A Lotte Mart in HCM City. (Photo: hcmc.vn)

Seoul (VNA) – Businesses of the Republic of Korea should boost the export of consumer products to Vietnam to maintain the current export growth in this market, according to a report by the Korea International Trade Association (KITA) released on November 24.

The report stated that the Vietnamese Government’s policy on promoting domestic consumption may create opportunities for RoK businesses. It also predicted the spending rate of Vietnam in 2017 will increase 11.5 percent against this year.

According to the report, 2017 will witness a big change in Vietnam as local consumers’ demand for high quality products is expected to soar, while the RoK’s export of industrial materials and components to Vietnam will drop due to a decline in Vietnam’s exports.

Vietnam is currently the third largest importer of the RoK. A previous report of KITA showed that RoK exports to Vietnam hit 22.4 billion USD in 2015.-VNA