RoK boosts Vietnamese imports

VGP – In the first 11 months of 2018, the Republic of Korea (RoK) imported US$18.1 billion worth of goods from Viet Nam, representing a big surge of 22%, for the increasing demand for screen and electronic spare part production in Viet Nam, the RoK Ministry of Trade, Industry, and Energy (MOTIE) reported.

December 20, 2018 11:45 AM GMT+7

Illustration photo

As of late November, the bilateral trade turnover hit US$ 62.6 billion, converting Viet Nam into the fourth largest trade partner of the RoK only after China, the U.S., and Japan.

Meanwhile, overseas shipment of the RoK to Viet Nam posted a year-on-year growth of 44.5%. On the other hand, import turnover surged sharply by 22% to US$ 18.1 billion thanks to increasing demands for screen and spare part production in Viet Nam.

Viet Nam was the eighth largest trade partner of the RoK in 2014. After that, the Southeast Asian nation emerged to become the fourth largest one when the Viet Nam-RoK Bilateral Trade Agreement took effect in December 2015.

The RoK is the biggest investor in Viet Nam by pouring in US$ 2.81 billion of FDI, representing a year-on-year growth of 24.5%.

The MOTIE reported that more and more Korean businesses including SamSung set footholds in Viet Nam to produce modern products including semiconductors, screens, and telephones.

Earlier, on December 6, the two countries inked an action program to raise two-way trade turnover to US$ 100 billion by 2020./.

By Kim Anh