KITA: VN to become RoK’s second largest importer by 2020
VGP – Viet Nam will surpass the U.S. to become the second largest importer of the Republic of Korea (RoK) by 2020 thanks to the Viet Nam-RoK Free Trade Agreement (VKFTA), according to the report of the Korea International Trade Association (KITA) on March 20.
March 21, 2018 11:19 AM GMT+7
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The KITA supposed that the two nations’ trade value will exceed US$100 billion by 2020. The RoK’s exports to Viet Nam accounted for 8.5% of the Southeast Asian nation’s total import turnover in 2007 and the figure set a record to 22.1% in 2017.
As the VFFTA come into effect in December 2015, the RoK’sexports to Viet Nam rose 60.5% while the nation’s imports from Viet Nam inclined 61%.
Despite decreases in the RoK’s total export turnover in 2015 and 2016, its exports to Viet Nam saw respective increases of 24.2% and 17.5%.
In 2017, the RoK enjoyed the trade surplus of US$31.7 billion with Viet Nam.
By Thuy Dung
