoul and Hanoi also agreed to bolster cooperation to accomplish their goal of USD 100 billion in trade volume by next year.



During President Moon's state visit to Vietnam last year, the two leaders signed memorandums of understanding on the material component industry, enhancement of sustainable trade and solutions to their trade imbalance. They also pledged to systemically lay the basis for guaranteeing brisk investment by one country in the other through measures such as a social security agreement.

hrhr@korea.kr