Photo: baocongthuong.vn
The Vietnam Trade Promotion Agency (VietTrade) under the Ministry of Industry and Trade (MOIT) on November 12th worked with the Korea Importers Association (KOIMA) to organize a workshop on trade exchange between Vietnamese and Korean businesses.
Addressing the workshop, MOIT Deputy Minister Do Thang Hai stressed that after their establishment of diplomatic relations in 1992, the Vietnam – RoK ties have undergone profound and comprehensive development in diverse areas, including politics, economics, culture and tourism.
“Notably, economic cooperation is developing more strongly than ever,” he said. “Vietnam is now one of the 4 largest trade partners of RoK, while the in-effect Free Trade Agreement between Vietnam and the RoK (VKFTA) has created considerable growth of two-way trade turnover.”
Statistics from the General Department of Vietnam Customs showed that in the first 9 months of this year, the import-export turnover between the two countries reached USD48.5 billion, a year-on-year increase of 7.4%, of which Vietnam exported USD13.45 billion to and imported USD35.07 billion from the RoK market.
“Vietnam’s excess of imports over exports to the RoK has reduced by 9.3% compared to 2017, at USD21.62 billion, which showed Vietnam’s higher quality of goods,” he added.
According to Vu Ba Phu, Head of VietTrade, Vietnam’s exports to the RoK are mainly textile and garment, phones, electronic devices, fisheries and wooden products, while the RoK exports mainly machines and devices, textile and garment materials, footwear and transport vehicles. “Many Vietnamese high quality goods gain trust from Korean customers, contributing to the growth of two-way trade turnover,” he said.
Vietnamese representatives noted that despite trade turnover improving year by year, Vietnam’s excess of imports over exports remains high, confirming that through their visits, the Governments of Vietnam and the Republic of Korea (RoK) have agreed to promote two-way turnover to a new target of over USD100 billion; and that solutions to trade balance will focus on increasing the quality of goods.
MOIT Deputy Minister Do Thang Hai expressed his belief that the workshop will open up opportunities for the two countries’ businesses to increase cooperation, thus helping raise two-way trade turnover. He also pledged to make favourable conditions for Korean investors to do business in Vietnam.
Myoung Jin Shin, KOIMA President asserted that VKFTA helps two-way trade turnover remarkably increase, especially when exports of some Vietnamese key products, such as fruits and agricultural products, have been sharply rising. “The target of USD100 billion in two-way trade turnover is feasible,” he said.
Since 2000, KOIMA has sent 13 delegations of Korean businesses to Vietnam for promoting trade cooperation./.