Vietnam - RoK trade reaches over 73 billion USD
PSNews - Currently, Vietnam and Republic of Korea have been utilizing commitments from the Vietnam - Republic of Korea Free Trade Agreement (VKFTA), thereby positively contributing to the bilateral relation between the two countries in trade and investment.
Recently, the General Department of Customs announced that, Vietnam's exports to South Korea reached US$ 20.62 billion in October, up 14.9% year-on-year, accounting for 6.6% of the total export turnover of the country.
From January to October, there were 4 exported groups with a turnover of over 1 billion USD including: Phones of all kinds and components (4.57 billion USD); textiles and garments (2.86 billion USD); computers, electronic products and components (2.78 billion USD); machinery, equipment, tools and spare parts reached (2.32 billion USD).
Moreover, 3 out of 4 key commodity groups maintained positive growth, while computers, electronic products and components decreased slightly by 1% over the same period last year.
In the opposite direction, Vietnam's imports from Republic of Korea reached 53 billion USD, up 17.5% over the same period last year, accounting for 17.5% of the country's import turnover. In the past 10 months, there are 10 commodity groups with a turnover of over 1 billion USD.
The RoK is Vietnam's third biggest trade partner, while Vietnam is the RoK’s largest trade partner in ASEAN. With a total import-export turnover of 10 months reaching 73.62 billion USD, by the end of 2022, bilateral trade between Vietnam and Korea is likely to reach about 84 billion USD.
Currently, Vietnam and Republic of Korea have been utilizing commitments from the Vietnam - Republic of Korea Free Trade Agreement (VKFTA), thereby positively contributing to the bilateral relation between the two countries in trade and investment.
This year, the Korea Trade and Investment Promotion Agency (KOTRA) Hanoi plans to organise 75-80 business matching events to create cooperation opportunities for 1,300 Korean enterprises and more than 1,200 Vietnamese enterprises, serving the countries’ target of 100 billion USD in bilateral trade.
Head of KOTRA Hanoi’s office Tran Thi Hai Yen said it has so far run 58 events, linking 850 Korean businesses to nearly 900 Vietnamese importers.
