Two-way trade between Vietnam and the Republic of Korea (RoK) has made significant progress in terms of scale and product structure, according to Vietnam’s Ministry of Industry and Trade (MoIT).
It expanded by 54 times, from 0.5 billion USD in 1992 to the record level of 27.3 billion USD in 2013.
By October 2014, it reached over 18 billion USD with Vietnam’s exports topping 4.4 billion USD and imports hitting nearly 13.8 billion USD, said Le An Hai, deputy head of the MoIT’s Asia-Pacific Market Department.
Notably, wood and wooden products brought home 309 million USD, surging by 48.5 percent, followed by aquatic products with 405 million USD, up 47.2 percent; garment and textile, 1.2 billion USD, up 39.9 percent; and footwear, 208 million USD, 27.6 percent.
The country’s imports from the RoK were mainly industrial products, including computers, automobiles, auto components, machinery, iron and steel, fabrics and footwear materials.
Ta Hoang Linh, deputy head of the MoIT’s Trade Promotion Agency, stated that in order to further boost the exports to the RoK and balance two-way trade, Vietnamese businesses should increase the volume of processed products as well as enhancing the quality of their products, especially agricultural ones.
Hai also pledged that the MoIT will carry out a wide range of activities, notably trade promotion programmes, to support the businesses and stimulate exports to the partner’s market.
The two countries’ trade can exceed 20 billion USD before 2015 once a Free Trade Agreement is signed. Besides, Vietnamese enterprises will be able to seek more partnerships and higher export revenue from the RoK market.-VNA
It expanded by 54 times, from 0.5 billion USD in 1992 to the record level of 27.3 billion USD in 2013.
By October 2014, it reached over 18 billion USD with Vietnam’s exports topping 4.4 billion USD and imports hitting nearly 13.8 billion USD, said Le An Hai, deputy head of the MoIT’s Asia-Pacific Market Department.
Notably, wood and wooden products brought home 309 million USD, surging by 48.5 percent, followed by aquatic products with 405 million USD, up 47.2 percent; garment and textile, 1.2 billion USD, up 39.9 percent; and footwear, 208 million USD, 27.6 percent.
The country’s imports from the RoK were mainly industrial products, including computers, automobiles, auto components, machinery, iron and steel, fabrics and footwear materials.
Ta Hoang Linh, deputy head of the MoIT’s Trade Promotion Agency, stated that in order to further boost the exports to the RoK and balance two-way trade, Vietnamese businesses should increase the volume of processed products as well as enhancing the quality of their products, especially agricultural ones.
Hai also pledged that the MoIT will carry out a wide range of activities, notably trade promotion programmes, to support the businesses and stimulate exports to the partner’s market.
The two countries’ trade can exceed 20 billion USD before 2015 once a Free Trade Agreement is signed. Besides, Vietnamese enterprises will be able to seek more partnerships and higher export revenue from the RoK market.-VNA
