21:12 (GMT +7) - Tuesday 12/12/2017

EDITOR LETTER

   You have in your hands the last issue of VET for 2017, in which our Cover Story looks at the special relationship between Vietnam and South Korea since bilateral ties were established 25 years ago, on December 22, 1992.

   Back then, few would have believed that two-way trade would eventually exceed $50 billion, as it does now, making South Korea Vietnam’s second-largest trade partner. The figure was a mere $500 million in 1992, when Vietnam had only recently opened its door to the world and was in the early years of its economic reform program known as “doi moi”, or renovation. The figure hit $50 billion during the first ten months of this year and is forecasted to hit $70 billion by 2020, making Vietnam South Korea’s third-largest trade partner.

   South Korea has also long been ranked among the largest foreign investors in Vietnam. There are now some 6,477 FDI projects from the country, worth $57.5 billion and accounting for some 18.1 per cent of all FDI in Vietnam. These projects have created around 700,000 jobs for Vietnamese workers and generate one-quarter of Vietnam’s total exports. Seventy per cent of South Korean investment has been in manufacturing and processing, with most big names in the country staking out a presence in Vietnam. South Korea is also the second-largest provider of official development assistance (ODA) to Vietnam, with some 60 projects to date valued at around $2.7 billion.

   Bilateral relations between Vietnam and South Korea are an incredible story, as acknowledged by Vietnam’s first Ambassador to South Korea in 1992, H.E. Nguyen Phu Binh, in a piece he penned for this month’s issue. Readers can also find other interesting aspects of the relationship in this month’s Cover Story, most notably Hanoi’s “Little South Koreas”.

   Bells are ringing and lights and trees are brightening up streets and shops from Ho Chi Minh City to Hanoi, signaling the arrival of Christmas and the New Year. Merry Christmas and a Happy New Year of 2018 to all!

Editorial Staff

Professor Dao Nguyen Cat, Editor-in-chief

Mr Nguyen Quoc Uy, Deputy Editor-in-Chief, Head of Department of International Publications

Ambassador Nguyen Phu Binh, Deputy Editor-in-Chief

Mr. Xuan Son, Managing Editor

Ms. Ta Thu Trang, Deputy Managing Editor

Mr. John Harding, English language Editor

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