Illustrative photo (Source:VNA)
Seoul (VNA) – Vietnam continues to be the Republic of Korea (RoK)’s export market with the highest growth rate, according to a report released by the RoK Ministry of Trade, Industry and Energy (MOTIE) on April 1.

In March, exports from the RoK to Vietnam enjoyed an increase of 13.5 percent compared to the same period last year. The figure was followed by the European Union with 12.7 percent, and India with 11.7 percent.

The report showed that the RoK’s overall export turnover reached 42.9 billion USD last month, a drop of 8.2 percent from a year earlier. It was the 15th consecutive month the RoK’s exports fell.

Exports to China, the world's single-largest market for RoK products, dwindled for nine consecutive months, plunging 12.2 percent on-year in March; but the rate of decline is slowing, from a 21.5 percent cut in January to a 12.9 percent drop in the following month, it said.

Vietnam and the RoK signed a free trade agreement in May last year, under which Vietnam will remove its import duties on 89.9 percent of all products from the RoK over a 15-year period, following its implementation.

The RoK will do the same on 95.4 percent, or 11,668 out of the total 12,232 products imported from Vietnam.

Trade between the two countries exceeded 26 billion USD in 2014, the highest value since the two established diplomatic ties in 1992.-VNA