Vietnam, Korea foster business connection

Wednesday, 2018-06-20 10:59:42
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Garment is one of Vietnam's main exports to the Republic of Korea.
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NDO/VNA - The Vietnam Chamber of Commerce and Industry (VCCI)’s Ho Chi Minh City branch on June 19 organised a conference to promote links between enterprises from Vietnam and the Republic of Korea (ROK).

During 2015-2017, the ROK’s exports to Vietnam surged 60.5% while the country’s imports from the Southeast Asian nation went up 61%.

In 2017, two-way trade reached VND61.5 billion, up 41% year on year, including Vietnam’s exports of US$14.8 billion, a rise of 30% over 2016 and its imports of US$46.7 billion, up 45.3% year on year.

The ROK is currently the 2nd largest trade partner of Vietnam and the latter is the 4th largest trade partner of the ROK.

Korea mostly bought Vietnamese garment and textile products, telephones and spare parts, electronics, aquatic products, wood and wooden products, machines, equipment, footwear, transport vehicles, and fabrics.

Meanwhile, Vietnam’s main imports from Korea include mobile phones and computer spare parts, electronic products, fabrics, machines, equipment, chemicals and fertilisers.

Both sides have agreed to lift two-way trade to US$100 billion by 2020, making Vietnam become the 2nd destination for Korean products, just after China.

Regarding investment, the ROK is the biggest foreign investor in Vietnam with over 6,760 active projects which have a total registered capital of more than US$59 billion.