Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
INTERVIEW Vietnamese ambassador seeks to address investment imbalance between Korea, Vietnam
Vietnamese Ambassador to Korea Vu Ho speaks of the bilateral relations between Korea and Vietnam during an interview with The Korea Times at the Embassy of Vietnam in Seoul, Aug. 5. Korea Times photo by Choi Won-suk
By Kim Hyun-bin
Hanoi wants Vietnamese firms to invest more in Korea
Vietnamese Ambassador to Korea Vu Ho acknowledged the strong trade relationship between the two countries, highlighting that Vietnam accounts for nearly half of all ASEAN exports to Korea. However, he emphasized the need to address the current imbalance in investments, noting that while Korean companies have a significant foothold in Vietnam, Vietnamese businesses face difficulties entering the Korean market.
“The deficit is still there,” Ho said during an interview with The Korea Times at the Vietnamese Embassy in Seoul, Aug. 5. “Korean investment in Vietnam is substantial, but Vietnamese businesses in Korea are few. We need to address this imbalance for mutual growth.”
When asked about potential areas to address this economic imbalance, the newly appointed ambassador pointed to the importance of regulatory adjustments and fostering cultural understanding. “The two economies are complementary, but the way of doing business is different,” he explained. “We must close the gaps in manpower and knowledge to truly complement each other.”
The ambassador also discussed the factors that make Vietnam an attractive destination for Korean investors, citing the country’s strategic location, economic potential and youthful labor force. Korea is currently the largest foreign investor in Vietnam, with a cumulative total investment of $85.8 billion as of 2023, which represents 18.3 percent of all foreign investment in the country.
Ho also highlighted ongoing efforts to enhance the Vietnam-Korea Free Trade Agreement, which has been a cornerstone of their economic relationship since it took effect in 2015.
“Vietnam is a place where you can invest for the long term, with sustainable interests,” he said, adding that the country still offers considerable opportunities for growth and development.
Despite these positive aspects, the ambassador acknowledged the challenges that Vietnam faces in exporting to Korea, particularly due to non-tariff barriers, language differences and technological disparities.
“Korea is a society of laws, and sometimes these regulations create obstacles for Vietnamese businesses,” he said.
Korea is currently Vietnam's third-largest trading partner, following China and the United States, with bilateral trade reaching $76 billion in 2023. Additionally, Korea ranks as Vietnam's third-largest export market and second-largest import market.
The ambassador also spoke openly about the evolving relationship between the two nations, underscoring the importance of balancing both countries’ interests while addressing challenges in trade, investment and cultural exchanges.
“The relationship between Vietnam and Korea has become a strategic partnership,” Ho said. “With the recent visit of our prime minister, we’ve entered another important phase, solidifying this partnership for the long term. This relationship isn’t just measured in years or decades, but for centuries to come.”
He emphasized the comprehensive nature of this partnership, stressing that all areas of cooperation — political, economic, cultural and tourism — are interconnected.
“To connect all the dots together is my priority, rather than focusing on one or two fields of operation,” Ho said. “Our interests must align smoothly to ensure that we achieve harmony in all aspects of our relationship.”
The ambassador further noted that Korea, as a developed country with strong capital and technological capabilities, is deeply integrated into the global value chain and in need of a young, expansive market to sustain its growth. Conversely, Vietnam is a rapidly progressing nation with a favorable demographic profile — nearly 100 million people, 70 percent of whom are aged between 15 and 64 — and is highly regarded by international credit rating agencies. This makes Vietnam an attractive destination for investment, particularly given its participation in various regional and international cooperative frameworks, including new-generation free trade agreements with broader and more comprehensive commitments.
Danang, Vietnam / Korea Times photo by Kim Hyun-bin
Tourism
In the realm of cultural exchanges and tourism, Ho expressed surprise at the high number of Korean tourists visiting Vietnam. In 2023, Korea ranked first in terms of tourist arrivals in Vietnam, with 3.6 million visitors, accounting for 28 percent of the international tourist market. Meanwhile, Vietnam ranked fifth among countries sending visitors to Korea, with 420,000 Vietnamese tourists.
“Korean people are hard-working and hard-playing,” Ho said. “Vietnam offers a balance of good working conditions and leisure opportunities, which is why it’s so appealing to them.”
As for his personal objectives during his tenure, Ho said, “If I can safely complete my tenure, it’s already a win.” His primary focus, he noted, is on strengthening the ties between Korea and Vietnam, ensuring that both nations continue to reap the benefits of their strategic partnership.