Việt Nam the Republic of Korea’s fourth largest trading partner this year

HÀ NỘI — Việt Nam’s trade with the Republic of Korea (RoK) increased 7 per cent in the first 11 months of this year, making the country the RoK’s fourth largest trading partner after China, the United States and Japan.

For the period ending in November, bilateral trade volume reached US$62.6 billion, the Korean Ministry of Trade, Industry and Energy said on Wednesday in Seoul.

Việt Nam’s exports to Korea increased 22 per cent to reach US$18.1 billion in the period while Korea’s exports to Việt Nam rose just 1.9 per cent to $44.5 billion.

The surge in products flowing from Việt Nam to Korea was down to strong demand for displays and electronic parts manufactured by Korean companies in Việt Nam.

Việt Nam was RoK’s eighth-largest trade partner in 2014 but trade between the two countries has grown strongly since then thanks to a bilateral trade agreement that went into effect in 2015 and heavy investment from Korean companies.

RoK is now the biggest foreign investor in Việt Nam with total direct investment reaching $2.8 billion in the first nine months of this year, up 24.5 per cent year-on-year, the ministry noted.

On December 6, Việt Nam and RoK signed an action plan aiming to boost bilateral trade turnover to $100 billion by 2020 with a balanced trade direction. The action is expected to shape some key economic sectors, boost exports from Việt Nam and diversify imported products and choices for consumers. — VNS