(VOVworld) - The Republic of Korea’s (RoK) National Assembly Speaker Chung Sye-kyun begins an official visit to Vietnam on Tuesday at the invitation of National Assembly Chairwoman Nguyen Thi Kim Ngan. 

RoK National Assembly Speaker Chung Sye-kyun (Photo: EPA/TTXVN)

Vietnam and the RoK established diplomatic relations in December 1992. The relationship was upgraded to a comprehensive partnership in 2001 and to a strategic partnership in 2009. The RoK’s Ambassador to Vietnam Lee Hyuk said: “Vietnam and the Republic of Korea have a 25-year history of bilateral ties. The RoK has become the biggest investor in Vietnam with two-way trade turnover of 45 billion USD in 2016. The RoK exports much more to Vietnam than to Japan.”

Most of the RoK’s biggest groups, including Samsung, Hyundai, LG, POSCO, SK, Lotte, Kumho-Asiana and many others, are investing in Vietnam. The two sides are negotiating a framework credit agreement until 2020 period. The RoK has become the second biggest capital provider to Vietnam after Japan. Vietnam's Deputy Minister of Planning and Investment Dang Huy Dong said: “The RoK is considered one of the most successful countries, from once being an aid recipient to now being an aid provider for other countries, including Vietnam. I am very impressed with the Knowledge Sharing Program (KSP) of the Ministry of Strategy and Finance for Vietnam. Vietnam has learned a lot from the RoK’s socio-economic development experience.”

In 2016 the National Assembly of Vietnam and the RoK signed a cooperation agreement promoting high level delegation exchanges between the two countries. National Assembly Speaker Chung Sye-kyun's current visit to Vietnam is expected to boost the strategic partnership between the two countries.