Vietnam sees chance to close trade gap with RoK hinh anh 1Illustrative image (Source: VNA)

The newly signed free trade agreement between Vietnam and the Republic of Korea (RoK) will open up opportunities for export and reduce Vietnam’s current trade deficit with the RoK, experts said at a workshop held in Ho Chi Minh City on October 15.

According to Bui Thi Thanh An, Deputy Head of the Vietnam Trade Promotion Agency under the the Ministry of Industry and Trade (MoIT), despite soaring outbound shipments to the RoK, Vietnam saw a trade deficit of more than 13.2 billion USD with the East Asia economic power in the first eight months of this year.

In the January-August period, the two nations’ import-export transactions generated almost 24 billion USD – up 31 percent year-on-year, 18.6 billion USD of which was the value of goods Vietnam imported from the RoK.

The pact will enhance bilateral engagement in various fields but particularly in the trade of agricultural products, stated Le An Hai, Deputy Head of the MoIT’s Asia-Pacific market department.

The MoIT recommended that domestic businesses grasp the chances in sectors with good prospects, including garment-textiles, footwear, agricultural produce and household articles.

The two nations posted 28.8 billion USD in trade revenue last year, a substantial expansion from the 0.5 billion USD recorded in 1992. Also in 2014, the RoK became the third biggest commercial partner of Vietnam while Vietnam was ranked sixth among the RoK’s largest export markets.-VNA