$100 billion! Vietnam and South Korea ‘s trade is booming

Since 1992 since the establishment of diplomatic ties, Vietnam and Korea vigorous development in various fields of cooperation relationship. In 2020, although influenced by COVID – 19 outbreak, but the bilateral trade volume has remained the level before the outbreak, and to realize the strong recovery in 2021 years.The central committee of the communist party politburo, Vietnam President vuong dinh hue from 12 December solstice 19, on a visit to South Korea is the opportunity to promote bilateral relations to a new height, strive to will be in the direction of balanced, sustainable and efficient to upgrade bilateral trade to $100 billion.South Korea is the third largest trade partner of Vietnam. In 2020, the Korea bilateral trade reached $66 billion, accounting for 12.85% of the total foreign trade of Vietnam.Division is the fourth largest export market, exports of nearly $19.1 billion. South Korea is the second largest source of imports, Vietnam Vietnam from South Korea imports totaled $46.9 billion, a deficit of $27.8 billion.

In addition, South Korea is an important export market for Vietnam, Vietnam on the south Korean fresh fruit and processing of fruit has huge potential. At present there are five kinds of Vietnam fruit market access for South Korea.According to south Korean businesses and consumers, Vietnam all kinds of fresh fruit to expand exports to South Korea’s share of the enormous potential and room for. However, in order to can enlarge the market share of South Korea, sustainable exports, Vietnamese companies should pay attention to improve product quality, design, processing forms, the scale of production and stable supply ability.Korean trade and investment promotion (KOTRA) representative in the Kyung Don Kim said that despite the outbreak is complicated, but in Vietnam and South Korea bilateral trade is growing fast. South Korean companies plan to expand investment in Vietnam.South Korea is still a source of Vietnam’s largest investment, the investment project of 9165, mainly processing and manufacturing. At present, 79% of south Korean companies to invest in manufacturing. Is enhanced new south Vietnam policy (NSPP) an important partner.

Post time: Dec-15-2021