Viet Nam and RoK eye US$150 billion in bilateral trade by 2030

The Ministry of Foreign Affairs (MoFA) and Dong Nai City held a meeting with Republic of Korea (RoK) businesses on October 15 to discuss bilateral economic cooperation and investment.

The meeting was attended by Ngo Le Van, Deputy Minister of Foreign Affairs; Nguyen Van Ut, Deputy Secretary of the Dong Nai City Party Committee (CPC) and Chairman of the City People’s Committee; Vo Tan Duc, Deputy Secretary of the CPC; Le Truong Son, Vice Chairman of the City People’s Committee; RoK Ambassador to Viet Nam Lee Miyon; and RoK Consul General in Ho Chi Minh City Jung Jung Tae.

Ngo Le Van, Deputy Minister of Foreign Affairs, speaks at the meeting. Photo: Ngoc Lien

The meeting also brought together representatives from Hai Phong, Hue and Can Tho, various organisations, around 200 RoK businesses operating in Viet Nam, and departments and agencies of Dong Nai.

Speaking at the meeting, RoK Ambassador to Viet Nam Lee Miyon said RoK businesses had invested actively in Dong Nai since the two countries established diplomatic relations, particularly in manufacturing, the production of components and spare parts, and logistics.

RoK is currently Dong Nai’s largest foreign investor. RoK businesses have provided quality employment for more than 170,000 workers and contributed to the city’s economic growth and closer economic ties between the two countries.

These results reflect RoK businesses’ confidence in Dong Nai and their continued investment in the city. They also demonstrate Dong Nai’s recognition of these businesses as important economic partners and the city’s commitment to supporting their operations.

RoK Ambassador to Viet Nam Lee Miyon speaks at the meeting. Photo: Ngoc Lien

The ambassador expressed the hope that RoK businesses would continue to expand their investment in Dong Nai, particularly in advanced and environmentally friendly components and materials, smart logistics, smart cities, critical minerals and the defence industry.

Vo Tan Duc, Deputy Secretary of the CPC, speaks at the meeting. Photo: Ngoc Lien

Vo Tan Duc, Deputy Secretary of the CPC, said the meeting provided an important opportunity for central government agencies, RoK representative bodies in Viet Nam, Dong Nai, other localities and businesses from both countries to exchange views and assess recent cooperation. It also enabled participants to identify ways to deepen cooperation between Dong Nai and RoK partners and make it more substantive and effective.

RoK delegates attend the meeting. Photo: Ngoc Lien

The meeting also gave Dong Nai’s leaders an opportunity to hear feedback and proposals from RoK businesses operating in the city, address issues within the city’s jurisdiction, and forward recommendations to central authorities on improving mechanisms and policies to better meet practical needs. The event also enabled the city to introduce its development priorities, potential, strengths and investment opportunities, while updating businesses on policies and regulations affecting investment, production and business operations. The city aims to build investor confidence, encourage RoK businesses to expand production, improve operational efficiency and make long-term commitments to Dong Nai. RoK businesses operating successfully in Dong Nai have contributed to economic growth, job creation, technology transfer, stronger production capacity and the city’s deeper integration into the global economy.

Deputy Minister of Foreign Affairs Ngo Le Van said Politburo Resolution No. 59-NQ/TW on international integration in the new situation identifies people and businesses as being at the centre of the process and as key drivers of international integration. Local authorities and business communities in both countries play a direct role in translating cooperation priorities, commitments and agreements reached by senior leaders into tangible results. Every successful investment project, every new or strengthened partnership between localities, and every obstacle faced by businesses resolved helps build political trust and deepen Viet Nam–RoK relations.

Representatives of Dong Nai and RoK sign a cooperation agreement to promote the development of small and medium-sized enterprises and  strengthen bilateral economic ties. Photo: Ngoc Lien

For Dong Nai, this year’s meeting is particularly significant as one of the city’s first major diplomatic events since it became a city. RoK is one of Dong Nai’s leading foreign investors by number of projects and registered capital, and many RoK businesses have established a long-standing presence in the city. Dong Nai’s strategic position in the Southern region’s industrial, manufacturing and logistics networks, together with the upcoming launch of Long Thanh International Airport, gives the city considerable potential to become a multifunctional growth pole and a national innovation centre.

Deputy Minister of Foreign Affairs Ngo Le Van expressed confidence that the meeting would help showcase Dong Nai as a dynamic and open city, strengthen business ties and create new opportunities for RoK businesses to cooperate with Dong Nai and other Vietnamese localities.

The meeting featured two discussion sessions. The first focused on strengthening the Viet Nam–RoK Comprehensive Strategic Partnership through breakthroughs in trade, sustainable investment and the development of a highly skilled workforce in the digital era. The second explored ways to advance science, technology and cultural industries amid digital transformation, with the aim of promoting green, sustainable and inclusive growth.

Delegates attend a discussion on strengthening the Viet Nam–RoK Comprehensive Strategic Partnership through trade, sustainable investment and workforce development. Photo: Ngoc Lien

RoK is now Viet Nam’s largest foreign investor, with nearly 10,600 projects and total registered capital exceeding US$102.7 billion. It is also Viet Nam’s third-largest trading partner. Bilateral trade reached US$82 billion in the first 8 months of 2026, a record high for the same period. The two countries are expected to surpass US$100 billion in bilateral trade for the first time in 2026 and are working towards a target of US$150 billion by 2030. In Dong Nai, RoK is the city’s largest foreign investor, with 469 active projects and total registered capital exceeding US$8.37 billion.

By N.Lien – Translated by M.Nguyet, Thu Ha