Vietnam-RoK trade likely to hit 70 billion USD by 2020
The target of 70 billion USD in two-way trade is achievable if Vietnam and the Republic of Korea (RoK) optimise the bilateral free trade agreement (FTA).
Workers at a mobile phone production factory in Vietnam (Photo: VNA)RoK Ambassador to Vietnam Lee Hyuk made the statement in an interview with reporters from the Cong Thuong (Industry & Trade) newspaper.
RoK exports to Vietnam rose by 12 percent in the first nine months of 2016 while Vietnam’s exports to the market registered growth of 32 percent compared to the same period last year, he said.
Surprisingly, the RoK’s export turnover to Vietnam surpassed that of Japan, he said, describing this as the biggest accomplishment of the FTA.
Vietnam sells various commodities to the RoK such as garment-textiles, crude oil, seafood, fibre, wood and timber products, whilst importing computers, electronic products and spare parts, machinery and equipment, and mobile phone components.
The Ambassador said Vietnam’s exports to the RoK have contributed to the Southeast Asian country’s total export growth.
From 2017 onward, 18 more commodities will enjoy tariff reductions or elimination according to the FTA, he noted.
He said the RoK has become one of the biggest investors of Vietnam with total investment of over 49 billion USD.
It is also the second largest official development assistance supplier for Vietnam, he said, adding that positive outcomes were seen in a number of fields such as education-training, science-technology, health, and environmental protection.
Korean businesses hope the investment climate in Vietnam will be improved in the future, he said.
Deputy Head of the Asia-Pacific Market Department under the Ministry of Industry and Trade Le An Hai said Vietnam and the RoK will continue to improve their political and economic ties based on their FTA commitments.
Vietnam pledged to build preferential mechanisms for Korean businesses while the RoK will open the door for Vietnamese goods, he said.
The Ministry of Industry and Trade, in particular, vows to create an equal business environment for Korean firms to expand, he added.
From 2010 to 2015, two-way trade registered growth from 12.8 billion USD in 2010 to 36.55 billion USD in 2015. It is expected to surpass 40 billion USD at the end of 2016.-VNA
You should also see
Hanoi ceremony celebrates 70th anniversary of Geneva Agreement
The Ministry of Foreign Affairs held a ceremony in Hanoi on April 25 to mark 70 years since the signing of the Geneva Agreement on the Cessation of Hostilities in Vietnam - an important milestone in the struggle for national liberation of the Vietnamese people and a great victory of the Vietnamese diplomatic sector.
See more
Business
Vietnamese canned sugarcane juice favoured in US
The first cases of Vietnamese canned sugarcane juice have hit supermarket shelves in Miami, the US state of Florida.
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
Business
Phu Yen, Ninh Thuan attractive to energy project developers
The south-central coastal provinces of Phu Yen and Ninh Thuan have become attractive destinations for investors operating in the energy industry thanks to great potential for renewable energy development.
