According to the Ministry of Planning and Investment, ROK investors continue to be an important component of the Vietnamese economy, contributing about 30% to Vietnam’s total export value in the first nine months of 2020.
Meanwhile, Vietnam has only 49 investment projects in the ROK with total investment capital of US$35.24 million. These projects all have a small scale and aremainly in the areas of science and technology, mining, manufacturing and the processing industry.
Amid the serious impacts of the COVID-19 pandemic, Vietnam-ROK trade revenue in the first three quarters of 2020 has declined compared to the same period last year.
Total import and export revenue between Vietnam and ROK reached US$47.5 billion in the first nine months of 2020, down 5.1% over the corresponding period in 2019. Of which, Vietnam’s export revenue to the ROK posted at US$14.5 billion, down 2.1% and import revenue reached US$33 billion, down 6.5%.
In the future, Vietnam will continue to ask the ROK to facilitate the settlement of import procedures regarding Vietnamese agricultural products and food and suggest the country stop applying anti-dumping duties on plywood products imported from Vietnam. The two countries also expect to raise bilateral trade revenue to US$100 billion in the future.
