Business

Tremendous room remains for Vietnam-RoK trade growth

Trade between Vietnam and the Republic of Korea (RoK) has witnessed a strong growth over the past time, with tremendous room noticed for future development of the ties. President Nguyen Xuan Phuc's ongoing visit to the East Asian nation from December 4-6 is expected to open a new phase in countries’ relations, bringing bilateral cooperation to a new height.
Tremendous room remains for Vietnam-RoK trade growth ảnh 1 Yarn production line of RoK-invested KSA Polymer Hanoi JSC at Thuy Van Industrial Park in Phu Tho province (Photo: VNA)
Hanoi (VNA) - Trade between Vietnam and theRepublic of Korea (RoK) has witnessed a strong growth over the past time, withtremendous room noticed for future development of the ties. President Nguyen Xuan Phuc's ongoing visit to the East Asian nation from December 4-6 isexpected to open a new phase in countries’ relations, bringing bilateralcooperation to a new height.

Since establishing diplomatic relations in 1992, the bilateral trade turnover has increased by 162 times, from 480 million USD in 1992 to 78billion USD in 2021. The value is projected to hit 90 billion USD this year andexceed 100 billion USD in 2023.

The RoK is Vietnam's third biggest trade partner, while Vietnam is the RoK’s largest trade partner in ASEAN.

Commenting on the trade relationship, a representative ofthe Ministry of Industry and Trade’s Asia-Africa Market Department said thatthe export structure of the two countries is complementary. The RoK is amarket with a rich purchasing power, so the room for Vietnamese exports to thecountry is large.

Moreover, the East Asian nation is one of the few countriesthat has signed many bilateral and multilateral free trade agreements (FTAs)with Vietnam, such as the ASEAN-RoK FTA; Vietnam – RoK FTA (VKFTA); and RegionalComprehensive Economic Partnership (RCEP).

The nations’ two-way trade was more than doubled lastyear compared to 2015, when they signed the VKFTA. In which, Vietnam's exportsto the RoK in 2021 reeled in 21.9 billion USD, 2.4 times higher than the 8.9billion USD posted in 2015.

Tremendous room remains for Vietnam-RoK trade growth ảnh 2Manufacturing electronic components at the RoK-funded Doosung Tech Vietnam Co., Ltd in Luong Son Industrial Park, Hoa Binh province (Photo: VNA)
This year, the Korea Trade and Investment Promotion Agency(KOTRA) Hanoi plans to organise 75-80 business matching events to createcooperation opportunities for 1,300 Korean enterprises and more than 1,200Vietnamese enterprises, serving the countries’ target of 100 billion USD inbilateral trade.

Head of KOTRA Hanoi’s office Tran Thi Hai Yen said it has sofar run 58 events, linking 850 Korean businesses to nearly 900 Vietnameseimporters./.
VNA
#Vietnam RoK trade #Nguyen Xuan Phuc #strong growth #bilateral trade #vietnam #vietnam news agency #vietnamplus Korea (RoK) Vietnam
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