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Bilateral Trade Between Vietnam and Korea Rocketed over Two Decades

 

According to the recent report from General Statistic Office of Vietnam, the bilateral trade between Vietnam and Korea has increased 55 times, from US$0.5 billion in  1992 to US$27.3 billion in 2013. While Vietnam export value reached US$6.63 billion, the import value from Korea is appropximately US$20.7 billion. Both countries believe that the amount of bilateral trade will achieve US$30 billion in 2014.

Korea has been the third largest trading partner of Vietnam since 2013. Meanwhile, Vietnam is the sixth largest export market of Korea. The main commodities that Vietnam exported to Korea can be listed as follows: seafood, textiles, footwear, wooden furniture and agricultural products. On the other side, we import machinery, textile materials, leather, petroleum, steel, plastics, chemicals, transportation vehicles, etc.

Recently, the negotiation process of Free Trade Area (FTA) between Vietnam and Korea is coming to the final round. Both countries reaffirm to prioritize resources to conclude the negotiation in 2014. That is a good signal for the enterprises from both countries to increase their trading revenue.

(Source: General Statistics Office Of Vietnam)

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