Report

Institute for Future Strategy, Seoul National University — Economic Security Cluster
Qualitative Analysis Team Report (12 Countries)
Vietnam’s Economic Security

The Economic Security Cluster at the Institute for Future Strategy (IFS), Seoul National University conducted a comprehensive assessment of the economic security policies of twelve key partner countries closely linked to Korea. The qualitative analysis team—composed of current and former officials from the Ministry of Foreign Affairs—evaluated each nation’s economic strengths, vulnerabilities, and relevance to Korea’s strategic interests.

This report analyses Vietnam’s economic security strategy and potential areas for cooperation with Korea amid rapid industrialisation and the restructuring of global supply chains. Vietnam has achieved dynamic growth across manufacturing, trade, and investment, supported by political and social stability, abundant natural resources, a diligent workforce, and a young population. Moreover, Vietnam is strengthening its economic partnerships with the United States, Japan, and the European Union, while elevating its strategic position within global mineral and high-tech supply chains.

Based on a SWOT analysis, the following factors were identified:

• Strengths: Stable political and social environment, favourable demographic structure and population growth, rich natural resources, high-quality labour force, strong developmental commitment by leadership, economic resilience, and robust growth.

• Weaknesses: Need for reforms and infrastructure development in political, financial, and educational sectors; persistent corruption; and emerging labour shortages due to ageing.

• Opportunities: Growing attractiveness as a hub for international trade and investment, deeper integration with the global economy, rising international standing, and increasing attention as an alternative to China under the “China + One” strategy.

• Threats: Maritime disputes in the South China Sea, potential resurgence of border tensions with Cambodia, and Korea-related sensitivities (such as post-war sentiment, illegal migration issues, and possible social resentment toward Koreans).

Since the establishment of diplomatic relations in 1992, Korea–Vietnam relations have expanded rapidly. As of 2022, Vietnam became Korea’s largest trade surplus partner. Korean investments contribute significantly to Vietnam’s economy—accounting for approximately 10% of its GDP, 30% of exports, and over one million jobs. Reflecting this deepened cooperation, bilateral relations were upgraded to a Comprehensive Strategic Partnership in 2022.

Vietnam is emerging as a vital partner for Korea in terms of economic security, given the growing global interdependence of economies. The relationship holds strong potential for mutual benefit not only in economic cooperation but also in political engagement and human exchange.

Keywords:
Vietnam, economic security, global supply chain, industrial diversification, critical minerals, comprehensive strategic partnership, China + One strategy, human exchange, manufacturing